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The Covid-19 crisis and subsequent difficulties faced by people across India made  the Reserve Bank of India (RBI) bring in relief measures to aid people in such dire situations. RBI granted an EMI loan moratorium scheme which financial institutions were directed to provide to their customers for a period of 6 months. ICICI Bank was also part of this scheme and offered its personal loan customers, EMI moratorium for 6 months falling between 1 March and 31 August 2020. Note that the EMI moratorium scheme has ended and is no longer valid. 

Relief Measures -  ICICI Bank COVID-19 Moratorium

  • The EMI moratorium scheme was not mandatory. Any customer of ICICI Bank who did not wish to apply for the scheme could opt out of it as per their own convenience.
  • Any customer who had opted  for the scheme got the added benefit of deferment of their EMI payments for 6 months from March 1, 2020 - 31 August 2020.
  • The  loan repayment tenure could be extended for the customer based on the moratorium scheme

ICICI Bank Personal Loan EMI Moratorium Eligibility

The eligibility criteria for the HDFC Bank Personal EMI Moratorium can be listed as follows:

  • Personal Loan customers of ICICI who had taken a  loan before 1 March 2020 were considered for the EMI moratorium
  • Customers who had not availed a loan were also considered for the scheme on the basis of their timely repayment of EMI before   1 March 2020. This eligibility was at the  discretion of ICICI Bank
  • Non-Resident Indians were also eligible to avail EMI loan moratorium during the above mentioned period
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