ICICI Bank extends loan EMI moratorium period: Here are the terms, conditions, charges

Private sector lender, ICICI Bank, has announced that it has extended the moratorium on term loans and credit card dues.

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The Reserve Bank of India (RBI) has extended the moratorium on loan equated monthly instalments (EMIs) by three months, i.e., till August 31, 2020. The earlier three-month moratorium was ending on May 31. This makes it a six-month moratorium on term loan EMIs (like personal loan, home loan, auto loan and so on) starting from March 1, 2020 to August 31, 2020.

Private sector lender, ICICI Bank, has announced that it has extended the moratorium on term loans and credit card dues.

Here is everything you need to know about ICICI Bank's extended moratorium on EMIs, according to its website.


Pursuant to RBI Covid-19 regulatory package, ICICI Bank is offering you a choice of either paying for your loans/ credit facilities or opting for a moratorium, which is the postponement of instalments or payments, up to June, 2020. In case you choose to opt for a moratorium, then the applicable interest on the amount outstanding will continue to be charged during the period of moratorium. The payment schedule would be extended to recover the postponed instalments or payments which will include the outstanding principal and interest.

Interest on the outstanding amount of the facilities availed shall continue to accrue during this period and the accumulated accrued interest shall be payable immediately after the completion of the moratorium.

Points to Note
  • Currently you can apply for a moratorium only for June, 2020 and this application can be done till June 24, 2020. If you wish to avail a moratorium for the months of July and August, 2020, you will need to re-apply and the bank will notify you regarding the same.
  • Submit your moratorium request at least 5 working days before your EMI due date. If you submit the request in less than 5 working days from your EMI due date or after EMI due date and the EMI is debited, then refund of EMI shall be processed within 7 working days.

In case you DO NOT opt for moratorium by responding on the website, your loan instalments will continue to be debited every month as per existing process/contract with the Bank.

You can use the bank's calculator to figure out the math of the moratorium. Click here to use the calculator


  1. 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 SMS or e-mail. You may also visit the Bank’s
  2. Is there any specific time frame where Moratorium2.0 to be applied monthly?
    Customer needs to submit the moratorium request at least 5 working days before his EMI due date. if he submits his request in less than 5 working days from his EMI due date or after 5 working days of the EMI due date and EMI is debited, then the refund of EMI shall be processed within 7 working days.
  3. I want to apply moratorium for the month of April or May ’20 now? Is it possible?
    No, you can apply moratorium from the month of June’20 onwards and not for April’20 or May ’20.
  4. 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, Tractor 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.
  5. Is moratorium available for NRI customers?
    Yes, the moratorium is available for NRI customers as well.
  6. How can an NRI loan/credit facility customer opt for moratorium?
    NRI customers can opt for the moratorium by clicking on the link shared with them by the Bank through e-mail. They may also visit the Bank’s website www.icicibank.com and apply for moratorium.
  7. If moratorium is already availed during March 1, 2020 to May 31, 2020, will it get automatically extended till August 31, 2020?
    No. You need to login to www.icicibank.com and exercise the moratorium option for each month to continue to avail this moratorium monthly till August 31, 2020. You need to visit the website and opt for moratorium option every month. In case you DO NOT opt for moratorium for each month for month of June 20, July 20 and August 20, your instalment for respective months will be debited from June 2020 onwards each month.
  8. Will customer be eligible for moratorium if he/she have not availed it during the previous months?
    Yes. You are eligible to apply for moratorium for the months of June’20, July’20 and August’20 even if you have not availed it previously.
  9. Are loans /facilities disbursed during the period March 1, 2020 to May 31, 2020, also eligible for moratorium?
    No. Loans / facilities availed from March 1, 2020 are not eligible for moratorium since they have been availed on the basis of current evaluation of the customer’s cash flows.
  10. 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 the moratorium, the residual tenure will increase to recover the accrued interest. However, in cases where EMI amount increases, a fresh NACH mandated will be required.
  11. Can I make payments in between the Moratorium period?
    The moratorium is a relief granted to the customer/borrower due to disruption caused by the unprecedented outbreak of COVID-19. However, the option lies with the customer/borrower to either continue to repay the loan during the moratorium as per the actual due dates or avail of the benefit of the moratorium.
  12. Will a payment of EMI during the moratorium be considered as prepayment?
    Yes, if you have availed moratorium, you may do a part-payment in your loan account.
  13. For the retail Term Loans, can I pay all 3 months’ EMI from June 20 to Aug 20 in August 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 such payment will be treated as a part-prepayment in August 2020. The entire amount will be adjusted against principal outstanding.
  14. Can I opt moratorium for EMI due in June and then pay EMI due in July?
    Yes, it is permitted.
  15. As per RBI, the moratorium is for 3 EMIs. Can I get refund of EMI paid in May 2020?
    No. EMI paid prior to May 23, 2020 will not be refunded. However, if you have applied for moratorium in any month and if EMI was debited, then it would be refunded in the same month. You wouldn’t be able to claim refund of previous month. For example, if you don’t apply moratorium in June’20 and apply moratorium in July, 20. You will get refund of EMI debited in July’20 only. You will not get refund of EMI debited in June’20.
  16. In case of multiple facilities availed from the Bank, whether the moratorium is applicable for all facilities?
    You need to specifically select every facility for availing of moratorium for the respective type of credit facility. You can opt for the moratorium by clicking on the link shared with you by the Bank through SMS or e-mail. You may also visit the Bank’s website www.icicibank.com. Moratorium will only apply to the facilities where you have specifically selected and opted for moratorium.
  17. Can I exercise my choice of opting in or opting out of moratorium on the website link multiple times?
    No, you are allowed to access the link to select your choice of opting for moratorium or not, only once for each month. You must specify your choice for all the loan/s and / or credit facilities that you have taken from the Bank in one go. Please note request once submitted for moratorium for the respective month shall be final.
  18. Can I cancel the moratorium at a later date, once I have already applied for it?
    Yes, you may apply for moratorium cancelation on or before 24th of the moratorium month. You may reach to your nearest loan servicing branch, or call on our customer care number. You may alternatively also send us an sms through your registered mobile number on EXITMORAT to 5676766 or 9215676766 for cancelation.
  19. If I avail moratorium, however if bounce charges are levied then will it be refunded?
    If bounce charges are levied, then it will be refunded and the same won’t affect the credit bureau score.
  20. I have opted for Moratorium but still my EMI got debited, how to get a confirmation and refund.
    Once moratorium is applied updated, repayment schedule can be referred, available on iMobile/Retail Internet Banking. You can also approach the customer care or visit the nearest asset servicing branch. EMI refund request can be boarded by customer care or asset servicing branch if moratorium is already applied on the loan.

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