ICICI Bank moratorium: The Reserve Bank of India (RBI) extended the moratorium on loan equated monthly installments (EMIs) by three months, that is, till August 31, 2020. Many banks have announced the details of their extended moratoriums on term loan EMIs and credit card dues.
ICICI Bank has announced that it has extended the moratorium on its loans and credit card dues.
Customers need to apply to avail of the benefits of the moratorium. If they fail to apply, loan installments will continue to be debited every month as per the existing process, the bank said.
Here are the things you must know about ICICI Bank’s moratorium facility
1) Duration of moratorium
The moratorium facility will be granted for up to a period of three months, for all loans/facilities falling due for payments between June 1, 2020, and August 31, 2020.
2) Rules to apply for a moratorium
3) On these payments, the moratorium will be applicable
The moratorium is available for these payments: 1) principal and/or interest components, 2) Equated Monthly Instalments or EMIs, 3) credit card dues.
4) Interest during moratorium:
The interest will accrue during the moratorium period, according to the terms and conditions applicable to the respective credit facilities.
5) How to apply for a moratorium
Customers can n opt for the moratorium by clicking on the link shared by the ICICI Bank through SMS or e-mail. You may also visit the bank’s website for moratorium details. The bank customers
6) When to apply for a moratorium:
The customer needs to submit the moratorium request at least five working days before EMI due date. If anyone submits the request in less than five working days from the EMI due date or after the EMI due date, the EMI will be debited from the account. However, the EMI will be refunded within seven working days.
The customer will be able to make a request for an EMI refund for a particular month during that month itself.
7) How will banks charge the interest on term loans such as home loans, personal loans, two-wheeler loans, auto loans and education loans?
The accrued interest would be added to the principal amount, resulting to increase in residual tenure of the loan. If the loan tenure cannot be extended, the EMI amount will increase. Please refer to the relevant applicable terms and conditions for further details.
8) customer has to apply every month
Even if the customer has availed the moratorium facility before, he/she has to apply every month for the facility. The customer is eligible to apply for a moratorium for the months of June, July and August’20 even if he/she has not availed it previously.
9) Moratorium won’t be applicable in such cases
The loans/facilities availed from March 1, 2020, to May 31, 2020, are not eligible for the moratorium since they have been availed on the basis of the current evaluation of the customer’s cash flows, the bank said.
10) No late payment, no affect on credit score
No late payment charges or default interest or additional interest shall be levied during the moratorium period. It will have no adverse impact on the credit history of the customer or borrower.
11) How to cancel the moratorium
ICICI Bank customers may apply for moratorium cancellation on or before the 24th day of the moratorium month. One can visit your nearest loan servicing branch, or call the bank’s customer care number. One can also send us an SMS through from the registered mobile number, mentioning, ‘EXITMORAT’ to 5676766 or 9215676766 for cancellation.
