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Service Charges & Fees for Personal Loans
Enclosed find the service charges for an ICICI Bank Personal Loan
- Pre-closure statements are available over the counter at all Asset Servicing Branches
- Personal Loans can be foreclosed any time after the payment of the 1st EMI and the applicable charges are 3% + plus applicable taxes.
- NIL Pre-closure charges , if 12 EMIs are Paid.
Important Notice:
The RBI through its Circular No. RBI/2023-24/53 dated Aug 18, 2023 on ‘Fair Lending Practice - Penal Charges in Loan Accounts’, has advised banks that penalty if charged, for non-compliance with the material Terms and Conditions of the loan contract will be treated as penal charges and not be levied in the form of penal interest that is added to the rate of interest charged on the loans/ advances. The RBI has further advised that there will be no capitalisation of penal charges i.e. no further interest will be computed on such penal charges. However, the above mentioned shall not affect the normal procedure for compounding of interest in the loan account.
The above guidelines are effective from Apr 01, 2024 and applicable for all fresh loan facilities executed from Apr 01, 2024. In case of an existing loan facility, the switchover to the new penal charges regime shall take place by the next review or renewal date or before Jun 30, 2024, whichever is earlier. The revised charges are as below:
| Existing penal interest | Applicable penal charges |
|---|---|
| 24% per annum | 5% per annum |
*Goods and Services Tax and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above the mentioned penal charges.
| S.No. | Types of Charges | Amount |
|---|---|---|
Penal Charges : |
||
1 |
Cheque /AD/ECS bounce Charges / SAL OD (Late payment fees) |
₹. 500/- |
2 |
Charges for late payment |
Term Loan - 5% Per Annum will be charged on the overdue EMI until repayment. |
3 |
Non Maintenance of Mode of Payment charges (NMMP) |
₹. 800/- |
Service Charges : |
||
1 |
Loan Processing Charges (Non Refundable) |
Upto 2 % of loan amount |
2 |
Repayment mode swap Charges |
₹. 500/- |
3 |
Sal OD (Processing Fee) |
0.99% of limit amount Subject to Min. of ₹. 1,999 /- and Max. of ₹. 2,999 /- |
4 |
Loan Cancellation charges |
Digital lending: 1. NIL Cancellation within Free Look / Cooling off period (i.e. 15 days from Disbursement). PF will be Non Refundable. 2. Cancellation post cooling Period & Before 1 EMI date (i.e. from 16th day till 1st EMI date) - Proportionate APR to be considered with max capping of ₹2,500 /-(applicable for Digital Lending) Non- Digital Lending: Cancellation Fee of ₹. 2,500/- |
5 |
Prepayment / Foreclosure Charges |
a. 3% on the principal amount being prepaid for loans seasoning up to 24 months. b. Nil after 12 EMIs paid. c. For Business Loans (BIL/BL) <=50 Lakhs i.e. Booked under code ‘UP’, the FC to be considered as “NIL” if first EMI is paid. This is applicable only for Micro and Small enterprises only (subject to URC submission) and not for Medium enterprises. |
6 |
Part Payment Charges |
a. 3% for loans seasoning up to 24 months. b. Nil for loan seasoning above 24 months. |
7 |
Sal OD (Annual renewal fees) |
₹.1,999 /- |
8 |
Cash Transaction charges |
₹. 100/- at the branch |
9 |
Charges for duplicate NOC / No Dues Certificate |
₹. 250/- for physical print out at the branch |
10 |
Information utility charges (Only for corporate cases) |
₹. 300/- |
11 |
Charge for Prepayment Statement |
₹. 200/- for physical print out at the branch |
12 |
Charges for Amortization Schedule |
₹. 200/- for physical print out, Nil for digital channels |
13 |
Charge for repayment mode swap |
₹. 500/- |
Loan related Recovery Charges (If applicable): The below charges would be applicable to Retail products, except few, depending on the nature of the product
| S.No. | Types of Charges | Amount |
|---|---|---|
1 |
Charges incurred in SARFAESI proceedings |
At actuals |
2 |
Charges incurred in sending different notices |
At actuals |
3 |
Enforcement charges |
At actuals |
4 |
Paper advertisement charges |
At actuals |
5 |
Repossession charges |
At actuals |
6 |
Security guard charges |
At actuals |
7 |
Overdue Handling Charges |
i. ₹. 750 /-where a notice has been delivered at the communication address and a paper publication is not required |
Note:
All above charges are exclusive of Goods & Services Tax (GST). Applicable GST, taxes and/or other statutory levies shall be levied over and above charges by the Bank.
Waiver can be given based on the approval matrix of the respective Products as approved by respective Product Heads / Business Head and Delegation of Financial Power (DFP) of DSMG/ DFP for retail advances/ ALCO approved pricing matrix.
The charges/penal Charges shall be levied at the sole discretion of the Bank.
Upto 25,000 Nil processing fee, for agricultural lending and for SHG Upto 25,000 per member.
As per BCSBI code of bank’s commitment to Micro and Small Enterprise, the Bank will permit prepayment of fixed rate loans up to Rs. 50 lakhs without any prepayment penalty. Further the Bank will permit the prepayment of floating rate loans without levying any prepayment penalty.
As per RBI guideline the Bank shall not charge foreclosure charges / prepayment penalties on any floating rate term loans sanctioned, for purposes other than business, to individual borrower with or without co-obligant(s).
Stamp Duty will be applicable as per actual. as per State Stamp Duty Act applicable for the state.
In line to the advisory issued by the Indian Banks Association, vide letter no. SB/Cir/KCC/2018-19/6778 and DFS, Ministry of Finance, GOI, vide letter no. 3/7/2019-AC dated February 4, 2019, the Bank shall waive the processing, documentation, Inspection, ledger folio charges and all other service charges for KCC/Crop loans upto Rs. 3 lakhs, keeping In view the hardship and financial distress of small and marginal farmers.
In line to the RBI letter no. RPCD.No.PLFS.BC.129\05.02.27\97-98 dated June 29, 1998 and letter dated May 10, 2019 on “Compounding of interest by Commercial Banks on Agriculture Advances”, various charges debited to the agricultural loan account shall not be considered for charging Interest.
In Consumer Finance, Processing Fees/Convenience Fee for specific manufacturer schemes could be higher than Rs. 1,500/-, upto maximum Rs. 5,000/-. Any changes in the above Processing Fees/Convenience Fees to be approved by Business Head of the respective group.
Interest Rate Range for Personal Loans for period January 2024 to March 2024 :
| Type of credit facility | Max | Min | Mean |
|---|---|---|---|
| Personal Loan Interest Rates | 19.25% p.a. | 10.70% p.a. | 13.02% p.a. |
Notes:
- It includes various categories like loan amount, customer relationships, type of corporate/business, etc
- It excludes subsidy, government schemes and loans disbursed under Credit Guarantee Scheme (ECLGS) at mandated interest rate of 9.25%
Annual Percentage Rate
The Annual Percentage Rate (APR) is a method to compute annualised credit cost which includes interest rate and processing fee.
The APR calculator does not include charges such as prepayment charges, etc.
To calculate the same, please click here to download the APR calculator.
