SERVICE CHARGES
Charges | Amount |
---|---|
On Application |
|
i. Loan Processing and Documentation Charges |
Non-premium and Premium Vehicles - 4.75 % of Loan amount + applicable GST. |
ii. Registration Certificate (RC) Collection Fees |
600 + applicable GST |
iii. Stamp duty charges |
At Actuals as per State Stamp Duty Act + applicable GST |
iv. