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Home >Money >Personal Finance >ICICI Bank loan EMI moratorium: Terms, conditions and charges

In a big relief to borrowers, several top lenders have announced deferment of EMI payments on term loans for the next three months, acting on the directions by the Reserve Bank of India (RBI). On 27 March, the central bank directed all banks to provide a three-month moratorium on repayment of term loans. This was done in order to infuse liquidity into the system as the economy is hit hard with the novel coronavirus outbreak.

"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.

"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.

"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."

The bank further said that customers/borrowers who do not wish to avail the Moratorium may OPT-OUT from it by clicking on the link shared by the bank. ICICI Bank has shared the link through SMS and e-mail, so in case you do not wish to avail, you can opt-out. You may also visit ICICI Bank’s website www.icicibank.com failing which it will be deemed that borrower/ customer has opted for Moratorium.

"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," the bank noted

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’s website www.icicibank.com .

If I have sufficient balance in my account and instalment of my loan(s) is due, will the Bank debit the EMI during this period?

Yes, if you have not opted in for the moratorium.

Most public sector banks announced their decisions regarding the same on social media platforms. State Bank of India (SBI) in a tweet said, “In terms of RBI COVID19 regulatory package, SBI has initiated steps to defer the installments and interest/EMIs on term loans falling due between 1 March 2020 to 31 May 2020 and extended the repayment period by three months."


The bank has informed customers if they don't want to avail the moratorium, no action is required from their end. However, those who want to avail the moratorium will have to send an application to the bank through an email.

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