In respect to the Reserve Bank of India’s (RBI) guidelines, HDFC Bank is offering its subscription EMI moratorium and credit card’s unsettled moratorium to help the customers tackle through the disturbance caused by the ongoing coronavirus pandemic. The Reserve Bank of India last week had increased the moratorium on loan repayments by three additional months, till August 31.
Banks are also presenting moratoriums to retail customers on an option ‘opt-out’ basis. Customers should be aware that the moratorium is a deferral of payment and should not be confused with a waiver of interest. However, the customer is supposed to pay the minimum amount due or total outstanding, with the following interest charges on the due date post 31st Aug 2020.
The equated monthly instalment settlements in the month of June 2020 will be processed on the due dates as per standard process. For customers who wish to apply for EMI Moratorium in the month June 2020. However, the June EMI has already been deducted, they will be entitled to get an EMI refund in five working days from the date of their effective EMI moratorium transaction.
The customers can also benefit from the moratorium from June 2020 on their credit cards. With that, one can also defer the outstanding payment or deactivate the autopay option from NetBanking.