Most Important Terms and Conditions (MITC)

 

Last Updated Date May 06, 2019

 

To get the complete version of the Paylater by ICICI Bank Terms and Conditions, please visit www.icicibank.com

 

(a) Schedule of Fees and Charges:

 

I. There are no joining fees, annual fees and supplementary Paylater by ICICI Bank fees associated with ICICI PayLater Facility. ICICI Bank Limited at its sole discretion reserves the right to apply/ introduce such charges in future in relation to Paylater by ICICI Bank.

 

II. Usage:

PayLater by ICICI Bank Facility can be only used to make online INR denominated purchases on Pockets, iMobile, Retail Internet banking and on select Merchant categories where the availability of PayLater by ICICI Bank Facility would be indicated by Pockets, iMobile, Retail Internet banking. Cash withdrawal option against PayLater by ICICI Bank Facility is currently unavailable.

 

III. Other Fees and Charges:

 

Late payment charges

Rs. 50+applicable taxes

Goods and Services Tax

Effective 01 July 2017, the Goods and Services Tax (GST) will be applicable instead of Service Tax. GST may be applicable from time-to-time, presently the GST rate for banking and financial services is at 18% (applicable on all fees, interest, surcharge and other charges).

 

IV. Default Interest and Late Payment Charges:

 

FacilityDefault Interest
 Monthly RateAnnual Rate
PayLater by ICICI Bank Facility 3% 36%
  • Default interest will be charged if the Total Amount Due is not paid by the Payment Due Date. Such default interest will be charged from the Payment Due Date till such time as the outstanding amounts are paid in full.
  • The default rate of interest shall be 3% per month on the Total Amount Due and 36% per annum subject to revision from time to time, depending on factors such as but not limited to, credit history, purchase patterns, payment behavior and month-on book.
  • Late payment charges will be applicable if the Total Amount Due is not paid by the Payment Due Date.
  • In the table given below, it has been assumed that the Total Amount Due during the previous month has been paid within Payment Due Date and there is no outstanding amount. The account statement date is 1st of every month. Given these assumptions, default interest and late payment charges levied will be calculated as below:
Transaction

Purchase on 25th April, 2017

5000

Total Amount Due on statement dated 1st May, 2017

5000

Payment due date - 15th May 2017

 

Purchase on 10th May 2017

1000

PayLater by ICICI Bank Facility access temporarily blocked on 15th May 2017

 

Payment on 25th May 2017

4000

On statement dated 1st June 2017, following default interest charges will be levied:

 

Default Interest calculations @ 3% per month for ICICI Bank PayLater Facility

 

a)Default Interest on ₹ 5000 for 9 days (from 16th May 2017 to 24th May 2017)

44

b) Default Interest on ₹ 1000 for 7 days (from 25th May to 31st May 2017)

7

Default interest debited from PayLater by ICICI Bank Facility at the end of 31st May 2017

51

Late payment charge debited from PayLater by ICICI Bank Facility on 1st June 2017

50

 

Applicable taxes will be levied on interest charges & late payment charges

 

V. Transaction Limit: The Transaction Limit shall be communicated at the time of sanctioning PayLater by ICICI Bank Facility and shall also be indicated subsequently in the account statements. Available Transaction Limit is calculated by deducting the utilized limit from the Transaction Limit. The PayLater by ICICI Bank Customer shall be entitled to apply for a review / enhancement / reduction of the Transaction Limit provided by ICICI Bank, upon completion of 12 months of Tenure. Change upon such review, if any, of the Transaction Limit shall be at the sole discretion of ICICI Bank. ICICI Bank shall at its sole discretion be entitled to review (including enhancement or reduction) the Transaction Limit assigned on PayLater by ICICI Bank Facility to the PayLater by ICICI Bank Customer at any time. Enhancements, if any, to the Transaction Limit, shall be effected by ICICI Bank only after obtaining prior written consent of the PayLater by ICICI Bank Customer.

 

VI. Billing and Payment:

  • Billing Statements – periodicity and mode of communication: All PayLater by ICICI Bank Customers will be billed on a monthly basis for all purchases made by using ICICI PayLater Facility. All the transactions made by the customers will be available on Pockets, iMobile and Retail Internet banking Platform. The Paylater by ICICI Bank Customer will be shown the option of paying his dues on Pockets, iMobile and Retail Internet banking platform.
  • Total Amount Due: Without prejudice to the liability of the PayLater by ICICI Bank Customers to immediately pay all charges incurred. Default interest will be charged if the Total Amount Due is not paid by the Payment Due Date. In addition to this ICICI Bank may also temporarily block or suspend PayLater by ICICI Bank Facility of such PayLater by ICICI Bank Customers. All PayLater by ICICI Bank Customer will be registered for auto debit facility for repayment of dues under PayLater by ICICI Bank, and the amount due will be debited on the Payment Due Date.
  • Time Period for Payment:
    • The time period granted to a PayLater by ICICI Bank Customer to pay the Total Amount Due on the purchases made may vary from 15- 45 days.
    • Illustration: The due date for payment being 15th of every month, in case of purchase made on 1st of the previous month, the PayLater by ICICI Bank Pockets, iMobile, Retail Internet banking Customer will have a time period of 45 days to pay the Total Amount Due by the Payment Due Date and incase the purchase has been made on the 30th of the previous month the PayLater by ICICI Bank Pockets, iMobile, Retail Internet banking Customer will have a time period of only 15 days to pay the Total Amount Due.
  • Method of payment: Payments towards the Total Amount Due under PayLater by ICICI Bank Facility can be made through Pockets, iMobile, Retail Internet banking only.
  • Billing Disputes Resolution: In the event the PayLater by ICICI Bank Customers using PayLater by ICICI Bank Facility disagrees with the charges indicated in the account statement, it should be communicated in writing to the correspondence address of ICICI Bank or filing complaints online at www.icicibank.com within 60 (sixty) days from the date of receipt of such account statement, failing which it would be deemed that the PayLater by ICICI Bank Customer has no dispute on the charges indicated in the account statement.

