HDFC loan moratorium explained

New Delhi, Apr 02: HDFC Bank has offered to defer EMIs in the wake of the coronavirus pandemic.

The bank in an email to its customers said the prevailing situation may pose a huge challenge for people at large. "In line with the RBI guidelines and to show our solidarity, HDFC Bank is offering its customers EMI moratorium as a relief measure.

"You can defer your EMIs/loan installments and credit card dues up to 3 months," the bank said.

The bank said its debit card holder customers can now withdraw cash from any ATM without charges till June 30.

"There won't be any cap on the number of withdrawals or other transactions done at the ATM including declined transactions," it said.

"We will also waive the minimum monthly/quarterly balance requirements for the savings and current account holders for four months - from March to June 2020. These customers will be sent a separate communication," the lender added.

All the public sector lenders on Tuesday announced they will be extending the moratorium for three months, giving their customers a window to pay EMIs and interest on working capital loans by small businesses or MSMEs.

These measures are part of RBI's mega liquidity booster announced on Friday as the coronavirus lockdown has crippled almost every economic activity in the country.