RBI Covid 19 EMI Moratorium ( Deferment ) Terms and Conditions FAQs

Main Points by HDFC Bank:

Q: What will happen if I choose the EMI Moratorium?

If you choose EMI moratorium,
  -   Bank will not ask for any EMI Payment till May 31st 2020.

  -   Interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan. 

  -   The loan tenure will get extended by the corresponding period for which the moratorium has been availed. 

  -   For example, if the EMI for the month of Mar’2020 has been paid and moratorium for April & May’2020 has been availed, then the loan tenure will be extended by 2 months.

If you skip your EMI payment during this period, it is understood that you require EMI moratorium till May 2020.

Opting for the Moratorium is entirely the customers’ choice. 

How do I get this EMI moratorium?
You will have to provide your consent to the bank through any of the following ways:

  -  Call on this number and follow the instructions – 022-50042333, 022-50042211 ,


  -  Submit your request in a few clicks here

Note: Keep your loan account number handy before you start the process..

Kindly note that the moratorium is a deferment of payment and not a waiver of interest. You are required to pay the minimum amount due or total outstanding along with accrued interest charges on the due date after 31st May 2020.

For more information click here

SBI Bank

Customer who do not want to defer recovery of instalments /EMI:

No action is required. They may continue to pay in usual course.

Customer who wants to defer recovery of instalments/EMI

NACH – Where collections of such instalment / EMI is effected through National Automated Clearing House (NACH), please submit an Application (Annexure-I) through an e-mail to the specified email ID (Annexure-II).

Impact of Deferment: To enable you to take an informed decision, we furnish hereunder the impact of deferment:

Interest shall continue to accrue on the outstanding portion of the Term Loan during the moratorium period. The possible impact of the extension of the repayment period has been explained below:

Impact in case of Auto Loan – For a loan of Rs.6 Lacs with a remaining maturity of 54 months the additional interest payable would be Rs.19,000 approx. equal to additional 1.5 EMIs.

Impact in case of Home Loan – For a loan of Rs.30 Lacs with a remaining maturity of 15 years, the net additional interest would be approx. 2.34 Lacs equal to 8 EMIs.


Annexure - I

Deferment of Recovery of Instalment/EMI through NACH/SI.Annexure - IIList of State/UT specific Email IDAnnexure - IIIFAQs COVID-19 SBI Relief Measures

For more information click here

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