Due to the outbreak, every bank is providing a moratorium for 3 months where you do not need to pay any amount till 3 months. However, it doesn’t mean that it can be done by its own and you don’t have to pay the interest. So to keep it easy, let us talk about the same.
1- What is EMI moratorium dates?
Since the RBI has announced the dates, it will be available for three months from 1st March to May 31st. However, after that, it will not be applied.
2- Who all can do that?
If you are a HDFC customer and you have availed any loan or credit facility before 1st March, then you are eligible.
3- What will be done if I choose that?
If you choose the EMI moratorium, you do not have to pay any EMI till May 31st, 2020. however, you will be paying the interest once the time period is over on the outstanding amount.
4- How to avail that?
If you want to have this EMI moratorium, you need to ask your bank for the same. However, you do not need to go there. You can simply do it online. Most probably, they will send you a message.
5- What to do if I don’t want this EMI moratorium?
If you do not wish to have this, you don’t need to do anything. Yes, all you have to do is to keep the money in the bank and it will be deducted according to the date only.
So these were the basic things you need to keep in mind before you talk or think about the HDFC EMI.