The HDFC bank is one of the leading private sector banks. It has a huge number of customers. In this era of pandemic the whole world’s economy is shrinking day by day. By taking this in mind and taking the guidelines of RBI HDFC has finally announced this. A customer who has regular repayment record of credit bills or EMI will get the benefit from it. This will be definitely going to benefit huge number of people.
Who are eligible for this
It is not specific to anyone or someone. The facility is available for all the customers of the HDFC bank. The customers who had track record of timely payment of credit bills before 1st march 2020 but fail to give the EMI after this time, they will be automatically eligible for this. This will be facilitated to every customer of HDFC bank. This facility is available for up to June. If you want this up to the months of August then you can avail this facility by net banking and mobile banking.
Willthe interest will carry and levied
The answer is Yes. This facility is available to get you relaxation from EMI not from the interest. The interest will carry as it is going. The facility is available up to the 31st August. The interests will keeping levied till 31st August. But if you are eligible to pay the EMIs then kindly not try to avail this facility. As this will increase burden for further time so if you are capable to pay the EMI then continue.
If you want to continue the repayment as it is going on
If you are able to pay this then your credit card will not come under this policy and it will continue the same way it is going If the payment is done under the due date then your card will not be considered under the moratorium policy.
What will happen after the moratorium period?
Well, the customer will be allowed not continue from where they had stopped. There will be no any fine and penalty regarding this. The facility is available for everyone and no penalty for anyone by availing this offer. So if you hesitate to do so then must be sure about everything.
If one had made his repayment up to June, but fail to continue for the coming months then what to be do?
Well, no issue. If you had made a regular repayment then up to June but can’t do further. Then your further credit will automatically come under this facility up to 31st August.
Does this facility is available for any types of loans from the bank or it is only for credit card user
Yes the policy is available for every loan. Any types of loans which has been issued from the bank and they are paying the repayment during the period. Then they will be eligible for this scheme. Every type of loans comes under the criteria but remember the interest will continue. If you have very big loans or jumbo loans then that will also comes under this. But the interest will continue.
What should you do if you don’t want to avail this facility of moratorium?
Well, this will be good for you. As it is mentioned earlier that the interest will continue so if you want to repay then continue the payment of EMI or installment. If you have jumbo loans and you are in position of repayment of this loan then please continue.
In my opinion if you have big loans. Then interest rate will make a good amount of money. So if you are eligible to continue the repayment then please try to continue. When you have big loans then the amount of interest will be a good amount. Then it will make a burden in the future. To avoid that burden, try to continue the payment. This may benefit you in coming future. But this is also true that if you will avail this then it won’t hurt your credit score.