ICICI Bank Shares Link to Opt for July Moratorium
Following RBI’s directive on extending Covid-19 EMI Moratorium relief on term loans and credit facilities, ICICI Bank has offered its customers a choice to opt for Moratorium till August 2020. The bank has shared an opt in link on its website. The customers are required to choose one month Moratorium at a time.
Now the bank has notified customers to opt for extension of EMI moratorium for one more month, i.e. up till July 31.
Opt for Moratorium here: https://buy.icicibank.com/moratorium.html
The previous loan moratorium expires on June 30, 2020. The customers have option to either continue paying loans EMIs and interest on credit facilities or opt for a moratorium and delay payment for one more month. The moratorium facility is available since March 2020 on Term Loans like Personal Loan, Home Loan, Auto Loan etc; Credit Card bills and Working Capital facilities.
The bank has also updated that the customers will be required to opt for another moratorium in the next month, after the bank announces details for the same.
The borrowers must note here that the applicable interest on outstanding EMI will continue to accrue during the moratorium period. The EMIs are only postponed and not waived in any means.
The bank has also shared EMI Moratorium Calculator and a Video to guide customers make an informed decision.
Highlights of ICICI Bank’s COVID 19 Moratorium Extension:
- ICICI Bank has extended moratorium only for one more month, i.e. July, 2020.
- You can apply on Bank’s website till July 24, 2020 for this Moratorium facility.
- To opt for extension of moratorium for August Months, you will be required to apply again. The bank has notified on website about the same.
- You need to put the moratorium request at least 5 working days before the due date of your EMI.
- The bank may take up to 7 working days to refund the EMIs processed due to late application of Moratorium.
Earlier on May 22, the Reserve Bank of India had shared their guidelines to extend the previous EMI moratorium by three months till August 31, 2020. This makes a total of six-month moratorium on term loan EMIs from March 1, 2020 to August 31, 2020 for Indian borrowers.
Many banks including SBI & HDFC have extended Moratorium till August 2020.