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ICICI Bank customers: Questions on EMI, credit card moratorium answered

ICICI Bank customers: Questions on EMI, credit card moratorium answered

ICICI Bank customers: Questions on EMI, credit card moratorium answered
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By CNBC-TV18 Apr 3, 2020 11:23:17 AM IST (Updated)

ICICI Bank has issued a set of answers to all the Frequently Asked Questions (FAQs) and guidelines for its customers with respect to the RBI-mandated moratorium, which allows the customers to defer the EMIs or credit card bills for three months.

ICICI Bank has issued a set of answers to all the Frequently Asked Questions (FAQs) and guidelines for its customers with respect to the RBI-mandated moratorium, which allows the customers to defer the EMIs or credit card bills for three months.

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"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’s website www.icicibank.com," the bank said.
Here are some of the answers to the customer's queries:
Is moratorium compulsory or optional?
The moratorium is optional for all kinds of credit facilities such as retail loans, Home Loans, Business Loans, Cards and Farmer 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.
Is the moratorium on principal or interest or both?
Moratorium can be offered for below payments due during the moratorium period.
(i) principal and/or interest components;
(ii) bullet repayments;
(iii) Equated Monthly Instalments or EMIs;
(iv) Credit Card dues.
Will the interest accrue during the moratorium period?
Yes, the interest will accrue during the moratorium period. Treatment of the interest will be as per the relevant terms and conditions applicable to the respective credit facilities.
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