The coronavirus pandemic has caused major financial distress among borrowers. In such extraordinary times, banks such as ICICI Bank continue to stand by their customers and offer help to those impacted by this pandemic. As a relief measure, ICICI bank customers were offered the choice of EMI instalment moratorium which refers to the postponement of EMI payments. This is applicable for loans and credit card dues up to August 31, 2020, in line with guidelines circulated by RBI. 

The RBI circulated a framework for banks and lending institutions to design resolution plans for mitigating any financial stress on borrowers. Following this regulatory framework, ICICI bank has carved out a policy to restructure credit facilities offered to customers impacted by the pandemic.

With the help of these relief measures, the bank endeavours to assist in the revival of activities and allow customers to focus upon well-being in the current situation. In this article, we will help borrowers learn about the various benefits of loan restructuring offered by ICICI.

Additional Reading: Everything You Need To Know About RBI Loan Restructuring

What are the Covid-19 relief measures offered by ICICI for borrowers?

At the advent of the COVID pandemic, ICICI Bank had announced a moratorium on all individual loan EMIs for a maximum of six months to ease the financial burden of borrowers during ongoing financial difficulties. The personal loan moratorium facility was optional and borrowers could choose to continue loan EMIs if they had the funds available.

  • If borrowers don’t wish to defer the EMI payment of a personal loan borrowed from ICICI bank, then no additional steps were required. They could continue to repay normally as per the designated EMI due dates.
  • If borrowers wanted to postpone the EMI payment for a loan from ICICI Bank, then they had to visit the bank’s website and follow the steps stated for a moratorium. The step-by-step procedure for easily opting for the moratorium can be found on the bank’s website.

While the moratorium was meant to give borrowers some extra time for repaying their loan, the interest on monthly instalments continued to accrue throughout the moratorium period. Hence, customers had to weigh the additional cost against the benefit of extra time before deciding on choosing the moratorium facility. Now, as the EMI loan moratorium ended on 31st August, ICICI Bank offers the option of one-time loan restructuring to eligible customers. 

What are the eligibility criteria for ICICI Bank loan restructuring?

A. Loans to individuals

  1. Consumer loans that are eligible for restructuring include:
    1. Credit card balances that are due
    2. Auto loans (does not include loans taken for commercial usage)
    3. Secured personal loans (does not include loans borrowed for business purposes)
    4. Personal loans given to professionals (excludes loans meant for business purposes)
  2. Home loans
  3. Education loans
  4. Loans given to customers for investment related to financial assets such as shares etc.

B. Loans to entities (other than borrowers classified as MSME and with exposure of maximum Rs. 25 crores);

  1. Loan against Property
  2. Commercial Cards 
  3. Business Instalment Loan
  4. Auto Loans
  5. Dealer Finance 

Additional Reading: HDFC Bank Loan Restructuring Offer for Borrowers

How to apply for one-time loan restructuring at ICICI Bank?

Borrowers can use one of the below-mentioned channels for applying to ICICI Bank loan restructuring:

  1. Apply online at
  2. Visit any of the bank’s loan servicing centres. The list of these centres can be found at -
  3. Reach out to the respective Relationship Manager (RM)

How to avail one-time loan restructuring facility from ICICI?

Applicants must furnish an application form for loan restructuring along with required documents. This can be done on the Bank’s website or the same can be submitted at the nearest loan servicing centre. The list of the loan servicing centres can be found at

The Bank reviews all applications along with the respective documents submitted. It then designs and offers a plan for the restructuring of the loan or it could even reject the application. The Bank informs borrowers regarding acceptance or rejection of a restructuring application through SMS or e-mail.

The borrower must visit a loan servicing centre of the Bank for accepting the bank’s resolution plan. Borrowers also need to submit additional documents, if requested by the Bank.

It is important to note that the borrower must visit the loan servicing centre of ICICI Bank within a time frame of 30 days from the date of notification for documentation submission. If they fail to do so, within the stipulated period, the application may be cancelled. In such circumstances, the borrowers must continue to make the payment as per the earlier repayment schedule of the loan.

What are the documents required for loan restructuring?

Loans to individuals:

  1. Salaried
  • Latest salary slips starting from January 2020
  • Updated bank account statements from January 2020 where salary is credited
  • Proof showing job loss as per document from the previous employer – if the borrower has lost his or her job
  • Borrower’s declaration of present unemployment status, due to job loss – for individuals who have lost their job due to pandemic
  1. Self Employed
  • Previous 12 months of Bank account statements combined with income documents as applicable
  • GST returns relating to H1 FY2020 and H1 FY2021
  1. Loans to entities
  • Last audited financial statements pertaining to FY 2019
  • Audited financial statements relating to H1 2020
  • Projected financials for FY 2022
  • GST returns (as applicable) / turnover certified by qualified CA (if GST not applicable) since April 01, 2019
  • Bank statements of account in which transactions pertaining to an entity are logged from April 01, 2019

For loans given to entities, borrowers must have complied with the financial ratios as per RBI guidelines given by the expert committee for relevant sectors and these are subject to ICICI Bank’s internal decision making and policies.

Borrowers must note that all documents must be self-certified. Apart from these documents, ICICI Bank may seek additional information or additional collateral for processing the restructuring application for the borrower. The Bank thoroughly reviews the borrower’s application for loan restructuring as per its internal policies. The Bank may approve loan restructuring for all or a few of the loans depending on the level of financial stress faced by the borrower.

FAQs - ICICI Loan Restructuring Key Things to Know Before Applying

1. Is ICICI Loan restructuring mandatory?

No. ICICI Loan restructuring is optional for borrowers.

2. Who can apply for ICICI loan restructuring?

ICICI loan restructuring can be applied by eligible salaried and self-employed persons having a loan from the bank.

3. What will be the result of loan restructuring?

Borrowers can get extended time to repay their loans as well as reduced EMIs by opting for restructuring of the loan.