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ICICI bank’s loan restructuring process is a mode of offering relief to loan borrowers who are facing a difficult financial situation due to the COVID-19 pandemic and are unable to repay their loans as per the pre-decided schedule.

Eligibility Criteria

Some of the eligibility criteria for availing ICICI Bank’s loan restructuring facility are:

  • Borrowers who have taken a personal loan from the bank. Personal loans may include consumer credit (credit card dues, education loans, loans for creation or improvement of immovable assets) and loans for the purchase of financial assets (such as debentures, shares, etc.)
  • Individuals who have sourced loans from the bank for business requirements. 
  • Entities who are engaged in small businesses and have taken personal loans from the bank, except MSMEs. However, the net exposure by the entities should not be more than Rs. 50 crores from all banks as of 31 March 2021.
  • The loan account must be classified as “standard” as of 31 March 2021. The account should be without any arrears/overdue for at least 90 days as of Mar 31, 2021.
  • Borrowers looking to avail of this facility must prove financial distress including job loss, decreased income levels, salary deferment, business impact, etc. due to the COVID-19 pandemic.
  • ICICI Bank may impose additional eligibility criteria on borrowers basis its discretion and policy.

How to Apply

Those who want to opt for the personal loan restructuring from ICICI Bank can apply in the following ways:

  • Online application made through the bank’s official website 
  • Offline application furnished at a loan servicing branch of ICICI Bank. Borrowers can also reach out to their relationship manager for making the application
  • The last date for making an application for ICICI bank’s personal loan restructuring is 16 September 2021.
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