The resurgence of the Covid-19 pandemic in India from March 2021 (in the form of a second wave) and the consequent containment measures to control the spread of the pandemic has impacted the economic activities and created new uncertainties. The Reserve Bank of India, with the objective of alleviating the potential stress to individual borrowers and small businesses, has issued 'Resolution Framework 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses' on May 5, 2021 vide notification no. RBI/2021-22/31 DOR.STR.REC.11/21.04.048/2021-22. The guidelines are broadly in line with the contours of the Resolution Framework 1.0, with suitable modifications.
HDFC Credila, being a Non-Banking Finance Company has put in place a Board approved policy in line with the above RBI guidelines to enable customers to apply for restructuring where the financial stress is on account of the Covid-19 pandemic.
Please click here to view HDFC Credila's COVID - 19 Restructuring Policy 2.0
Please click here to login to your account to apply for restructuring.
All Education Loans provided by HDFC Credila are covered in the restructuring scheme, subject to meeting the below eligibility requirements.
On the basis of the documents / information provided by the customers which establish reduction in income and/or cash flow / financial impact due to COVID-19, HDFC Credila will assess the capability of the customer to pay the restructured PMIIs/ EMIs over extended tenure before granting the restructuring. Further to the viability calculations, the repayment track record of the customer will also be factored in the restructuring decision.
In order to assess your application to avail restructuring, you need to submit the following documents giving details about the pre-COVID and current status of your employment or business:
Please login to your account to check the documents required for your application.
The rate of interest on your loan will be revised on restructuring for the remaining tenure of the loan as HDFC Credila will have to maintain higher regulatory capital. The increase in the rate of interest will vary based on the quantum of relief sought by the borrower, in addition to other parameters. The aforesaid increase would be capped to a maximum of 50 basis points.