The Reserve Bank of India announced in June that it is extending the moratorium on loan EMIs and credit card bills for three months. Initially, the moratorium was offered from 1st March 2020 to 31st May 2020, to provide financial relief to borrowers going through a financial crisis as a result of Covid-19 induced lockdowns. 

Now, the moratorium has been extended until 31st August 2020. Following the RBI's directive, ICICI Bank, one of the top private lenders in the country, has announced that it's extending the moratorium on term loans and credit card dues. In this guide, you can find all that you need to know about availing moratorium from ICICI Bank – how to apply for one, charges, and other factors.  

Overview of EMI Moratorium at ICICI Bank 

As a Covid-19 relief measure, ICICI Bank has announced a moratorium on all retail loan EMIs and credit card bills for six months. The moratorium is offered to relieve the financial burden faced by several customers during the Covid-19 crisis/lockdown. However, note that opting for the moratorium is not compulsory. Customers can continue paying their EMIs as usual if they have the required funds.

  • If you do NOT want to avail of the moratorium, then you don't have to take any further action. Your EMI will be debited as usual, if you have set up auto payments. If you make manual payments every month, you can continue doing so as usual on the designated payment dates. 

  • If you wish to opt for the moratorium, you have to visit the website of ICICI Bank and state your request. Continue reading to find a step-by-step guide on how to avail the moratorium. 

Remember that the Moratorium is NOT a Waiver. It's only a temporary relief measure. When you opt-in, it gives you extra time to pay your loan EMIs and credit card bills. However, remember that the outstanding principal (or credit card bill) will continue to accrue interests during the moratorium. Hence, you must weigh both the benefits of the moratorium vs. the costs incurred – to help you decide whether to opt-in or not.

Eligibility for Moratorium from ICICI Bank 

ICICI Bank has divided all loans and other credit facilities into two categories. Borrowers who have taken a loan product from Category A get automatic relief from loan payments during the moratorium period. They have to intimate the bank if they wish to continue with the loan payments during this period. 

On the other hand, the default option for borrowers in Category B is continuing with payments as usual. If you have taken a loan product from Category B, you have to apply for the moratorium using the form available on the ICICI Bank website. 

Category A: Default Relief

Commercial vehicle loan Two-wheeler loan Construction equipment loan Tractor loan
Consumer finance SHG (Self-Help Group) loan Cattle loan Agri term loan
Government-sponsored schemes Joint-liability group loan Auto dealer funding Overdraft
Small business loan Loan against credit card receivable Gold loan/jewel loan

Kisan Credit Card



Category B: Default Choice continuing with Loan Payments as Usual

Car loans (used/new car) Home loan/land loan Loans against property

Commercial property loan

Personal loan Loans against securities Education loan Salary overdraft
Cash credit (CC) Overdraft (OD) Term loans

Working capital loans

Byju loan Clean consumer loans A foreign currency term loan

Kisan Kalp Vriksha

Channel finance/Dealer finance/Vendor finance PayLater EMI on debit card/credit card

Credit cards/Personal loan on credit cards



Who is eligible? 

  • All borrowers who have availed the credit facility before 1st March 2020 are eligible for the six-month moratorium. Note that the moratorium doesn’t apply to new borrowers who have availed credit after 1st March 2020. 

  • NRI borrowers are also eligible for the credit facility 

How to apply for ICICI Bank Loan/Credit Card Moratorium? 

ICICI Bank has sent an email/SMS regarding the moratorium to all eligible borrowers. When you click on the link, you will be taken to the moratorium page on ICICI Bank's website. Alternatively, you can access the page directly from the site.

  • Step 1: Use the EMI Moratorium Calculator to find out the impact of opting for the moratorium. Once you understand the implications, agree to the terms and conditions, and click on "opt for the moratorium."

  • Step 2: Enter the mobile number you have registered with the bank. 

  • Step 3: Next, you will be prompted to enter your PAN or date-of-birth. 

  • Step 4: Enter the loan product/credit facility for which you’re availing the moratorium. 

  • Step 5: You will receive a confirmation message stating that your application is complete and your request has been accepted. 

How does EMI moratorium work? 

The moratorium means you do not have to pay your EMIs and credit card bills during the moratorium period – 1st March to 31st August. However, remember that EMIs are only paused temporarily, and you have to start repaying post-moratorium. Additionally, the outstanding loan amount continues to accrue interest during the moratorium period.  

An EMI payment has two components: the principal and the interest. The principal is not affected during the moratorium period. However, the interest keeps on accumulating. This means, if you opt for the moratorium, you will have to pay a higher EMI post-moratorium, or your loan tenure will be extended, leading to a bigger loan burden.

Points to Note:

  • You don’t have to submit any document to apply for the moratorium. The entire process is online and can be completed within a few minutes. 

  • Currently, you can apply for the moratorium for July before 24th July 2020. If you wish to avail of the moratorium for August, you must repeat the steps mentioned above.  

  • You have to submit the request for a moratorium 5 days before the EMI payment due date. If you submit after that and your EMI is debited, you can submit a request to the bank to refund it. The refund will be processed within the next seven working days. 

  • If you wish to avail of the moratorium for more than one loan product, you have to apply separately for each product. For instance, if you want to avail of the moratorium for both a personal loan and a home loan, you have to initiate the application twice.


The moratorium offers massive relief to individuals facing a severe cash crunch due to the ongoing Covid-19 crisis. However, before you avail it, you have to consider the after-effects. We recommend that you continue paying your loan EMIs and credit card bills on the designated due dates if you can manage it. Opt for the moratorium only when the situation is dire.