Covid-19 relief: HDFC Bank releases FAQ on deferred EMIs and its impact

As the Reserve Bank of India announced relief measures for the common man to deal with coronavirus, several banks have come out with their explanations on what will the impact on the EMIs for the customers if they opt for deferring the EMIs by three months. Here is an FAQ by HDFC Bank, explaining how the stipulation by RBI will impact its customers.
FAQs on EMI Moratorium

1. What is the EMI moratorium provided for loans under Covid-19 - regulatory package?

RBI has allowed all Banks and Indian Financial Institutions to offer its customers an option of EMI moratorium up to 3 months
That is customer can choose to defer their EMI payments scheduled from Mar 1st, 2020 to May 31st, 2020.

2. Who is eligible?

All HDFC Bank customers who have availed of retail instalment loan or any other retail credit facilities prior to 1st March 2020 are eligible.
Customers having overdues prior to 1st March 2020 may also opt for the moratorium, and their requests shall be considered by the bank based on its merits. For such customers, the extant IRAC norms shall apply
Retail loans or Term loan like Car Loan, Personal Loan or Jumbo Loan or any other retail credit facilities prior to 1st March 2020 are eligible.
All Agri Loans (Kisan Gold Card) and Microfinance customers under the Bank’s Sustainable Livelihood Initiative are eligible.
All Corporate as well as SME customers are eligible. Customer will be informed on the moratorium process by their respective relationship manager. (Respective business heads will share details on Corporate and SME moratorium)
What will happen if customer chooses the EMI Moratorium?
If a customer chooses EMI moratorium, them:

Bank will not ask for any EMI Payment until 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 a customer has paid the EMI for the month of Mar’2020 and has opted for moratorium for April & May’2020, then the loan tenure will get extended by 2 months.