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Commercial Vehicle Loan Service Charges & Fees

Charges & Interest Amount
Interest
  i. Charges for late payment 2% per month on overdue EMI
Penal Charges
  i. Prepayment charges 4%* + applicable GST on the Principal outstanding
  ii. Cheque/AD/ECS Bounce Charges Rs. 500/- + applicable GST
  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
delivered at the communication
address and a paper publication is
not required,
ii.Rs.1,700 where no notice has
been delivered at the
communication address and the
paper publication is to be done
iii.Rs.300 charge for sending
auction notice, over and above the
preceding points i and ii
iv. Rs.200 for sending loan recall
notice over and above the
preceding points i and ii

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:

  1. Goods and Services Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates, in addition to the above mentioned charges
  2. 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
  3. Interest Reset clause: Not Applicable
  4. The charges are applicable for all customers from Mar 31, 2016
  5. Stamp duty charges shall be extra, as applicable
  6. 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.