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Frequently Asked Questions

RBI has provided a framework to banks & lending institutions for implementation of resolution plans for addressing the economic fallout due to the COVID-19 pandemic which has led to significant financial stress for customers. Basis the framework and regulatory guidelines, your bank has framed its policy for the restructuring of the loan/s of individuals and entities that have been impacted due to the COVID-19 pandemic

a) Individuals and Entities that are classified as Standard with the bank as on April 1, 2021. 
b) The customer has to be impacted financially by COVID-19 pandemic in the form of reduction/ loss of income or cash flows. 
c) Only those accounts, which are on the bank’s book as on April 1, 2021 will be eligible. 
c) 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. Apart from the viability calculations, the repayment track record of the customer, credit bureau records, and the responses given by the customer while availing moratorium earlier will also be factored in the restructuring decision.  

  • Credit Card receivables
  • Auto Loans and Two-wheeler Loans 
  • Personal Loans (both for personal use and for business / commercial purposes)
  • Personal Loans to professionals 
  • Education Loans
  • Loans given for creation/ enhancement of immovable assets (e.g., housing loans)
  • MSME loans with Udyam certificate (The borrower should be classified as a MSME on March 31, 2021 in terms of Gazette Notification S.O. 2119 (E) dated June 26, 2020) 

Loans to the following entities/individuals are not eligible for restructuring: -

⦁    individuals/entities for agricultural purposes and classified as agricultural loans by the bank 
⦁    agricultural credit societies 
⦁    financial service providers
⦁    Central, State and local government bodies 
⦁     HDFC Bank employees
⦁    Exposures to housing finance companies which have already been rescheduled
⦁    Loans which have been already restructured once

You may visit the bank’s website for the application link, fill the application form and submit the relevant details.

Login to the application form with your Loan Account Number / Credit Card Number / Email ID registered with the bank and the OTP sent on your registered mobile number/ Email. If you have changed your number, please give a written request for change in number at the nearest branch, and apply post the number has changed on system.

Alternatively, you may contact your Relationship Manager (RM).

No. You can apply for restructuring only once. 

The balance tenure of the loan can be extended by a further period of maximum 24 months, including the moratorium period at the bank’s discretion to ease your monthly EMI repayment burden. 

]The bank will require you to submit documents giving details about the current status of your employment or business. 
For salaried borrowers:
⦁    Salary slips for the month of March 2021 and latest salary slip for last 2 months
⦁    A declaration of estimated salary/income immediately after the end of the desired restructuring period (Maximum 24 months).
⦁    Letter of discharge from job (in case of job loss)
⦁    Bank account statements of the account where salary is credited in case of salaried employees from Oct 2020 to date 
For self-employed borrowers/ entities:
⦁    Current / CC account bank statement from 1st April 2020 till date 
⦁    GST returns Oct-2020 till date  
⦁    Income tax returns for FY-19 & FY-20 and FY-21 (if filed) 
⦁    Profit and loss statement / Balance sheet for the last 2 years
⦁    Udyam certificate 
⦁    Declaration by self-employed professionals/ businessmen declaring that their business is affected by Covid-19.
Please do keep these documents ready before you apply on the link, as incomplete applications are unlikely to be processed.

As per regulatory guidelines, your loan/credit facility will be reported to the credit bureau as “Restructured”. 

The restructuring application form shall have the option to apply for one or all the loans by a single application on the bank’s website. The bank shall assess the application on regulatory guidelines, on the COVID-19 impact and the viability of the repayment plan before decisioning the same.

The entire credit card balance including the loans within the credit limit will be restructured and converted into a separate loan account.

You may choose to restructure either the card balance or the Jumbo Loan or both the facilities.

Your credit card will be deactivated without any further notice once the restructuring is approved for any of the loans / credit cards you have with the bank. The bank may choose to reinstate fresh limits at its discretion on the card after 12 months basis the repayment behaviour on the loan EMIs. 

Minimum outstanding balance required to convert the card/loan outstanding is Rs. 25,000.

Self-employed individuals/entities are eligible for relief for both under the MSME category  as well as the Non-MSME category. The Bank would request its self-employed customers to register themselves as MSME through the Udyam portal of the Government wherever applicable. Udyam portal link: https://udyamregistration.gov.in/Government-of-India/Ministry-of-MSME/online-registration.htm

The scheme for restructuring is open to all customers of the bank irrespective of the moratorium applied status subject to the borrower meeting the regulatory guidelines of restructuring

If you have already availed restructuring, you are not eligible for restructuring under this scheme. However if you have not availed of the full benefit of 24 month tenor extension in the earlier scheme which ended on 31st Dec, the bank can evaluate and provide relief to the extent of overall tenor extension of 24 months.

As per regulatory and legal requirements, all borrowers/co-borrowers of the original loan need to agree and sign on any changes in the loan structure including the restructuring agreement.

The link on the portal will be live till 20th September 2021 for customers with single loan or overall exposure less than 25 Lacs. 

 

The bank will process and communicate the status of the application to the customers in 10 to 14 working days. 

The bank will communicate the status of the restructuring request vide text message or email on the registered phone number or email address. 

For all loans, you would have to sign the restructuring agreement post approval for the bank to effect restructuring. If you are sole borrower, bank will provide digital options for signing the agreements. 
In case there are two or more applicants on the loan structure, then all applicants will be required to accept the terms by putting physical signatures on the application and revised agreement, and this agreement will need to be submitted at the nearest customer service desk. The customer will get a copy of the revised terms and amort schedule on their registered mail id / by regular post.

For Loans pre-closed under Restructure 2.0, even if the customer makes the complete payment towards restructure dues, Card account will continue to remain inactive under Restructuring till end of restructure period of 24 months. 

Under Restructure 2.0, if the restructure loan is active, even if the customer makes the complete payment towards restructure dues, restructure will still be active till end of restructure period of 24 months. CIBIL status will continue to reflect as ‘Restructured’ till the completion of restructure period.

 
In case of further queries:
Corporate and SME customers – Please contact your relationship manager 
Retail individual customers – Please write to us on loansupport@hdfcbank.com