1. The principal amount of the Facility applied for / availed of by the Borrower/s shall be the amount specified in the MITC. The amount of the Facility may be enhanced for funding the insurance premium at the request of the Borrower/s keeping the monthly Installment (as defined hereinafter) amount constant and varying the number of monthly Installments accordingly.
2. Once the Application Form submitted by the Borrower/s is accepted by ICICI Bank, or after clicking on the “Accept/Agree/Agree & Proceed” button on the Portal, the Borrower/s shall not be entitled to cancel the Facility or refuse to accept disbursement of the Facility, except with approval of ICICI Bank and payment to ICICI Bank of such cancellation or foreclosure charges as may be stipulated by ICICI Bank.
3. The Borrower/s shall be liable to pay interest on the Facility at the rate and on the date(s) specified in the MITC and/or as displayed to the Borrower/s on the Portal (as the case may be). The rate of interest payable by the Borrower/s shall be subject to changes based on guidelines / directives issued by the Reserve Bank of India (RBI) to banks from time to time. The Borrower/s also note and acknowledge that ICICI Bank is obliged to give effect to any revision of interest rates, whether upwards or downwards, on all existing advances/financial assistances as per the RBI guidelines/directives. Disbursements under the Facility shall be deemed to be made on the date the cheque(s)/ pay order(s) / authorization(s) / demand draft(s) are issued/made by ICICI Bank and not on the date of their actual receipt, and if by credit, when credit is made by ICICI Bank.
4.ICICI Bank may deduct processing fees, as stipulated in the MITC, from the Facility amount prior to disbursement to the Borrower/s. For abundant clarity, the Borrower/s shall remain liable for the entire Facility (including the amount deducted towards the payment of the processing fees), as if the entire Facility amount had been disbursed to the Borrower/s.
PAYMENT, PREPAYMENT AND OTHER CHARGES
4. The Borrower/s shall repay the Facility to ICICI Bank in one installment or in such number of installments, and with such installment/s being of such amounts and on the Due Date(s) as is specified in the MITC (time being of the essence of the contract); such installments are hereinafter referred to, individually, as an “Installment” and, collectively, as the “Installments”. ICICI Bank shall be entitled to vary/modify the Installment/s (including increases in the amount of one or more Installment/s) in the event of changes to the interest rate on the Facility. The expression “Installments” shall comprise of both the principal amount of the Facility and interest thereon.
5. In case the Facility has been availed by the Borrower/s by submission of an Application Form to a Branch of ICICI Bank, the Borrower/s may repay / pay the monies in respect of the Facility through any one of the following modes – post-dated cheques (“PDC method”) / the Electronic Clearing System (Debit Clearing) as notified by the RBI (“ECS method”)/ direct debit from the Borrower/s’ bank account with ICICI Bank (“Direct Debit method”) / by deduction from the Borrower/s’ salary (“Salary Debit method”) / by directly paying amounts when due to ICICI Bank (“Direct Payment method”) / National Automated Clearing House mandate (“NACH Mandate”) / by any other method, and as has been selected by the Borrower/s in the Application Form or as may be required by ICICI Bank. ICICI Bank may, in its sole discretion, require the Borrower/s to adopt or switch to any alternate mode of payment and the Borrower/s shall comply with such request, without demur or delay. The method for payment as selected by the Borrower/s in the Application Form or the mandates given by the Borrower/s under any payment mode cannot be cancelled or revoked by the Borrower/s without prior consent of ICICI Bank. If the Borrower/s cancels or revokes (or attempts to cancel or revoke) such mandates without the prior consent of ICICI Bank, such acts of the Borrower/s shall be deemed to have been committed with a criminal intent and ICICI Bank shall be entitled to initiate appropriate criminal proceedings against the Borrower/s.
5A. In case the Facility has been availed by the Borrower/s through the Portal, and/ or through any other third party integration with an online mobile application or website, ICICI Bank is irrevocably authorized to debit the savings account of the Borrower/s maintained with ICICI Bank for the Installment amount/Equated Monthly Installment (EMI) amount as mentioned in the MITC or such other amounts as may be specified in terms of the requirements of ICICI Bank, and credit the relevant account of ICICI Bank over the entire tenure of the loan with effect from the date of disbursement of the loan till the time the entire Facility is repaid. In the event of the savings account gets closed/transferred for any reason, the Borrower/s shall intimate ICICI Bank of the new account opened with the bank to debit the Installment amounts as per the Loan Terms. Further, the Borrower/s undertakes to provide the fresh set of debit mandate and security PDCs for such new account, as per the Loan Terms in lieu of existing instructions.
