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Commercial Vehicle Loan Service Charges & Fees
| Charges & Interest | Amount |
|---|---|
| Interest | |
| i. Penal Charge for late payment | 5% per annum (+ applicable taxes) charged on the overdue EMI until repayment |
| Penal Charges | |
| i. Prepayment charges | 4%* + applicable GST on the Principal outstanding |
| ii. Penal Charge for dishonour of Cheque/AD/ECS/NACH per transaction | Rs. 500/- (+ applicable taxes) charges per instance |
| iii. Loan Cancellation Charges | Rs. 2000/- + applicable GST |
| Service Charges | |
| i. Duplicate Repayment/Amortization schedule charges | Rs. 150/- + applicable GST (For Physical Copy) and NIL for Digital Copy |
| ii. Statement of Account charges | Rs. 150/- + applicable GST (For Physical Copy) and NIL for Digital Copy |
| iii. Prepayment statement charges | Rs. 150/- + applicable GST (For Physical Copy) and NIL for Digital Copy |
| iv. Duplicate No objection certificate / No due certificate charges | Rs. 250/- + applicable GST |
| v. Revalidation of No objection certificate charges | Rs. 250/- + applicable GST |
| vi. No objection certificate for conversion from Petrol to LPG/CNG charges | Rs. 400/- + applicable GST |
| vii. No objection certificate to convert from private to commercial or from commercial to private charges | Rs. 2000/- + applicable GST |
| viii. Repayment mode swap charges | Rs. 500/- + applicable GST |
| ix. Loan documentation charges | Rs. 650/- + applicable GST |
| x. Registration Certificate (RC) Collection Fees | Rs. 600/- + applicable GST |
| xi. Loan Reschedulement / rebooking charges | Rs. 2500/- + applicable GST |
| xii. CERSAI Charges | NIL |
| xiii. Information Utility Charges (Only for Corporate Cases) | Rs. 300/- + applicable GST |
| xiv. Cash Transaction Charges (for repayment of EMI dues in cash at branches) | Rs. 100/- + applicable GST |
| xv. Processing fees/Renewal charges | Upto 1% of loan amount + applicable GST |
| xvi. Stamp duty charges | At actuals as per State Stamp Duty Act + applicable GST(if any) |
| xvii. Valuation charges | At actuals+ applicable GST |
Loan related Recovery Charges(If applicable) |
|
i. Auction charges for repossessed asset |
At actuals+ applicable GST |
ii. Cash transaction charge for repayment of EMI dues at Branches |
Rs. 100 + applicable GST |
iii. Charges incurred in filing legal suit |
At actuals+ applicable GST |
iv. Charges incurred in SARFAESI proceedings |
At actuals+ applicable GST |
v. Charges incurred in sending different notices |
At actuals+ applicable GST |
vi. Enforcement charges |
At actuals+ applicable GST |
vii. Non Maintenance of Mode of Payment charges (NMMP) |
Rs. 800 + applicable GST |
viii. Overdue Handling Charges (delinquent accounts) |
i.Rs.750 where a notice has been |
ix. Paper advertisement charges |
At actuals+ applicable GST |
x. Pick-up charges |
Rs. 500 + applicable GST |
xi. Professional charges |
At actuals+ applicable GST |
xii. Repossession charges |
At actuals+ applicable GST |
xiii. Security guard charges |
At actuals + applicable GST(For Immovable asset) |
xiv. Yard charges |
At actuals+ applicable GST |
Important points:
- Goods and Services Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates, in addition to the above mentioned charges
- The charges or fees given in the above table are subject to change and the one recorded in the agreement, will be binding over the site
- Interest Reset clause: Not Applicable
- The charges are applicable for all customers from Mar 31, 2016
- Stamp duty charges shall be extra, as applicable
- ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion
* 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 if Borrower(s) type is Small or Micro in accordance with MSE Code of Commitment.
For more information, please visit the nearest ICICI Bank branch or call our Customer Care.
Range of Interest rates for Commercial Vehicle Loans
| Quarter ended on December-2023 | Minimum | Maximum | Mean |
|---|---|---|---|
| Commercial Vehicle Loan | 8.95% | 17.00% | 10.38% |
- The range of interest rates provided above is with respect to loans to individuals disbursed during Quarter 3 - FY: 2023-24.
- It includes fixed rate of interest and is based on factors such as customer relationship, vehicle segment and tenure of loan etc.
- Interest rate for used vehicle loan is based on age and segment of vehicle, 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.
