ICICI Bank Extends EMI Moratorium for One More Month, Apply Before Aug 24

In lines with RBI’s directive to grant EMI Moratorium relief to customers of Term Loans and credit facilities amidst financial disruptions caused due to COVID 19 pandemic, the ICICI Bank has announced its guidelines to apply for Moratorium for August 2020.

The last date for moratorium request is August 24. The link to opt for Moratorium has been updated on the bank’s website. The overall ICICI Bank’s Moratorium duration is now six months: from March 1, 2020 to August 31, 2020.

Apply for ICICI EMI Moratorium by clicking on this link: https://buy.icicibank.com/moratorium.html

The previous loan moratorium request expires on July 31 30, 2020. All the customers who have opted for Moratorium between March to July can apply for August Moratorium. Those who did not use EMI holiday facility before can also apply.

The bank has issued an advisory on its website. The EMI Moratorium is a deferment of monthly repayments and it is not a waiver of any sort. The interest will continue to accrue during the moratorium period. The updated schedule of repayment will be shared with customers before the expiry of COVID relief scheme.

The bank has also shared EMI Moratorium Calculator and a Video Guide for customers interested in using the Moratorium facility.

Highlights:

• To apply for August moratorium, customers are requested to fill applications by Aug 24, 2020. Incidentally, you can apply till 5 working days prior the due EMI date. The request received later than 5 days of payment date, can result in debit of due amount and the refund may take up to 7 working days.
• The customers who have multiple accounts & want to apply for EMI break for more than one account should apply separately for each account.
• To apply, customers should visit website or click on the link.
• The common guidelines for moratorium remain the same.

Blog Link: ICICI Bank Asks Customers to Opt for Moratorium Online