How will HDFC-HDFC Bank merger affect its customers

New Delhi: HDFC and HFC Bank official merged into one entity – HDFC Ltd on Saturday, thereby creating one of the largest banking behemoth in the world.

Billed as the biggest transaction in the country, the HDFC Bank took over its parent company HDFC, which is a mortgage lender. With this merger, the combined asset of the newly created identity stands at Rs 18 lakh crore.

The HDFC Ltd, the new entity will cater to more than 120 million customers – a colossal figure that is bigger than a couple of European nations including Germany & France. This will be India’s answer & challenge to the American & Chinese banking behemoths, occupying the top spots in the world.

However, the amalgamation of operations & services has given rise to many questions, with many asking how will it impact the customers & will their loan become cheaper or costlier?

Impact on Loan conditions

Banking analysts say post the merger, your mortgage loan with the HDFC won’t see much impact and all the criteria will remain the same including the loan conditions.

You will continue to have the same loan account number and its terms & conditions will remain the same with HDFC Ltd as well, though the account number will be transferred to HDFC Bank.

Customers will continue to have access to their account, while navigating through HDFC Ltd’s portal, by using same login credentials.

Will EMIs see rise

Post merger, there won’t be any change in your Easy Monthly Instalments (EMIs), as fixed under any undertaken loan. The loan repayment cycle will also be the same while the interest will be calculated as per existing conditions.

How will net banking get affected

There would be different login navigation on the HDFC Ltd portal, for accessing you bank account and HDFC home loan section. The login credentials for net banking would be different from home loan account login credentials.