HDFC bank has come up with an online link for customers to apply for EMI moratorium as per the RBI’s COVID-19 relief package. HDFC’s moratorium is applicable for credit card dues and term products like Home, Auto, Two-wheeler, Personal, Consumer Durable Loans, and Debit Card EMIs. Those who apply online for HDFC EMI moratorium need not to pay anything from March to August 2020. Are you an HDFC Bank customer who need more clarity on how to request for the Loan moratorium? Check below for the link to the application form, terms and conditions, eligibility, advantages, and disadvantages of this scheme.
How to apply for HDFC Bank moratorium online
HDFC is the largest issuer of credit cards in India and holds lion’s share in term loan category. So people were early waiting for HDFC Bank’s stand on RBI’s announcement. Finally, on April 1, the bank has come with an online application for the people who like to enrol for this facility. The existing instalment loan account holders might have already got an SMS with the link to apply online for EMI moratorium, just as shown below.
Didn’t get the message? Don’t worry; just have a look at the steps below to submit your request.
Steps to apply online for HDFC Bank Loan EMI moratorium [application link & process]
The process you see below is mainly applicable for instalment or term loan products. HDFC Bank’s Personal, Auto, Housing, Consumer Durable loans, agriculture loans, etc. fall under this category. These loans have a definite number of EMIs which last until the term mentioned in the contract. However, credit cards are taken as a revolving credit facility, although it provides an EMI option. Check the later parts of this article to know who you can apply online for the HDFC moratorium on credit card dues.
Step 1:Before you begin, login to HDFC Bank netbanking (here) and take a note of your loan account number, as shown in the screenshot.
It’s usually available in the Loans summary section, under the Loans Tab in the HDFC bank online account.
Step 2: Open the HDFC Bank’s loan moratorium page here (click the link). The first thing to do here is validating your mobile number through OTP. Remember to use the phone number that is already in your profile with HDFC Bank.
Now fill the sections of the moratorium application form one by one, carefully, without any errors. Take the loan product from the drop-down menu, and add the loan account number for the same. Currently, HDFC bank has Personal Loan, Auto Loan, Two Wheeler Loan, Debit card EMI, and Consumer Durable Loan and Other as a choice. Now, if you have an agriculture loan, choose the “Other” option and put the loan number appropriate field. And, don’t forget to select the EMI pay choice option; choose “I will defer my unpaid EMIs” if you wish to apply for the moratorium.
Step 3: Finally, press on the Submit button to confirm your request for the HDFC Bank EMI moratorium.
Write down the reference number or take a screenshot of the “successful application” message for future reference. Repeat the above method if you have multiple loan accounts with HDFC Bank.
Did HDFC Bank deduct your account even after applying the moratorium? Don’t worry. You will get a refund for the take amount (instalment) to the source by April 17th, if the moratorium request is accepted.
Submitting request for HDFC Bank’s Loan EMI moratorium through helpline number.
The HDFC bank webpage link for applying moratorium may go offline or unresponsive in the day-time due to immense web traffic. Thankfully, you may request for the moratorium through a phone call, if the site is not loading for you.
Just like the online method, keep your HDFC loan account number ready. When it prompts, select the instalment loan as the type, and enter the loan account number in the dial pad. You will get the reference number sent to the same mobile number, shortly after raising the request.
Application for HDFC Bank moratorium on credit card dues and EMIs
As per the announcement, HDFC Bank extends the EMI moratorium to credit card EMIs and outstanding dues. It is applicable for the existing Jumbo loans, Insta loans, Smart/Merchant EMI’s on HDFC credit card, and charges during the moratorium period. However, HDFC will continue charging interest on the outstanding amount in your credit card account.
The customer needs to pay this interest and total/minimum balance, with the HDFC credit card statement generating in June 2020. As per the latest announcement on May 22, it may be possible to convert the incurred total interest into EMIs. We recommend you to pay the total amount due in September 2020 to avoid penal charges and additional interest.
So how to apply for a moratorium if I’m using HDFC credit card? It’s simple- don’t pay anything. If you are not making the credit card payments, it understood that you want avail the benefit. HDFC may continue sending you the credit card statements, and payment reminders, but you can dismiss it.The minimum amount due to pay during the time of moratorium is 0 as shown in the above screenshot. HDFC Bank may debit the EMI from your account if you have the balance, but there is option to get a refund for the same.
Remember to turn-off the auto-pay option in your credit card if you have Jumbo loan, and standing instruction set for credit card payments. You can turn-off auto-pay through HDFC mobile banking app by taking the Cards section, under the Pay tab in the menu. It will stop the automatic deduction of EMI from your account during the moratorium months.
Advantages & disadvantages of applying for HDFC EMI moratorium for loans and credit card dues.
Check the official page of the HDFC bank on the Moratorium scheme to learn more about eligibility and other conditions.
- You don’t have to pay any late payment or penal charges for the credit card or loan EMIs. It is applicable for all loan accounts opened before the moratorium, and credit card charges all through this period.
- You will get time to organise your finances, and hold some cash to meet daily needs in the time of the ongoing pandemic.
- There won’t be any impact the CIBIL Score, even though you are skipping the payments for three months.
- In some case, the bank may reduce the credit limit or block you from charging the credit card during moratorium.
- HDFC Bank will continue adding interest on the outstanding balance in your account. Although you get time until July to pay the next EMI, the additional interest will add-up more months to your payment term.
That means if you have a Home loan, Car loan, or like, they add 4 or 6 additional EMIs to cover the interest charges. For HFDC credit card, you have to pay interest (around 3.49% pm) on the total outstanding until September 2020, when HDFC releases the first statement after the moratorium. They will stop charging interest on your dues if you pay the moratorium statement balance in full. Check the revolving credit charges in this PDF for rates applicable for your HDFC credit card variant.
Final thoughts on HDFC Bank’s EMI moratorium.
Although HDFC Banks says that they won’t report you availing moratorium to CIBIL, they might take note of the request. This data may impact future lending decisions and the approval process internally. So don’t take any chances if you have the money to pay the EMIs. You could save interest charges, and also show the bank your financial stability in a difficult time.