scorecardresearch
Follow Us:
Wednesday, October 28, 2020

Loan restructuring for retail borrowers: HDFC Bank sets Rs 25,000 as minimum outstanding

The bank has indicated that it may levy a fee if the borrower chooses to restructure the loan.

By: ENS Economic Bureau | Mumbai | September 23, 2020 3:28:52 am
“The customer has to be impacted financially by the Covid-19 pandemic in the form of reduction/ loss of income or cash flows,” the bank said. (File)

HDFC Bank has stipulated a minimum outstanding balance of Rs 25,000 to consider the credit card or loan outstanding for restructuring under the scheme approved by the Reserve Bank of India (RBI).

The bank has indicated that it may levy a fee if the borrower chooses to restructure the loan. “The customer has to be impacted financially by the Covid-19 pandemic in the form of reduction/ loss of income or cash flows,” the bank said.

According to the bank, the reduction of income and its financial impact on the customer will be reviewed by the bank basis the documents/information provided which does show the drop in cash flow due to the Covid-19 impact. “The bank will assess the viability of the customer to pay the restructured EMIs basis the documents provided, before granting the restructuring,” it said.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement