COVID-19 Loan EMI: HDFC 3 Months Loan EMI Extension, Interest Rates RBI Moratorium

HDFC Bank 3 Months Loan EMI Repayment Tenure Extension | HDFC Bank COVID-19 RBI Moratorium Interest Rates | HDFC Bank 3 Months Loan Schedule | Impact on Loan Amount, CIBIL Score | Refund of Paid EMI at HDFC Loan Account | Helpcenter/ Support for HDFC Loan – 3 Months EMI Extension

The World Health Organization (WHO) has announced COVID-19 as the Epidemic. The Coronavirus is spreading Human to Human. More than 1.1 million positive cases of COVID-19 around the world. India is also facing challenge to stop the spread of Coronavirus.

Govt. of India has taken early step to Lockdown India. PM Narendra Modi announced on 24th March 2020, that India will go through 21 Days Lockdown. Now, only essential services are functioning. Most of the Offices/ Food restaurants and businesses are closed.

The Reserve Bank of India (RBI) has taken a step to allow people who are facing financial difficulty in paying the Loan Installment can now avail 3 Months EMI Moratorium. In this case, the Loan Term will be extended to 3 months if anyone is availing the Moratorium.

COVID-19 Loan EMI: HDFC 3 Months Loan

The HDFC Bank is one of the biggest lenders of Loans in India. State Bank of India, PNB, ICICI, BOB, and PNB Housing Finance Limited are other lenders.

Here are the types of Loan that HDFC is giving EMI Extension as per RBU Guidelines:

  1. Housing Loans
  2. Home Loans
  3. Plot Loans
  4. Rural Housing Loans
  5. Other Home Loan Products
  6. Home Improvement Loans
  7. Home Extension Loans
  8. Top Up Loans
  9. Non Housing Loans
  10. Loan Against Property
  11. Commercial Property Loans
  12. Commercial Plot Loans
  13. AFFORDABLE HOUSING
  14. HDFC Reach Loans
  15. Pradhan Mantri Awas Yojana
  16. REFINANCE
  17. Balance Transfer
  18. NON RESIDENT INDIAN (NRI)
  19. Loans For NRI/PIO

HDFC Bank – 3 Months Loan EMI Repayment Extension (Apply Now)

In case, you really facing the issue, Salary is not credited in Bank then you can avail up to 31 May 2020 Loan EMI Moratorium. The period of Loan EMI Repayment Extension starts from 1 March 2020 to 31 May 2020.

Process of extension EMI due to COVID-19 at HDFC Loan Account:-

  1. You need to login to the HDFC Bank by Loan Account Number or USER-ID
  2. Now, you will see “COVID-19” RBI Moratorium

Complete the process and Submit.

Deadline of online application: 7th April 2020 is the last date to apply online to avail the 3 Months Loan EMI Repayment Extension as per HDFC Bank.

Interest Rates HDFC 3 Months EMI

As per the RBI Guidelines, there will be no impact on the CIBIL score, in case you are availing the Moratorium. But there will be interest rates applicable to the outstanding principal amount.

Here is the example:-

Total Loan Amount Rs 50 Lakh at 8.5 Interest Rate for 10 years
So Monthly EMI (approx) Rs 62,000
COVID-19 РAfter availing Loan EMI Moratorium 
Outstanding Principal Amount Rs 50 Lakh (If you have not even paid 1 EMI).
Interest Rates 8.5%/12 = Rs. 35,000
Availing for March 2020 Total Outstanding in April: Rs. 50,35,000.
Availing for April 2020 Total Outstanding in May: Rs. 50.71 lakh
Availing for May 2020 Total Outstanding in June: Rs. 51.07 lakh

Note: The loan stretches three more months at the end, but this Rs. 1.07 lakh extra is additional so either
you have to increase the EMI, or request for a reduction in ROI.

Refund of Loan EMI (March 2020) HDFC

In case you already paid for the March 2020 Loan EMI and you are now willing to avail the Loan EMI Moratorium. As per the rules and terms, You will not able to get the Refund for March 2020 Loan EMI if you already paid it.

Refund of Paid EMI COVID-19 Loan EMI

But you can avail 2 Months Loan EMI Extension as per RBI Moratorium Guidelines.

HDFC Bank 3 Months Loan EMI Moratorium  FAQ & Complete Information
HDFC Loan EMI – 3 Months Apply Now
HDFC Loan EMI (COVID-19) Customer Care/ Helpline – Submit Complaint
RBI Grievance Cell Loan, EMI Refund Complaint Complete Details

 

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