moratorium

3 years ago

I have a loan with Citi of 2,50,000 and credit card outstanding with HDFC bank of 4,15,000. I have not paid since April 2020 due to COVID and medical reasons and do not think I can for another year. I am salaried. I have the below 2 options on my mind. Kindly advise how I could proceed with each of these.
1. How can I avail an extension of moratorium for atleast one year without the interest getting accrued. What are the documentations or how do I request the bank to grant me the extension because I have spoken to the collection and customer departments of both banks but they say it is not possible to extend the moratorium but I think as per the circular if the bank wants they can extend it for upto 2 years.
2. In case of settlement, I can try arranging upto 20% of the principle amount for both the banks. Again, how can I get the bank to agree on this settlement amount. Both the banks are asking for atleast 70% of the amount for settlement.

Any other suggestions besides the above 2 would also be most appreciated. Thank you.