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ICICI Bank Loan Restructuring Scheme

Highlights

  • How does ICICI Bank Loan Restructuring Scheme help borrowers affected financially due to COVID?
  • How can you apply for the ICICI Bank Loan Restructuring Scheme? Let’s know all these and more here!

Responding to RBI’s call for restructuring loans of borrowers facing loan payment issues due to COVID-related stress, ICICI Bank has announced that it will extend the repayment period of credit facilities by upto 24 months. By extending the tenure, the EMI amount can be reduced and help borrowers pay their dues on time. But not everyone is eligible for ICICI Bank Loan Restructuring Scheme. The final decision rests with ICICI Bank based on its assessments regarding the cash flow situation of borrowers. So, if you are an ICICI Bank customer and want to know whether you are eligible for the restructuring scheme, read this article that talks about the eligibility, along with documents and other relevant details.

ICICI Bank Loan Restructuring Scheme Benefits that Borrowers will Get

Borrowers who opt for ICICI Bank Loan Restructuring Scheme will get a wide range of benefits on both loan and credit card facilities. We are showing all of them below. Please have a look.

  • The primary benefit is that borrowers who are struggling financially and unable to pay the loan and credit card EMIs can extend their repayment period of the credit facilities by upto 24 months.
  • After the extension of the repayment period, there will be a change in the EMI amount. But you need to keep in mind that interest will keep getting charged on your principal outstanding balance during the extended period.
  • Not every borrower will be eligible to get his or her credit facility restructured. ICICI Bank will take the final decision after reviewing the application.
  • A borrower can apply for the ICICI Bank Loan Restructuring scheme for multiple credit facilities.
  • ICICI Bank will charge additional interest rates on credit facilities (Loans or Credit Cards) that borrowers want to restructure.
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ICICI Bank Loan Restructuring Scheme Eligibility

We are showing some of the important conditions that an individual needs to fulfill to be eligible for the ICICI Bank Loan Restructuring Scheme. Do check.

  • Loans taken by individuals and entities should be classified as ‘Standard Account’ and must have been taken before March 1, 2020. There shouldn’t be any default for more than 30 days until March 1, 2020.
  • The ‘Standard’ classification should continue to remain as ‘Standard’ across all the loans or any other facilities until the application for restructuring.
  • The borrower should have been impacted financially in the form of a reduction in income or loss of job due to the stress caused by COVID-19. The bank will review the application form to check the financial impact before making the final decision.

Which Types of Loans Will be Covered Under the ICICI Bank Loan Restructuring Scheme?

It is important to know whether your loan will be covered or not when you are applying for ICICI Bank Loan Restructuring Scheme. There are mainly two types of Loans that will be covered under it – Loans to Individuals and Loans to Entities. We are showing all types of loans that will be covered under it. Check it out.

Loans to Individuals

  • Consumer Loans ( Credit Card Outstanding Balances, Auto Loans, Secured Personal Loans, Personal Loans to Professionals)
  • Home Loan
  • Education Loans
  • Loans are taken by customers for investments in financial assets (shares, etc.)

Loans to Entities (excluding borrowers classified as MSME and having exposure upto INR 25 crores)

  • Loan against Property
  • Business Instalment Loan
  • Commercial Cards
  • Auto Loans
  • Dealer Finance
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How to Apply for ICICI Bank Loan Restructuring Scheme?

After knowing so many things about ICICI Bank Loan Restructuring Scheme, you would like to know how you can apply for the same. Well, there are mainly three methods to opt for this scheme. Have a look at all of them.

  • The first method is to apply for this scheme via the Online Method. On using the online application process, the bank will send a One-time Password (OTP) to the registered mobile number and email address.
  • You can also visit the nearest branch of ICICI Bank to apply for the Loan Restructuring Scheme.
  • The last method is to contact your Designated Relationship Manager (RM).

Borrowers must apply for the loan restructuring scheme for the credit facilities on or before December 18, 2020.

Required Documents for ICICI Bank Loan Restructuring Scheme

While applying for the ICICI Bank Loan Restructuring Scheme, borrowers need to submit a few documents (online or offline) along with the application form for getting the restructuring facility. All documents need to be self-certified. The bank will assess the eligibility of the applicant based on these documents. We are showing these documents below. Do check.

Loans to Individuals

For Salaried

  • Latest Salary Slips from January 2020
  • Latest Statements of Bank Account from January 2020 for the Salary Account
  • In the case of job loss, Proof of Loss of Jobs from the Previous Employer
  • The customer’s declaration of current unemployment due to loss of job

For Self-employed

  • Bank Account Statements for the previous 12 months along with the documents of Income Proof
  • GST Returns for H1 FY 2020 and H1 FY2021
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Loans to Entities

  • Audited Financial Numbers for the Financial Year 2019
  • Provisional/ Audited financial numbers for the Financial year 2020
  • Projected Financial number till February 2022
  • GST Returns/ CA Certified Turnover from April 01, 2019
  • Latest Bank Statements of the Account from April 01, 2019

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Bank of Baroda7.00% - 8.40%
Citibank8.20%
HDFC6.90% - 7.65%
ICICI Bank6.95% - 8.05%
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