Following Reserve Bank of India’s guidelines to extend loan Moratorium, ICICI Bank has extended EMI Moratorium on Term Loans and working capital facilities for the month of August..
The bank has exercised extension of EMI Moratorium on monthly basis. After May 2020, ICICI Bank customers were asked to opt for RBI’s COVID relief separately each month for June, July and August respectively.
Previously the ICICI Bank had announced EMI moratorium/ postponement for repayments falling due between March 1 to May 31, 2020 for three Months. With this month’s moratorium announcement, the overall benefit of Moratorium is now available to customers for a total of 6 months.
You can apply for ICICI Bank August Moratorium here
In the second phase of Moratorium, the ICICI Bank has asked customers to apply for Moratorium through its website. In first phase, applications were excepted through sms and email as well.
On Website, follow these steps:
You may also visit this link directly and skip step 1.
If the customer doesn’t choose to continue paying, it is assumed that the customer is opting for Moratorium.
Category A Customers |
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Category B Customers |
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The ICICI Bank Moratorium relief is offered for March 2020 to Aug 2020 on the following:
(i) Principal and interest (as on your Term Loans like Personal Loan, Home Loan, Auto Loan, etc.)
(ii) Bullet repayments (the lump sum payments for any Term Loan or Credit Lines)
(iii) Equated Monthly Instalments or EMIs; (Fixed equal instalments as in consumer durable loans, Personal Loans, Credit Card EMIs, etc.)
(iv) Credit Card dues (outstanding balance on your Credit Card statement)
The proposed Moratorium or deferment is a postponement of your payments for six months. It is not a waiver. The tenure of your loan or credit line will be adjusted accordingly. The interest will continue to accrue at a contracted rate during the said moratorium period of 6 months. After the expiry of Moratorium, the bank will share a new repayment schedule, and you will be required to pay out the accumulated interest for the deferment period and the outstanding principal.
As the Moratorium period ends, the accrued interest will be required to be paid in September 2020.
No late payment charges/ default interest/ additional interest are levied on moratoriums for COVID 19 relief.
No. The EMI will remain the same, and tenure will be adjusted according to additional interest cost. So you would not need to re-set Auto Debit (AD) or NACH mandates. Only in case, there is an appreciation in instalment, a fresh payment mandate will be required.
No the delay in payment due to COVID 19 moratorium will not be hurt your score.
Yes, the payment of dues is entirely as per the customer’s convenience. You can pay as and when you have cash during this period.
ICICI Bank will refund EMIs cleared after Mar 27, 2020, for customers who have opted for the moratorium. Payments made prior 27 March will not get refunds.
Yes, ICICI Bank is offering Moratorium to new loans that are disbursed in April 2020 for payments due till 31st May.
You are required to choose each account and opt for a Moratorium for each one.
No, if you have opted for the moratorium, you need not make any payment during the six months period.
The interest will be charged as per the contracted rate. You can check the same on MITC guidelines on the bank’s website.
https://www.icicibank.com/managedassets/docs/personal/cards/credit-cards/MITC_cc.pdf
The September statement will include outstanding balance, accrued interest & applicable taxes. You should either payout in full or at least the minimum due before the due date.