6. Notwithstanding anything contained in the Loan Terms or the Transaction Documents, and irrespective of the mode of payment selected by the Borrower/s in the Application Form, or as stipulated in the MITC (as the case may be), upon any default by the Borrower/s in payment of one or more Installments on the Due Date pertaining to the Facility or any non-realisation of the Installments on the Due Date by ICICI Bank, ICICI Bank shall be entitled, without prejudice to its other rights under the Loan Terms, to present and/or re-present the cheques or post-dated cheques, if any, issued by the Borrower/s in favour of ICICI Bank in connection with the Facility. Irrespective of the mode of payment selected by the Borrower/s in the Application Form, or the mode of payment stipulated under the MITC ( as the case may be), ICICI Bank shall as it may deem appropriate and necessary, be entitled to require the payment and/or collection of the Installments and all other amounts comprising the Borrower/s’ Dues, or the post-dated cheques, if any, submitted by the Borrower/s, by means of electronic clearing system (debit)/NACH Mandate, by itself or through such other person permitted for the same, instead of and in lieu of presenting / re-presenting such cheques or post-dated cheques, if any, issued by the Borrower/s in favour of ICICI Bank or utilizing any other mode or manner of payment or repayment of the Installments and all other amounts comprising the Borrower/s’ Dues, provided that such right of ICICI Bank shall be without prejudice to its other rights under the Loan Terms (including the right to represent the post-dated cheques), in case of any failure to receive the Installments or any other amounts due, through the electronic clearing system (debit)/NACH Mandate for any reason whatsoever.
7. The Borrower/s shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that the Installments are received /realised by ICICI Bank.
8. Notwithstanding the mode of repayment/payment , the Borrower/s shall continue to remain at all times, liable and responsible for ensuring the payment/repayment of all Installments and all other monies in respect of the Facility to ICICI Bank on or before the relevant Due Date(s) without any further notice/intimation being given by ICICI Bank and all such amounts payable by the Borrower/s to ICICI Bank shall be paid, at such place/s as ICICI Bank may specify, without any deductions whatsoever so as to enable ICICI Bank to fully realise the amounts due on or before the respective Due Date(s). Credit for payments by any method will be given only on realisation or on the relative Due Date(s) whichever is later. The acceptance by ICICI Bank of any payment which is less than the full Installment or other amounts due and owing at such time shall not constitute a waiver of ICICI Bank’s right to receive payment in full at such time or at any subsequent time or a waiver of any other rights whatsoever of ICICI Bank under the Loan Terms.
9. The Borrower/s shall not be entitled to cancel or issue stop-payment instructions with respect to the postdated cheques for so long as the Facility (or any part of the Borrower/s’ Dues) is outstanding and any such acts of the Borrower/s shall be deemed to have been committed with an intention to cheat ICICI Bank and avoid prosecution under the Negotiable Instruments Act, 1881, and ICICI Bank shall be entitled to initiate appropriate criminal proceedings against the Borrower/s.
10. The Borrower/s shall promptly replace the post-dated cheques and/or the mandates, agreements and/or other documents executed for payment of the Installments and issue fresh post-dated cheques, mandates, agreements and/or other documents in lieu thereof to the satisfaction of ICICI Bank, if ICICI Bank is facing any difficulty/inconvenience/impediment for any reason whatsoever in presenting such cheques / issuing debit instructions or if required at any time by ICICI Bank at its sole discretion.
11. The Borrower/s may (in case such cheques have been issues), subject to prior approval by ICICI Bank, be permitted to swap/ exchange the post-dated cheques issued to ICICI Bank with alternate post-dated cheques drawn on another bank (as approved by ICICI Bank) subject to payment to ICICI Bank of the “cheque swap” charges as specified in the MITC.
