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Description of Charges

Asset Segment

Processing Fees

New Car

Used Car

Processing Fee Amt

Processing Fee Amt

Non Refundable Loan Processing Fees

All Bands

₹ 999 to ₹ 8,500 + applicable GST

2% of the loan amount or ₹ 20,000 + applicable GST, whichever is lower


 

SR. NO.

Charges & Interest

Amount

A

On Application

 

i.

Loan documentation charges

₹ 650 + applicable GST

 

ii.

Registration Certificate (RC) Collection Fees

₹ 600 + applicable GST

 

iii.

Stamp duty charges

At actuals as per State Stamp Duty Act + applicable GST

 

iv.

Valuation Charges (For Used Car)

₹ 800 + applicable GST

 

v.

Information Utility Charges (Only for Corporate Cases)

₹ 300 + applicable GST

B

During the term of Loan (Details about contingent charges)
Penal Charges

 

i.

 

Part Payment Charges

No prepayment for loan seasoning upto 6 months.
Part prepayment Charges:
6% for loan seasoning upto 12 months
5% for loan seasoning between 13 to 24 months
3% for loan seasoning above 24 months

 

ii.

Late Payment Charges

2% per month on overdue EMI

 

iii.

Cheque/AD/ECS Bounce Charges

₹ 500 + applicable GST

 

iv.

Loan Cancellation Charges 

₹ 2,000 + applicable GST

C

Service Charges

 

i.

Duplicate Repayment/Amortization schedule charges

₹ 150 + applicable GST (for physical report), Nil for digital report

 

ii.

Statement of Account charges

₹ 150 + applicable GST (for physical report), Nil for digital report

 

iii.

Prepayment statement charges

₹ 150 + applicable GST (for physical report), Nil for digital report

 

iv.

Duplicate No Objection Certificate / No Due Certificate charges

₹ 250 + applicable GST

 

v.

Revalidation of No Objection Certificate charges

₹ 250 + applicable GST

 

vi.

No Objection Certificate for conversion from Petrol to LPG/CNG charges

₹ 400 + applicable GST

 

vii.

No Objection Certificate to convert from private to commercial or from commercial to private charges

₹ 2,000 + applicable GST

 

viii.

Repayment mode swap charges

₹ 500 + applicable GST

 

ix.

Cash Transaction Charges (for repayment of EMI dues in cash at branches)

₹ 100 + applicable GST

 

x.

Prepayment charges (On Foreclosure)

Upto 12 Months*: 3% + applicable GST
13 to 24 Months*: 2% + applicable GST
After 24 Months: Nil prepayment charges
*Nil Prepayment charges on all fixed rate loans if loan is booked under priority sector lending and Borrower(s) type is Small or Micro & Loan amount is less than or equal to Rs. 50 Lacs. Further, Nil prepayment charges on all floating rate loans to individuals for purposes other than business or if Borrower(s) type is Small or Micro in accordance with MSE Code of Commitment

 

D

Loan related recovery charges (If applicable)

 

i.

Auction charges for repossessed asset

At actuals

 

ii.

Cash transaction charge for repayment of EMI dues at Branches

₹ 100 + applicable GST

 

iii.

Charges incurred in filing legal suit

At actuals

 

iv.

Charges incurred in SARFAESI proceedings

At actuals

 

v.

Charges incurred in sending different notices

At actuals

 

vi.

Enforcement charges

At actuals

 

vii.

Non Maintenance of Mode of Payment charges (NMMP)

₹ 800 + applicable GST

 

viii.

Overdue Handling Charges (Delinquent accounts)

i. Rs.750 where a notice has been delivered at the communication address and a paper publication is not required; ii.Rs.1,700 where no notice has been delivered at the communication address and the paper publication is to be done; iii.Rs.300 charge for sending auction notice, over and above the preceding points i and ii; iv. Rs.200 for sending loan recall notice over and above the preceding points i and ii

 

ix.

Paper advertisement charges

At actuals

 

x.

Pick-up charges

₹ 500 + applicable GST

 

xi.

Professional charges

At actuals

 

xii.

Repossession charges

At actuals

 

xiii.

Yard charges

At actuals

 

xiv.

Security guard charges

At actuals

 

Fee refundable if loan not sanctioned / disbursed

Non - Refundable

 

Note:

  1. Good Service Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above mentioned charges.
  2. Loan Processing Fee (LPF) not mentioned here is part of Rate & Fees matrix communicated to customer at the time of loan application. Please refer www.icicibank.com for further details.
  3. The charges or fees given in above table are subject to change and the one recorded in loan application / agreement will be final binding.
  4. Stamp duty charges not mentioned here is charged as per actual expenses incurred while procuring the loan facility.

 

Part Prepayment Charges for Car Loans
Particulars Part prepayment criteria and charges
Eligibility No prepayment allowed for loan seasoning upto 6 months
Part prepayment allowed only to Salaried Segment customers or as per schemes offered at the time of loan application
Part prepayment charges i) 6% for loan seasoning upto 12 months
ii) 5% for loan seasoning between 13 to 24 months
iii) 3% for loan seasoning above 24 months
Other Terms & Conditions i) Minimum part prepayment amount will be equivalent to one Equated Monthly Instalment (EMI)
ii) Maximum part prepayment amount will be equivalent to 25% of principal outstanding
iii) Part prepayment will be allowed only twice during a loan tenor
iv) Part prepayment will be allowed only once during a year

 

Range of Interest rates for Car Loans

ICICI BANK Quarter ended on September-2023
Product Minimum Maximum Mean
New Car Loan 8.75% 12.75% 9.38%
Used Car Loan 10.25% 17.30% 14.35%

 

Note:

 

  • The range of interest rates provided above is with respect to loans to individuals disbursed during  Quarter 2 - FY: 2023-24.
  • It includes fixed rate of interest and is based on factors such as customer relationship, car segment and tenure of loan etc.
  • Interest rate for used car loan is based on age and segment of car, tenure of loan and product variant like top up, refinance etc.
  • It excludes subsidy and government schemes.
  • Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.

Annual Percentage Rate

The Annual Percentage Rate (APR) is a method to compute annualized credit cost which includes interest rate and loan origination fee.

To calculate the same, please click here to download the APR calculator.

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