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Interest Rate and Charges
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:
| Type of Credit facility | Interest Rate and charges applicable |
|---|---|
| Cardless EMI Interest Rate | 13.04% to 22.50% |
| Processing Fee | Nil |
| Service Charges | |
| Charges for Amortisation Schedule | ₹ 200/- for physical print out, Nil for digital channels |
Charge for Duplicate No Objection Certificate / No Due Certificate |
₹ 250/- per instance |
| Charge for Prepayment or Foreclosure statement | ₹ 200/- for physical print out at the branch |
| Charges for Statement of Account | ₹ 200/- for physical print out at the branch |
| Charge for repayment mode swap | ₹ 500/- per instance |
| Charge for Prepayment/ Foreclosure | 5% Of outstanding |
| Penal charges | |
| Penal Charge for late payment | 5% per annum will be charged on the overdue EMI until repayment plus applicable taxes which may be payable pursuant to the applicable laws and terms and conditions |
| Penal Charge for dishonour of Cheque/AD/ECS/NACH per transaction | ₹ 500/- charges per instance of bounce/return/dishonour of cheques and/or any payment instruction including AD/ECS/NACH/E-mandate |
Note:
- GST and other govt. taxes, levies, etc. applicable as per prevailing rate will be charged over and above these charges at the discretion of ICICI Bank Limited.
- Specific interest rate applicable to a customer would be dependent on segment, asset category, brand and schemes provided by Original Equipment Manufacturer (OEMs) and tenure,
- The charges or fees given in above table are subject to change and the one recorded in agreement will be binding over the site.
- ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.
- * or such other amount as may be specified by ICICI BANK LIMITED from time to time plus applicable taxes and other statutory levies
Interest Rate Range for Jan 2024 to Mar 2024:
| Type of Credit facility | Minimum | Maximum | Mean |
|---|---|---|---|
| Cardless EMI | 13.04% | 22.50% | 17.44% |
Note: Mean rate = Sum of rate of all loan accounts/number of all loan amounts
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.
