EMI moratorium | HDFC Bank vs ICICI Bank vs Axis Bank: EMI moratorium terms, charges

On March 27, the Reserve Bank of India announced that all lending institutions offer a three-month deferment on equal monthly installments (EMIs) of term loans. Under the RBI’s relief package, banks and other lenders have been instructed to give a three-month grace period to borrowers to pay EMIs. These include home loans, auto loans, personal loans, EMIs on debit cards and even credit card dues.

This means that if you have a loan, you do not need to pay EMI for March, April and May. This is not a waiver of your EMI for three months, instead it is a grace period for three months, which can cause whatever difficulties you may face due to coronovirus lockdown.

In the last one week, banks have been bringing details of their moratorium facility. Most banks have decided to go for the “opt-in” option, putting an otus (either by calling or via mail) to take the initiative to notify the bank that they want to go for three months of relief Huh.

Here is a look at the details of EMI loan moratorium of three private sector lenders: HDFC Bank, ICICI Bank and Axis Bank.

HDFC bank

All HDFC banks availing retail installment loans or any other retail lending facilities before March 1, 2020 are eligible, which states the bank on its website. Customers with overdoses prior to March 1, 2020 may also opt for a moratorium, and their requests will be considered by the bank based on their merits.

If you opt for a three-month deferment, “the bank will not make any EMI payments until May 31, 2020. The interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan. The term of the loan will extend for the same period of time. The moratorium has been availed. For example, if the EMI for the month of Mar’2020 is paid and the moratorium for April and May’20 is availed, the loan period will be extended by 2 months. , “Says Bank.

Even if you have more than one loan with the bank, you can opt for a grace period for each of them separately.

Read also:
All details of HDFC Bank EMI moratorium

In respect of credit card dues, moratorium on credit card dues and loans taken on payment from March 1, 2020 to May 31, 2020 is available. The moratorium allows you to defer payment until May 31, 2020. Pay outstanding or total outstanding and accrued interest charges on the due date after 31 May 2020.

To avail the moratorium on loan EMI, call this number and follow the instructions – 022-50042333, 022-50042211, or submit your request on the bank’s website. Remember to keep your loan account number handy. To avail credit card moratorium, (a) voluntarily pay dues during this period, that is, pay NIL (b) Auto Pay (if availed at present) through Net Banking / Mobile Banking Reactivate the same post after the end of the postponement and re-postponement period to avail.

“If you don’t want an EMI moratorium, then no further action is required on your part,” the bank says.


According to the bank’s website, the borrower can opt for opt-in or opt-OUT for moratorium. The borrower must specifically perform the OPT-IN to defer payment and postpone payments falling due to payments between the period of March 1, 2020 and May 31, 2020. If you have more than one loan or credit card, the moratorium option will be to exercise each type of credit facility separately or separately.

The accrued interest will be added to the principal amount which will increase the residual tenure of the loan, except in cases where extension of tenure is not possible in which case the EMI amount will be increased.

Read also:
All details of EMIC moratorium of ICICI Bank

Let me tell you, in March 2020, Kumar took a housing loan of Rs 1 crore with a loan tenure of 236 months. If Kumar wants to avail the installment moratorium of 90,521.00 payable on April 1, 2020, an amount of Rs 75,000 will be added to the principal amount for the month of March and the revised principal amount will be revised on April 1, 2020. 10,075,000 Rs. Interest will be calculated on the revised principal. Kumar’s tenure in this case will increase from 236 months to 249 months, given the unchanged rate of interest and installment during this period.

For all credit card dues (including any unpaid EMI up to the respective payment due date), the card version’s standard interest rates will be levied according to applicable terms and conditions. For all EMI transactions, the specified interest rate will be levied at the time of availing the EMI facility.

You can pay against the outstanding balance on your credit card during the moratorium period. Interest will be charged only for the remaining balance.

In respect of purchases made on your credit card during the moratorium period, any outstanding balance will attract interest charges (if as per the card type standard interest rate as described in the applicable terms and conditions) if within the interest free period Payment has not been made (grace period), that is, from the respective payment due date.

Read also:
All details of ICICI Bank’s moratorium on credit card dues

For any EMI on your credit card, they will be billed in your regular credit card statement cycle, the EMI will continue as per the original amortization schedule in your statement. For example, if your EMI was to be billed on April 15, May 15, and June 15, and you took advantage of the moratorium on April 05, the EMI would still be billed on April 15, May 15, and June 15 Will go. Transactions of these bills have to be done as per the due date of the June 2020 statement to avoid penalty late payment. In the event of non-payment of statement dues (including EMI bills) by the respective due dates, the standard interest rates will attract an interest charge.

If you do not wish to take advantage of the moratorium, you can opt-out by clicking on the linked bank via (i) SMS or (ii) e-mail. “You can also go to the ICICI Bank website, which will assume that the borrower / customer has opted for moratorium,” the bank says.

axis Bank

By taking advantage of the moratorium option, you will defer your immediate installments / payments / accrued interest. The Axis Bank website states, “It is only a differential option and not a concession or rebate as the interest will continue for this period.” Repayment will start from June 2020 as soon as the differential period is over. “” For all loan / credit card / credit facilities, customers will have to choose to receive the moratorium benefit and postpone payments falling between March 1, 2020 and May 31, 2020.

If you choose a moratorium,

For term loan

  • The bank will not ask for further EMI payments until May 2020.
  • The loan will be charged interest at the applicable interest rate of the loan for the duration of the EMI moratorium.
  • The residual term of the loan will be extended to the applicable moratorium period.

Read also:
Details of Axis Bank EMI moratorium

If you have a standing instruction with the bank, no separate instruction is required from your end. “The aspect of direct debit / standing instruction will be managed by the bank upon receipt of confirmation of your end to avail you of the postponement option,” the bank states.

If you take advantage of the postponement, you will not be able to reverse your decision until the end of the postponement period. For example, if you take advantage of the moratorium for April 2020, it will also apply for May 2020.

In relation to credit card dues, at the end of the moratorium period, the statement generated will reflect the total outstanding at the time, including interest, fees and other charges. You must pay at least the minimum amount due.

If you opt for an adjournment, you will not be allowed to make any new purchases. This restriction will be lifted once you have paid at least the minimum amount as stated in your June 2020 statement.

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