ICICI Bank Loan EMI 3 Months Free | Apply for Loan EMI Moratorium Online | COVID-19 Relief Package by ICICI to Loan Account | Coronavirus ICICI Loan EMI Extension FAQ | Interest Charges and Impact on CIBIL Score to opt for Moratorium.
COVID-19 has made the world lockdown. PM Narendra Modi announced 21 Days of Lockdown to stop the spread of Coronavirus. At present (5 April 2020, 16:21 PM) total 1,214,487 COVID-19 positive and 65,605 death has been reported all over the world. Its the biggest epidemic of the 21st Century.
Due to the Lockdown in India. Most of the businesses are temporarily close. There will be a delay in the monthly salary for some people. Keeping these all in mind. RBI has announced 3 months moratorium for Loan and Credit Card due payments.
COVID-19 ICICI Bank Loan EMI – Process
Table of Contents
Here, we are providing the complete process to understand the FAQ, Terms and Interest Charges that will accrue in case you opt for the Moratorium.
To avail the Moratorium, you need to :
- Go to the official ICICI Website or APP
- Click on https://moratorium.icicibank.com link
- Enter your Mobile Number (linked to ICICI Account) Enter PAN CARD and OTP to verify.
- Now, choose an option.(To avail or reject the Moratorium.
COVID-19 ICICI Interest Charges – EMI Moratorium
Here are the example and explanations in case you opt for the Moratorium due to COVID-19.
| For HOME Loan EMI Moratorium | |
| Principal Amount | Rs 50 lakh |
| Duration | 180 months |
| Now, EMIs that are due on 1 April 2020 and 1 May 2020 and person has availed Moratorium. | |
| Duration will increase by | 6 Months to 186 Months |
| Interests accrued to be paid | Rs. 2,58,914 |
| EMI Amount will be | Unchanged. |
| For CAR Loan EMI Moratorium | |
| Principal Amount | Rs 10 lakh |
| Duration | 78 months |
| Now, EMIs that are due on 1 April 2020 and 1 May 2020 and person has availed Moratorium. | |
| Duration will increase by | 2 Months to 80 Months |
| Interests accrued to be paid | Rs. 32,355 |
| EMI Amount will be | Unchanged. |
| For PERSONAL Loan EMI Moratorium | |
| Principal Amount | Rs 8 lakh |
| Duration | 30 months |
| Now, EMIs that are due on 1 April 2020 and 1 May 2020 and person has availed Moratorium. | |
| Duration will increase by | 1 Months to 31 Months |
| Interests accrued to be paid | Rs. 21,872 |
| EMI Amount will be | Unchanged. |
Note: Above are some examples. In case, you have doubts. Please comment below.
ICICI has divided loan accounts in two categories.
Category-A, their EMI Payment will automatically come under the Moratorium as per RBI Guidelines (People can also carry/ pay their monthly EMI payment.
Category-B: For these loan accounts. You have to choose an option. (Login online and fill the online form) to avail/ opt for the Loan EMI Moratorium.
Category-A Loan Accounts
- Commercial Vehicle Loan
- Construction Equipment Loan
- Two Wheeler Loan
- Consumer Finance
- Tractor Loan
- Self Help Group (SHG) Loan
- Joint Liability Group (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 Loan Accounts
- 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
| ICICI Moratorium | FAQ |
| ICICI Opt Moratorium | Apply Now |
| Other Banks Loan EMI Charges | SBI | Axis Bank | PNB Housing | Bank of Baroda | HDFC |
| RBI Grievance Cell Loan, EMI Refund Complaint | Complete Details |