Construction Equipment Loan Service Charges & Fees

Charges & InterestAmount
Interest
  i. Additional Interest 2% per month on overdue EMI
Penal Charges
  i. Prepayment charges 4% + applicable GST on the Principal outstanding
  ii. Bounce Charges 500  + applicable GST
  iii. Loan Cancellation Charges 3000 + applicable GST
Service Charges
  i. Duplicate Repayment/Amortization schedule charges 500 + applicable GST
  ii. Statement of Account charges 500  + applicable GST
  iii. Prepayment statement charges 100 + applicable GST
  iv. Duplicate No objection certificate / No due certificate charges 500 + applicable GST
  v. Revalidation of No objection certificate charges 500 + applicable GST
  vi. No objection certificate for conversion from Petrol to LPG/CNG charges 500 + applicable GST
  vii. No objection certificate to convert from private to commercial or from commercial to private charges NA
  viii. Swap charges 500  + applicable GST
  ix. Loan documentation charges 500-800  + applicable GST
  x. Registration Certificate (RC) Collection Fees 500-700  + applicable GST
  xi. Loan Reschedulement  / rebooking charges 2500  + applicable GST
  xii. CERSAI Charges 100 + applicable GST
  xiii. Information Utility Charges (Only for Corporate Cases) 300 + applicable GST
  xiv. Cash Transaction Charges (for repayment of EMI dues in cash at branches) 100 + applicable GST
  xv. Processing fees New - 0.25% to 1% Used 0.35% -1%, Minimum Rs.3,000 + applicable GST
  xvi. Stamp duty charges At actuals as per State Stamp Duty Act + applicable GST(if any)

Notes

  1. Service Tax (ST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above mentioned charges.
  2. 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.
  3. The charges or fees given in above table are subject to change and the one recorded in agreement will be binding over the site.
  4. Stamp duty charges shall be extra as applicable
  5. ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion

For more information, please visit the nearest ICICI Bank branch or call our Customer Care.

Range of Interest rates for Construction Equipment Loans

Quarter ended at December - 2021MinimumMaximumMean
Construction Equipment Loan 7.25% 17.14% 10.05%

 

  • The range of interest rates provided above is with respect to loans to individuals disbursed during Quarter 3 - FY: 2021-22.
  • 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.