As per the guidelines issued by The Reserve Bank of India, the private bank ICICI bank has also extended the moratorium till August 31st. However, the interest will be applicable for those who will apply for the same.
The duration of the moratorium will be given for three months from June 1st, 2020 to August 31st, 2020. customers can only apply the moratorium for one month at a time. So if they are looking to apply for 3 months, they need to do it by the starting of every month. The EMI and the interest will be applicable to everyone who can opt for it. Talking about the interest, users must talk to their bank regarding the same.
For applying to the moratorium, they need to click on the link which will be shared by the bank via SMS. Or if in case they haven’t received one, they can visit the website as well. Customers must submit the request before 5 days of the EMI due date. If it is not done before five days, the amount will be debited but it will be refunded to your account in 7 working days.
Note that it is a moratorium given by the government so that customers can get some time for paying their EMI dues. However, it does not mean that they are free from their loans. They are required to pay the loans.