What is EMI Moratorium?

In line with the Reserve Bank of India's (“RBI”) guidelines, we are offering EMI moratorium facility to our customers. Moratorium is the grace period allowed to repay your outstanding loan and thus, provides you a temporary relief to ease your liquidity.

Please note that availing this Moratorium period does not mean that you can avoid paying the EMIs altogether. It means you would be paying the EMI amount falling under the moratorium period at a future date & that too with interest. So it is wise to continue paying your EMIs on time, if you can do so.

Top 5 reasons to not take Moratorium

EMI me break matlab, EMI me badhotri!
  • During the moratorium period, interest will continue to be charged on the outstanding tenure of your loan.
  • After the moratorium ends, the interest accrued during the period will get added to your outstanding principal amount and thus increase the overall loan amount.
  • Your loan repayment period will increase if you wish to maintain the same amount of EMI payable every month. If you opt for a 3-month moratorium, your tenure may even increase by about 10-15 months, thereby repaying in tune of lakhs for availing EMI break for a few months. For exact impact on your loan please check our Moratorium Calculator below.
  • Your EMI amount will increase after the moratorium period if you wish to repay the loan as per the original end date.
  • The higher the rate of interest on your loan, the higher will be your cost of moratorium.

Let’s understand the implication of taking Moratorium with an example. Suppose, your principal outstanding amount is Rs. 25,00,000 and the rate of interest on your loan is 9.0% per annum. The following table will help you understand the cost impact of 3-month moratorium on your loan when the balance EMIs to be paid are 215, 170 and 140 respectively.

Moratorium Impact Scenario 1 Scenario 2 Scenario 3

Outstanding Principal Amount

₹ 25,00,000

₹ 25,00,000

₹ 25,00,000

Interest on Loan (p.a.)

10%

10%

10%

Balance EMIs to be paid

240

180

120

Moratorium availed for (months)

3

3

3

Revised Loan Tenure (months)

261

182

126

Increase in Loan Tenure (months)

21

12

6

Additional Interest to be paid after availing Moratorium

₹ 4,43,217

₹ 2,48,141

₹ 1,22,066

Thus, by continuing to pay your EMIs you can
  • Avoid loss due to extra loan repayment
  • Avoid increasing your loan repayment period

Moratorium Calculator

In order to understand the exact increase in repayment of your loan, after taking Moratorium, use the below Moratorium Calculator.

Current Outstanding Principal
Thirty Thousands
Interest Rate
0 percent
%
Current EMI
Thirty Thousands
EMI Moratorium applied for
1 years 4 month's
Months

If you continue paying EMI

--

Months


If you avail Moratorium for x months

--

Months


Net Increase

--

Months


How to opt-out from EMI Moratorium?

Please read all the terms thoroughly before opting-out from Moratorium.

In order to opt-out from your ICICI HFC Moratorium CLICK HERE

How to opt-in for EMI Moratorium?

The March to May EMI Moratorium period is over and you will have to Opt-in again, if you wish to avail Moratorium extension till August 2020.

Also note, once your EMI gets banked, it will not be refunded. For example, if your EMI cycle is 5th of every month & you wish to opt for EMI moratorium in June, you will have to opt-in by 4th June, failing to do so the Moratorium request will apply for July & August and June EMI will get banked.

Please read all the terms thoroughly before opting-in for Moratorium. In order to opt-in for your ICICI HFC Moratorium CLICK HERE