Service Charges & Fees for Personal Loans
Enclosed find the service charges for an ICICI Bank Personal Loan
- Prepayment of the loan is possible any time during loan tenure after payment of 12 or more EMIs, subject to payment of standard pre-closure charges of 5% + GST
- Pre-closure statement issuance has a Turn Around Time (TAT) of 5 working days, once the request is registered. Interest would be applicable till the time pre-closure request is placed at the Asset Servicing Branch.
- The waiver, if any, of the prepayment charges will be applicable provided:
- The customer has paid 12 or more EMIs and
- The pre-payment of the loan is done using customer’s own funds (Waiver on pre-payment charges is not applicable in cases of balance transfer)
- Facility of part pre-payment is not available.
|Description of Charges||Charges applicable|
|Loan Processing Charges / Origination Charges (Non-Refundable)
||Upto 2.25% of loan amount plus GST
||5% on principal outstanding plus GST
|Additional Interest on late payment
||24% per annum
|Repayment Mode Swap Charges
||₹ 500/- per transaction plus GST
|Loan Cancellation Charges
||₹ 3000/- plus GST
|^EMI Bounce Charges
||₹ 400/- per bounce plus GST
|Miscellaneous charges viz. charges incurred in filing legal suit, Non Maintenance of Mode of Payment (NMMP) charges, pick-up charges wherein customer requests for a pickup of the payment, professional charges for availing services of professionals, paper advertisement charges, charges incurred in sending different notices, charges levied for deposition of cash/cheque in branches for the purpose of paying loan dues and any other charges (as applicable) that are not budgeted or specified, but are incurred by the bank on behalf of the customer.
- 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 ltd.
- The charges or fees given in above table are subject to change and the one recorded in agreement will be binding over this site.
- ^Effective for loans availed from August 1st, 2009. For loans availed prior to the said date, the cheque return charge is ₹ 200 + applicable GST
- Current GST applicable is 18.00% with effect from July 01, 2017.
- Auto Debit Bounce charges: Rs. 50 + GST#
#Amount will be debited from your savings account.
Interest Rate Range for Personal Loans for period October 2019 to December 2019:
|Type of credit facility||Max||Min||Mean|
|Personal Loan Interest Rates
- It includes various categories like loan amount, customer relationships, type of corporate/business, etc
- It excludes subsidy, government schemes
- 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.