12. The payment of the Installments shall commence and continue as per the schedule specified in the MITC.
13. The Borrower/s shall not, without the explicit/implicit approval/permission of ICICI Bank (which approval may be given subject to such terms and conditions as may be stipulated by ICICI Bank including payment of minimum prepayment amount, prepayment premium or discounted interest and/or any other charges, plus applicable interest tax or other statutory levy), prepay the outstanding principal amount of the Facility in full or in part, before the Due Dates. In the event any part prepayment of the Facility is permitted by ICICI Bank, the repayment schedule/amount of Installment(s) as specified in the MITC shall be amended by ICICI Bank and the Borrower/s shall thereafter make payment of the Installments as per such amended schedule.
14. If the Borrower/s default/s in making payment of any Installment/s or any other amounts comprising the Borrower/s’ Dues to ICICI Bank on the respective Due Date(s), the Borrower/s shall be liable to pay further interest at the rate specified in the MITC (plus applicable interest tax or other statutory levy) on all such outstanding/unpaid amounts from the relevant Due Date till the date of payment of such entire amount. Such further interest shall be in addition to any other charges, which the Borrower/s is liable to pay to ICICI Bank in terms of the Loan Terms.
15. Interest, commitment fee / charges, further interest and all other charges shall accrue on a day to day basis and shall be computed as may be decided by ICICI Bank at its sole discretion, which may be on the basis of 1/12 applied monthly or 365 days a year and the actual number of days elapsed.
16. Monthly Installment amount shall be rounded off to the next higher Rupee.
17. If the Due Date in respect of any amounts payable in respect of the Facility under the Loan Terms falls on a day which is not a Business Day at the place where the payment is to be made, the immediately preceding Business Day shall be the Due Date for such payment.
18. The Borrower/s shall bear all interest tax, service tax, all other imposts, duties (including stamp duty and relevant registration and filing charges and taxes (of any description whatsoever) as may be levied from time to time by the Government or other authority and all other costs and expenses whatsoever (including but not limited to any costs and expenses incurred by ICICI Bank and its representatives and consultants) in connection with/on (a) the application for, and the grant and repayment of, the Facility, (b) the Application Form (if applicable), Standard Terms and/or any Transaction Document, (c) recovery and realisation of the Borrower/s’ Dues, (d) creation, enforcement and realisation of the security (if any), (e) inspections, and (f) ICICI Bank’s advocate’s fees and expenses for any of the above. The Borrower/s shall also pay/ reimburse ICICI Bank for all losses, damages, costs, charges, claims, expenses and liability of any kind or nature whatsoever (including but not limited to any stamp duty, other duties, taxes, charges and penalties and/or any increases in costs to ICICI Bank by reason of any change in law, or in its interpretation or administration, under/in relation to the Application (if applicable), the Standard Terms and the security, if any, to be created by the Borrower/s) suffered, sustained or incurred by ICICI Bank (or its representatives and consultants) in connection with any of the above matters if and when the same is required to be paid according to the laws for the time being in force.
19. In the event of the Borrower/s failing to pay any of the monies referred to above, ICICI Bank shall be at liberty (but shall not be obliged) to pay the same. The Borrower/s shall reimburse all sums and all losses, damages and expenses (as referred to in the preceding clause) paid / incurred by ICICI Bank (and/or its representatives and consultants) in relation to the Facility (or any of the other matters referred to in the preceding clause) within 7 days from the date of notice of demand from ICICI Bank. All such sums shall carry interest from the date of payment till such reimbursement to ICICI Bank at the rate of further interest specified in the MITC.
20. Notwithstanding any of the provisions of the Indian Contract Act, 1872 or any other applicable law, or any terms and conditions to the contrary contained in the Loan Terms and/or the other Transaction Documents, ICICI Bank may, at its absolute discretion, appropriate any payments made by the Borrower/s in accordance with the Loan Terms and/or the Transaction Documents Notwithstanding any such appropriation by ICICI Bank towards settlement of any dues payable by the Borrower/s to ICICI Bank under any other agreements between the Borrower/s and ICICI Bank, the Borrower/s shall continue to remain liable to ICICI Bank for all outstanding/remaining amounts comprising the Borrower/s’ Dues.