ICICI Bank Asks Customers to Opt for Moratorium Online
ICICI Bank has sent online messages to its retail loans and credit cards’ customers to choose an option of EMI moratorium/ postponement for repayments falling due between March 1 to May 31, 2020. The benefit of Moratorium is available to new customers as well.
Steps to choose EMI/ Dues Moratorium with ICICI Bank Loans & Credit Cards
ICICI Bank has shared 3 options with its customers for Moratorium relief: (i) SMS, (ii) email, or (iii) bank website. Customers can follow the instructions on each of the platforms and opt for the Moratorium.
On Website, follow these steps:
- Visit the ICICI Bank’s official website and click on “Choose your option.”
- You will reach the moratorium web page. Here is the link: https://moratorium.icicibank.com/
You may also visit this link directly and skip step 1.
- Here you will be asked to share your mobile number or registered email ID to go to the next page.
- ICICI bank has divided customers into two categories. Look for your account and choose the option of continue paying EMIs as usual or proceed further alongside your product.
- If the customer doesn’t choose to continue paying, it is assumed that the customer is opting for Moratorium.
List of ICICI Loans & Credit Lines eligible for COVID 19 Relief Moratorium
Category A Customers
• Commercial Vehicle Loan
• Construction Equipment Loan
• Two Wheeler Loan
• Consumer Finance
• Tractor Loan
• Self Help Group Loan (SHG Loan)
• Joint Liability Group Loan (JLG Loan)
• Cattle Loan
• Agri Term Loan (ATL)
• Govt. Sponsored Scheme (GSS)
• Auto Dealer Funding
• Cluster Program for Auto Dealers
• Insta Over Draft/ CA Over Draft
• Small Business Loan/ Roaming Protect
• Loan Against Credit Card Receivable (LACR)
• Commercial Business Logistic Program
• Gold Loan/ Jewel Loan
• Kisan Credit Card (KCC)
• Premium Over Draft (Agri)
• Tractor Inventory Funding
Category B Customers
• New Car Loan
• Used Car Loan
• Home Loan/Land Loan
• Loan Against Property/LRD
• Top-up on Home Loan/Loan Against Property (LAP)
• Non-Residential Premises Loan/Office Premises Loan
• Home Over Draft/Mortgage Over Draft
• Loan Against Securities
• Personal Loan
• Business Instalment Loan
• Education Loan
• Salary Over Draft
• Byju Loan
• Clean Consumer Loan
• Micro Finance Institution (MFI)
• Business Term Loan
• Cash Credit (CC)
• Over Draft (OD)
• Term Loans
• Working Capital Demand Loans
• Drop-Line Overdraft/ Mortgage Over Draft
• Pre-Shipment Finance / EPC/ PCFC
• Over Draft Against Fixed Deposit (FDOD)
• Gold Metal Loan
• Working Capital Term Loans
• FCNR Facility
• Channel Finance/Vendor Finance/Dealer Finance
• Foreign Currency Term Loan
• Commodity Based Finance (CBF)
• Kisan Kalp Vriksha (KKV)
• Credit Cards
• EMI on Debit Card
• Personal Loan on Credit Card
• EMI on Credit Card
✅ On what types of payments the ICICI bank is offering Moratorium?
The ICICI Bank Moratorium relief is offered for March 2020 to May 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)
✅ What does Moratorium/ deferment mean? How will it impact my June payment?
The proposed Moratorium or deferment is a postponement of your payments for three 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 three 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.
✅ What will be the impact of Moratorium on payments of cash credit/ overdraft facilities?
As the Moratorium period ends, the accrued interest will be required to be paid in Jun 2020.
✅ Are there late payment charges/ default interest/ additional interest?
No late payment charges/ default interest/ additional interest are levied on moratoriums for COVID 19 relief.
✅ Will my EMI amount change? Will I need to reset my Auto Debit/ NACH mandates?
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.
✅ If I opt for Moratorium, will it affect my credit score?
No the delay in payment due to COVID 19 moratorium will not be hurt your score.
✅ Can I opt for a moratorium and then pay next month’s EMI?
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.
✅ Is ICICI bank offering a refund for EMI paid in Mar 2020?
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.
✅ Are new loans eligible for Moratorium?
Yes, ICICI Bank is offering Moratorium to new loans that are disbursed in April 2020 for payments due till 31st May.
✅ How to avail moratorium on different credit accounts with ICICI Bank?
You are required to choose each account and opt for a Moratorium for each one.
✅ Will I pay the minimum due during the moratorium period?
No, if you have opted for the moratorium, you need not make any payment during the three months period.
✅ Will interest be charged for moratorium period?
The interest will be charged as per the contracted rate. You can check the same on MITC guidelines on the bank’s website.
✅ How will moratorium affect my next payment due in June 2020?
The June’s 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.