HDFC Bank: Three months Loan, Credit
Card Outstanding EMI Moratorium..!
by Suresh KP
|
How to avail HDFC Bank
Moratorium?
Based on RBI Covid-19
relief measure about providing 3 months loan EMI deferment, many banks are
coming forward to provide relief up to 3 months loan EMIs.
The majority of the
public sector banks have already come forward on this.
If you are availing this relief, you might get doubt whether it would really cost you high or nominal.
Let us quickly check some samples. However, this would vary depending on loan amount, interest and balance tenure.
Sample example of Car Loan:
Loan amount Rs. 8 Lacs, balance tenor 36 months, Last EMI on 7 Feburay 2023, opting for 3 months Moratorium i.e. 2020 March, April and May.
The additional interest would be about Rs. 25,500, and the resultant tenor would increase by 4 months, and the last EMI including the interest recovery would be on 7 June 2023.
Personal Loan by Salaried Employee:
Loan amount Rs. 4 Lacs, remaining tenor 48 months, Last EMI paid 4 March 2024, opting for 2 months Moratorium i.e. April 2020, May 2020 EMIs.
The additional interest would be about Rs. 15,000, and the resultant tenor would increase by 1.4 EMI, and the last instalment (40% of regular EMI) would be on 4 July 2024.
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