Private lender ICICI Bank on Wednesday, in an official statement, allowed its customers to delay payments of active loan EMIs, for a period of three months.
“ICICI Bank offers you a choice to continue to make payments towards your loan/ credit facility or opt for a moratorium till May 31, 2020. Please visit www.icicibank.com to specify your choice for your respective products. In case you do not choose, the Bank’s default option for respective products will be applicable,” the statement read.
The customers will however have to pay interests on the outstanding amount accumulated during the period of March 1 to May 31, the bank said.
The statement was also tweeted by the bank’s official handle:
In line with RBI’s #Covid19 relief package, #ICICIBank offers its customers a choice of either paying towards their loans/credit facilities or opting for a moratorium till May 31, 2020. Customers are requested to visit https://t.co/VLg64uXiIb to specify choice. pic.twitter.com/qHMRW0ymMI
— ICICI Bank (@ICICIBank) April 1, 2020
ICICI Bank’s decision comes close on the heels of similar measures undertaken by a number of state-owned banks on Tuesday. State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Oriental Bank of Commerce and Indian Bank took to Twitter on Tuesday to announce their decisions separately, allowing their term loan borrowers to delay their EMIs due between March 1 and May 31.
Banks have undrtaken the decision to allow delay of payment of EMIs days after the Reserve Bank of India permitted commercial banks as well as other lending institutions to take measures to relax the burden on term loan borrowers in view of the coronavirus-induced lockdown.
COVID-19 – Regulatory Packagehttps://t.co/mA6h9KpLm1
— ReserveBankOfIndia (@RBI) March 27, 2020