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Construction Equipment Loan Service Charges & Fees
| Charges & Interest | Amount | |
|---|---|---|
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 |
1. Digital Lending - NIL Cancellation within Free Look / Cooling off period, Cancellation post cooling Period & Before 1 EMI date (i.e. from 16th day till 1st EMI date) - ₹2,500/- applicable GST 2. Non Digital - ₹2,500/- applicable GST |
|
Service Charges |
||
i. Charges for Amortization Schedule |
Rs. 200/- + applicable GST (For Physical Copy) and NIL for Digital Copy |
|
ii. Charges for Statement of account |
Rs. 200/- + applicable GST (For Physical Copy) and NIL for Digital Copy |
|
iii. Charge for Prepayment or Foreclosure statement |
Rs. 200/- + 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. NOC for conversion of Petrol to LPG/CNG |
Rs. 250/- + applicable GST |
|
vii. NOC to convert from private to commercial or commercial to private charges |
Rs. 250/- + applicable GST |
|
viii. Repayment mode swap charges |
Rs. 500/-+ applicable GST |
|
ix. Charge for Loan Documentation |
Rs. 500/- + applicable GST |
|
x. Registration Certificate (RC) Collection Fees |
Rs. 600/- + applicable GST |
|
xi. Loan Reschedulement / rebooking charges |
Nil |
|
xii. CERSAI Charges |
Rs. 100/- + applicable GST |
|
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. Loan Processing Fee (Non Refundable) |
Upto 2% of loan amount + applicable GST |
|
xvi. Stamp duty charges |
At actuals as per State Stamp Duty Act + applicable GST(if any) |
|
xvii. Valuation Fee |
a. Used Commercial vehicle ₹1,200/-* + applicable GST b. Used Construction Equipment – ₹2,000/-* + applicable GST * Applicable only for cases where the Bank extends the valuation service to the customer |
|
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) |
|
|
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 |
|
Penal Charges Guidelines:
The RBI through its Circular No. RBI/2023-24/53 dated Aug 18, 2023 on ‘Fair Lending Practice - Penal Charges in Loan Accounts’, has advised banks that penalty if charged, for non-compliance with the material Terms and Conditions of the loan contract will be treated as penal charges and not be levied in the form of penal interest that is added to the rate of interest charged on the loans/ advances. The RBI has further advised that there will be no capitalisation of penal charges i.e. no further interest will be computed on such penal charges. However, the above mentioned shall not affect the normal procedure for compounding of interest in the loan account.
The above guidelines are effective from Apr 01, 2024 and applicable for all fresh loan facilities executed from Apr 01, 2024. In case of an existing loan facility, the switchover to the new penal charges regime shall take place by the next review or renewal date or before Jun 30, 2024, whichever is earlier. The revised charges are as below:
Existing penal interest |
Applicable penal charges |
24% per annum |
5% per annum |
*Goods and Services Tax and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above the mentioned penal charges.
Notes
Good Service Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above mentioned charges.
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.
The charges or fees given in above table are subject to change and the one recorded in agreement will be binding over the site.
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.
| Quarter ended on December-2023 | Minimum | Maximum | Mean |
|---|---|---|---|
| Construction Equipment Loan | 9.10% | 16.51% | 10.82% |
- 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.
