how to stop bank installment in covid19 panic?

RBI Covid-19 Regulatory Package : EMI Moratorium

These are unprecedented times and it is a time that we need to be together to fight this COVID-19 crisis.

In line with the RBI guidelines and to show our solidarity in standing with you, HDFC Bank is offering it's customers EMI moratorium and credit card outstanding moratorium as a relief measure.

We understand in this current situation there may be disruptions in business leading to low cashflows or the earnings of individuals and self-employed professionals may have been impacted. Our aim through implementing this relief package is to ensure that you can continue to take care of your family, your business and your own self and tide over this temporary situation.

We advise you to stay safe and healthy and continue to bank from your home through our digital banking services.

Do check below on details of the EMI moratorium package and also guidance on how you can avail the EMI moratorium.

1. What is the EMI moratorium provided for loans under COVID 19 - regulatory package?

The prevailing situation may pose a huge challenge for people at large. As a measure of solidarity, RBI has permitted all Indian Banks / Indian Financial Institutions to offer it’s customers up to 3 months moratorium on their EMI payments falling due between Mar 1st, 2020 to May 31st, 2020. 

2. Who is eligible?

All HDFC Bank customers who have availed of retail instalment loan or any other retail credit facilities prior to 1st March 2020 are eligible.

- Customers having overdues prior to 1st March 2020 may also opt for the moratorium, and their requests shall be considered by the bank based on its merits. 

3. What will happen if I choose the EMI Moratorium?

If you choose EMI moratorium,

- Bank will not ask for any EMI Payment till May 31st 2020.

- Interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan. 

- The loan tenure will get extended by the corresponding period for which the moratorium has been availed. 

- For example, if the EMI for the month of Mar’2020 has been paid and moratorium for April & May’2020 has been availed, then the loan tenure will be extended by 2 months.

4. If I do not want the EMI moratorium, what should I do?

If you do not want the EMI moratorium, no further action is required from your side. We will continue to bank your repayment instructions.

We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension. However, if you skip your EMI payment during this period, it is understood that you require EMI moratorium till May 2020.

5. Why was my account debited when the RBI has announced a moratorium?

Opting for the Moratorium is entirely the customers’ choice. We understand that all our customers may not opt for the Moratorium given that there is an additional levy of interest payable under the terms of the Moratorium. If you wish to opt for the Moratorium, we would be happy to refund the EMI debited and register your Loan account under the Moratorium process.