After RBI issued guidelines for Banks, ICICI bank announced an extension on moratorium period till August 31. The bank said that customers would be required to apply for availing moratorium benefits and if they don’t apply, they won’t get benefits. The duration of availability of moratorium benefit is for 3 months from June to August. Though customers can only apply for one-month moratorium benefit at a time. That means they would be required to apply for the benefits every month from June 1 to August 31
Moratorium facility is available on payments of principal and/or interest on all loans including EMIs and Card Card Dues. The interest amount on loans will continue to increase during the moratorium period, according to the terms and conditions applicable to the respective credit facilities. The accrued interest would get added to the principal amount and after the moratorium period ends, either the term of the loan will get extended or EMI amount will increase.
To apply for a moratorium facility, customers need to apply online by clicking on the link shared by the Bank through SMS or e-mail. The bank websites also have details on moratorium which can be accessed by customers to understand the process.
According to livemint, customers are required to make a request for a moratorium facility at least 5 working days before EMI due date. If anyone makes a request in less than five working days from the EMI due date or after it, then the EMI will get debited from the account. After which, it will be refunded within seven working days. Customers will be able to make a request for EMI refund for each of the 3 months during that month. Also, any late payment charges or default interest or additional interest will not be charged from customers availing moratorium benefits.
In case a customer wants to cancel the moratorium facility after availing it, he/she can do so by visiting the nearest loan servicing branch or call the bank’s customer care number on or before 24th day of the moratorium month. Customers can also use the SMS facility for cancellation. For this, they need to text message ‘EXITMORAT’ to 5676766 or 9215676766 using their registered mobile number with the bank.