FINANCE

HDFC Bank Loan Moratorium 2.0 rule: Will you get refund if EMI already deducted?

HDFC Bank EMI Moratorium 2.0: Private sector lender HDFC Bank is now offering extended EMI moratorium for another three months as directed by the RBI. HDFC Bank customers can avail this opportunity is they are facing financial troubles and are unable to repay during the Coronavirus crisis.

HDFC Bank has come up with detailed FAQs on the conditions for EMI moratorium. The bank says no further action is required from customers who do not want to avail the facility. It has urged lenders who have adequate funds to continue paying during this period to avoid extra interest charges and tenor extension.

In case of customers, whose accounts have already been debited for EMI payment, the bank has said they can apply for a refund. For example, if a customer has applied for EMI moratorium in June 2020 and his EMI has already been deducted. In this case, the bank will refund the EMI within five days of application.

However, if someone applies in July and the EMI for June has already been paid then the EMI for June will not be refunded, the bank says.

Interest will be levied for availing EMI moratorium at the contracted rate of the loan for the period of EMI moratorium on the loan outstanding. This interest will be collected by extending the original tenor of the loan accordingly.

To avail the EMI moratorium, a customer is required to provide consent to the bank. HDFC Bank says on its website, “The decision to offer a moratorium to a customer will be at the sole discretion of the Bank.” In case a customer is interested in availing the moratorium for June, the bank suggests to avail it now. For July and August, you can apply later, the bank says.

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