VII. Contact Particulars of Customer Care Centers:

  • All Paylater by ICICI Bank queries and grievances shall be routed to Phone Banking contact details 33667777 and e-mail address for level 1: customer.care@icicibank.com.

VIII. Grievances Redressal/Complaints/Escalations: In the event that you are not satisfied with our services, you may register your grievance by (i) visiting “Complaint Form” at www.icicibank.com or (ii) calling at our Customer Care number or (iii) writing to Mr. Vinayak More, Nodal Officer, ICICI Bank Limited, ICICI Phone Banking Center, ICICI Bank Tower, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally, Hyderabad – 500032, India. In all your communications with us, please indicate your registered mobile number.

 

IX. Complete Postal Address of the Bank: ICICI Bank Limited, ICICI Phone Banking Center, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally, Hyderabad – 500032, India.

 

X. Toll-free Number for Grievance Redressal: In the event you are not satisfied with our services, you may register your grievance by dialing our toll-free number 1800 200 3344 between 9 a.m. to 6 p.m. from Monday to Friday, press 1 and then enter the Service Request Number (numeric digits only) which should not be more than 2 months old.

 

XI. Default and Recovery:

  • If the PayLater by ICICI Bank Customers fails to pay the Total Amount Due by the Payment Due Date it shall be treated as a default. In case of default, ICICI Bank can forward the default report to the Credit Information Bureaus or to such other agencies. The time period between the Payment Due Date and the next account statement generation date is considered as the period within which PayLater by ICICI Bank Customer may cure the default and avoid reporting of his name as a defaulter.
  • *ICICI Bank submits the PayLater by ICICI Bank Pockets, iMobile, Retail Internet banking Customers data to CIBIL - Credit Information Bureau (India) Limited every month in the format prescribed by CIBIL. This data includes the repayment status of all PayLater by ICICI Bank Customers, both defaulters and current, for the previous month. CIBIL uploads the submitted data onto their server within thirty days.
  • Recovery of dues in case of death/permanent in capacitance of the PayLater by ICICI Bank Customers shall be in accordance with the Applicable Laws after giving sufficient notice for re- payment of the Total Amount Due and any other information to the successors/nominees /legal heirs of the PayLater by ICICI Bank Customers.

XII. Termination/Revocation/Surrender of ICICI PayLater Facility

  • PayLater by ICICI Bank Customers may at any time choose to terminate PayLater by ICICI Bank Facility by giving a prior notice.
  • The termination shall only be effective once ICICI Bank receives the Total Amount Due in respect of ICICI PayLater Facility. In the event of closure or at the time of renewal of ICICI PayLater Facility, ICICI Bank at its sole discretion reserves the right to provide a PayLater type that is different from the existing PayLater by ICICI Bank Facility as held by the PayLater by ICICI Bank Customers.

XIII. Loss/Theft/Misuse of Phone/ICICI PayLater Facility:

  • In case of loss/theft/misuse of the Phone/ICICI PayLater Facility, it must be reported immediately to ICICI Bank through the ICICI Bank customer care upon which ICICI Bank shall suspend the ICICI PayLater Facility. The PayLater by ICICI Bank Customers is advised to file an FIR with the local police station so that the PayLater by ICICI Bank Customers can produce its copy whenever requested by the customer care executive. The PayLater by ICICI Bank Customers shall be primarily responsible for the security of the PayLater by ICICI Bank Facility including theft and for the transactions using the PayLater by ICICI Bank Customers phone, whether authorized or unauthorized.
  • In case of any dispute relating to the time of reporting such loss/ theft/damage and/or transactions made through PayLater by ICICI Bank Facility post reporting of the loss/theft/damage/misuse, ICICI Bank reserves the right to ascertain such time and/or the authenticity of the disputed transactions. ICICI Bank reserves the right to block the PayLater by ICICI Bank Facility on suspected risk of compromise in order to protect the interest of the PayLater by ICICI Bank Customers.
  • To avoid misuse in any manner on PayLater by ICICI Bank Facility, the ICICI Bank Customers shall not be able to use the blocked PayLater by ICICI Bank Facility for any transaction/s. In the event, the PayLater by ICICI Bank Customers, after being informed by ICICI Bank of the probable fraud risk, still requests to unblock ICICI PayLater Facility, ICICI Bank shall not stand liable or responsible in any manner for any fraudulent transactions reported to it thereafter on account of fraudulent usage of the PayLater by ICICI Bank Facility or otherwise.

XIV. EMI Feature

  • In case the PayLater Customer opts to repay the credit facility through equated monthly installments (“EMI”) at any time, the interest shall be at such rate which has been indicated by ICICI Bank to the Paylater Customer at the time of making the of availing the EMI offer. The interest calculation will start from the time the request regarding the Facility with EMI has been confirmed by the Paylater Customer. The amount of the EMI together with other details of the Facility (including rate of interest) shall be communicated to the Paylater Customer at the e-mail address last recorded with ICICI Bank. By availing Paylater by ICICI Bank, the Paylater Customer authorizes ICICI Bank to debit the account of the Paylater Customer on a monthly basis for the amount of EMI due for that particular month, as has been intimated to the Paylater Customer. Principal and interest will be mentioned separately in a statement. The credit limit shall be reinstated to the extent of the amount of principal repaid in each EMI. The interest and default charged on any repayments made through EMI shall be as follows-

Interest

15% + Applicable Taxes

Default Interest

36% + Applicable Taxes

 

Disclaimer:

  • ICICI Bank may at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products.