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Service charges & fees for ICICI Bank Personal Loans, Business Instalment Loans & Salary Overdraft

  • Pre-closure statements are available over the counter at all Loan Servicing Branches
  • An ICICI Bank Personal Loan can be foreclosed after the payment of the first EMI and the applicable charges are 3% plus applicable taxes
  • Nil pre-closure charges on payment of 12 EMIs

Important notice

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, this will 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 will 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

Penalty charges & service charges applicable for Personal Loans, Business Instalment Loans & Salary Overdraft:

Sr. No. Types of charges Amount
Penal Charges:


Cheque/AD/ECS bounce charges /Salary Overdraft (Late payment fee)



Charges for late payment

5% per annum will be charged on the overdue EMI until repayment


Non Maintenance of Mode of Payment charges (NMMP)


Service Charges:


Loan processing charges (non-refundable)

Up to 2 % of the loan amount


Repayment mode swap charges



Salary Overdraft (Processing Fee)

0.99% of the limit amount subject to a minimum of

₹1,999 and maximum of ₹2,999


Loan cancellation charges

Digital lending:

a. Nil – If the loan is cancelled within the free look/cooling off period (i.e. 15 days from the date of loan disbursement). Processing Fee will be non-refundable

b. If the loan is cancelled after the cooling off period & before the first EMI date (i.e., from the 16th day till the first EMI date), proportionate Annual Percentage Rate (APR) will be considered with a maximum capping of ₹2,500

Non-digital lending: A cancellation fee of ₹2,500 is applicable


Prepayment charges/Foreclosure charges

a. 3% of the outstanding principal amount

b. Nil after 12 EMIs

c. For Business Instalment Loans (BIL) =₹50 lakh i.e. booked under the code ‘UP’, the foreclosure charges will be ‘Nil’ if the first EMI is paid. This is applicable only for micro and small enterprises (subject to URC submission) and not for medium enterprises


Part payment charges


a. 3% on the principal amount being prepaid for a loan seasoning period of up to 24 months



b. Nil for a loan seasoning period of above 24 months



Salary Overdraft (Annual renewal fee)



Cash transaction charges

₹100 at the branch


Duplicate NOC/No Dues Certificate charges

₹250 for physical printout at the branch


Information utility charges (Only for corporate cases)



Prepayment statement charges

₹200 for physical printout at the branch


Amortisation schedule charges

₹200 for physical printout at the branch

Nil for digital channels

Loan recovery charges (if applicable): The charges given below would be applicable to retail products, except for a few, depending on the nature of the products.

Sr. No. Types of charges Amount


Charges incurred in SARFAESI proceedings

At actuals


Charges incurred for sending different notices

At actuals


Enforcement charges

At actuals


Paper advertisement charges

At actuals


Repossession charges

At actuals


Security guard charges

At actuals


Overdue handling charges

i. ₹750 where a notice has been delivered to the communication address and a paper publication is not required

ii. ₹1,700 where no notice has been delivered to the communication address and the paper publication has not taken place

iii. ₹300 for sending an auction notice in addition to points i and ii

iv. ₹200 for sending a loan recall notice in addition to points i and ii



1. All above charges are exclusive of Goods & Services Tax (GST). Applicable GST, taxes and/or other statutory levies shall be levied over and above charges by the Bank.

2. The charges/penal charges will be levied at the sole discretion of the Bank

3. Stamp Duty will be applicable as per the State Stamp Duty Act applicable for the state.


Interest Rate Range for Personal Loans for period January 2024 to March 2024 :

Type of credit facility Max Min Mean
Personal Loan Interest Rates 19.25% p.a. 10.80% p.a. 13.02% p.a.


  • It includes various categories like loan amounts, customer relationships, types of corporates/businesses, etc.

  • It excludes subsidies, government schemes and loans disbursed under the Emergency Credit Line Guarantee Scheme (ECLGS) at the mandated interest rate of 9.25%.

Annual Percentage Rate

  • The Annual Percentage Rate (APR) is a method to compute annualised credit cost that includes interest rate and Processing Fee

  • The APR calculator does not include prepayment charges, etc.