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) |
||
i.
|
Part Payment Charges |
No minimum seasoning required to initiate part payment. 2% (of part payment amount) plus GST for loans with seasoning from 13 to 24 months Nil part payment charges for loans completed seasoning of 24 months |
|
ii. |
Penal charges for late payment |
5% per annum + applicable GST will be charged on the overdue EMI until repayment which may be payable pursuant to the applicable laws and terms and conditions |
|
iii. |
Penal Charge for dishonour of Cheque/AD/ECS/NACH per transaction |
Rs 500/- + applicable GST per instance of bounce/return/dishonour of cheques and/or any payment instruction including AD/ECS/NEFT/E-mandate |
|
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 |
|
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:
- Good Service Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above mentioned charges.
- 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.
- The charges or fees given in above table are subject to change and the one recorded in loan application / agreement will be final binding.
- 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 minimum seasoning required to initiate part payment |
Part prepayment allowed for all customer profiles (Individual, Non individual, Salaried, Self-employed, etc.) | |
Part prepayment charges | i) 3% (of part payment amount) plus GST for loans with seasoning up to 12 months. |
ii) 2% (of part payment amount) plus GST for loans with seasoning from 13 to 24 months. | |
iii) Nil part payment charges for loans completed seasoning of 24 months. | |
Other Terms & Conditions | i) Minimum part prepayment amount will be equivalent to one Equated Monthly Instalment (EMI) |
ii) No maximum part prepayment amount | |
iii) No maximum number of part prepayments | |
iv) No minimum gaps in part prepayments |
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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