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Moratorium

In case of multiple facilities availed from the Bank, whether the moratorium is applicable for all facilities?

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You need to specifically select every facility for availing of moratorium for the respective type of credit facility. You can opt for the moratorium by clicking on the link shared with you by the Bank through (i) SMS or (ii) e-mail. You may also visit ICICI Bank’s website www.icicibank.com .

How will moratorium be granted for working capital facilities ?

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For working capital facilities, the Bank is providing an option to postpone the interest payable during March 1 to May 31, 2020. The interest on the outstanding amount of the facilities availed shall continue to accrue during this period and shall be payable immediately after the completion of the moratorium

Is moratorium compulsory or optional for Loan Against Securities (LAS) ?

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The moratorium is optional for Loan Against Securities (LAS).

 

How can an NRI loan/credit facility customer opt for moratorium ?

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NRI customers can opt for the moratorium by clicking on the link shared with them by the Bank through e-mail. They may also visit ICICI Bank’s website www.icicibank.com and apply for moratorium.

Will there be default interest applicable for the deferred interest during the moratorium period ?

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No default interest shall be levied during the moratorium period for regular/not overdrawn LAS accounts, in case interest payment is deferred.

Is moratorium available for NRI customers ?

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Yes, the moratorium is available for NRI customers as well.

 

Is the overdrawn amount also covered under the moratorium period for a LAS account ?

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No, the overdrawn amount on account of market movement /volatility is not covered under this moratorium. The account has to be maintained in regular status at all times as per the applicable margin in the loan term and conditions.

 

How will interest be charged and recovered for LAS facility ?

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The accrued interest will be due and payable immediately after the end of the moratorium i.e. in June 2020. Please refer to the relevant applicable terms and conditions for further details. The postponed interest shall carry interest at the rate applicable on the credit facility and the underlying security shall continue to secure the funded interest.

 

Will there be any default interest applicable in the LAS account in case account is overdrawn ?

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Yes, if your account is overdrawn than there will be a default interest charged as per the applicable terms & condition on the overdrawn amount.