ICICI Bank offers its customers options based deferment of EMI payments on term loans for the next three months, as per the directions by the Reserve Bank of India (RBI). Some ICICI Bank customers will automatically be allowed a moratorium but can opt out if they want to while others will have to specifically ask for the deferment. On March 27, the Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give its borrowers a three-month moratorium on term loans.
"The borrower(s)/ customer(s) can choose to OPT-IN or OPT-OUT, for availing of the Moratorium in respect of the credit facility(ies) availed," ICICI Bank mentioned on its site.
"In line with RBI's Covid19 relief package, ICICIBank offers its customers a choice of either paying towards their loans/credit facilities or opting for a moratorium till May 31, 2020," ICICI bank said in a tweet.
In line with RBI's #Covid19 relief package, #ICICIBank offers its customers a choice of either paying towards their loans/credit facilities or opting for a moratorium till May 31, 2020. Customers are requested to visit icicibank.com to specify choice.
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"ICICI Bank has, as per the Bank’s approved policy extended Moratorium to the borrower(s)/customer(s) for certain loans/ credit facilities such as Kisan Credit Card (KCC), Farm Equipment (FE), Self-Help Group (SHG)/Joint Lending Group (JLG)/Loans given through Business Correspondent (BC), Jewel Loan, Corporate Farmer Finance, Business Lending -Unsecured (Current Account Over Draft/Small Business Loan/Roaming Protect/Loan Against Credit Card Receivable, Dealer Funding, Working Capital/Trade Advance to Auto Dealers, Commercial Business, Working Capital/Trade Advance to Commercial Business customers, Consumer Finance, Two Wheeler Loans."
With respect to above loan/ credit facilities if the borrower(s) / customer(s) (whose cash flows are not impacted) do not wish to avail of the Moratorium, borrower(s) / customer(s) may OPT-OUT from the Moratorium by clicking on the link shared with the borrower(s) /customer(s) by the Bank through (i) SMS or (ii) e-mail.
In respect of all other types of facilities, borrower(s)/customer(s) will need to specifically OPT-IN for availing of Moratorium and postponement of payments falling due for payment between the period beginning Mar 01 until May 31, 2020.
In case of customer(s)/ borrower(s) enjoying multiple credit facility(ies) from the Bank, the Moratorium option will have to be exercised individually/ separately for each type of credit facility.
ICICI Bank Loan EMIs Moratorium: All Questions Answered,
Is moratorium compulsory or optional?
The moratorium is optional for all kinds of credit facilities such as retail loans, Home Loans, Business Loans, Cards andFarmer Loans.
For what period can the moratorium be granted?
A moratorium may be granted up to a period of three months for all amounts falling due between Mar 01 and May 31, 2020.
How can I opt for the moratorium?
You can opt for the moratorium by clicking on the link shared with you by the Bank through (i) SMS or (ii) e-mail. You may also visit ICICI Bank’swebsite.
How will interest be charged and recovered for retail term loans such as Home Loans, Personal Loans, Consumer Durable Loans, Two-Wheeler Loans, Auto Loans?
The accrued interest would be added to the principal amount which will increase the residual tenure of the loan except in cases where extension of tenure is not possible in which case the EMI amount will increase. Please refer to the relevant applicable terms and conditions for further details.
How will interest be charged and recovered for cash credit/ overdraft facilities?
The accrued interest willbe due and payable immediately after the end of the moratorium i.e. in Jun 2020. Please refer to the relevant applicable terms and conditions for further details. The postponed interest (funded interest) shall carry interest at the rate applicable on the credit facility and the underlying security shall continue to secure the funded interest.
If the customer has already availed of a moratorium for an Education Loan, can the tenure get extended on account of the Covid Regulation?
No, since the repayment forsuch customers will start in future and the moratorium is for customers whose repayment (interest or EMI) is active in the period Mar 01 to May 31, 2020.
If customer has principal moratorium running in Education Loan, can he/shestill avail of this facility?
Yes, the moratorium is available for interest amounts payable.
Do I need to submit fresh Auto Debit or NACH debit mandates?
No, as the EMI will remain same and tenure will increase to recover the deferred interest accrued during the moratorium period, there is no need of fresh Auto Debit (AD)or NACH mandate. If you opt for moratorium, the residual tenure will increase to recover the accrued interest during moratorium period. However, in case the instalment amount increases,then a fresh NACH mandated will be required.
For the retail Term Loans, can I pay all 3 months’ EMI in Jun 2020?
As the tenure of the retail term loans has been extended on account of the moratorium, the customer is required to pay the EMIs as per the revised schedule. However, as per terms and conditions of the facility, if prepayment is permitted then you may pay the EMIs in Jun 2020.
Will the seeking of Moratorium by the borrower have an impact on their credit/bureau score?
The moratorium on payments will not qualify as a default for the purposes of supervisory reporting and reporting to Credit Information Companies (CICs)/credit bureau by the Bank. Hence, there will be no adverse impact on the credit history of the borrowers.Any delay in payments of dues/ outstanding amounts payable after the expiry of the Moratorium for customers(s)/ borrower(s) who had availed of the Moratoriumwill qualify for the purposes of reporting to Credit Information Companies (CICs)/credit bureau bythe Bank.
What would be the interest accrued/charged on my Credit Card dues?
For all Credit Card dues (including any unpaid EMIs till the respective payment due date), standard interest rates of the card variant as per the applicable terms and conditions willbe levied. For all EMI transaction, the interest rate specified at the time of availingofEMI facility would be levied.
Do I need to pay my Credit Card outstanding during the moratorium period?
No,payment needsto be made during the moratorium period. During the moratorium period, as per the billingcycle dates, interest charges (at standard interest rate as per the card variant in accordance with the applicable terms and conditions)will be levied.
Do I need to pay my EMI on Debit Card outstanding during the moratorium period?
No, if you have opted for moratorium on your EMI on Debit Card, no payment needs to be made during the moratorium period. While outstanding including interest levied as per EMI on Debit Cardpolicy needs to be paid once the moratorium period is over i.e. by the payment due date of Jun 2020 statement.During the moratorium period, as per the statement cycle dates, interest charges at standard interest rate as specified at the time of availing of the EMI on Debit Card will be levied if your dues are not cleared within the payment due date.
Will Late Payment charges be levied during moratorium period?
If you opt for moratorium on your EMI on Debit Card, no late payment charges will be levied.
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