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.
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.
Note: Customers who have applied for EMI Moratorium on or before 12th April and if their EMI for April 2020 has already been deducted, they will get an EMI refund by 17th April 2020. Cheque bounce charges on EMI payment will be waived. If any charge is levied on account of cheque bounce, it will be refunded.
For more details contact HDFC Bank or visit bank website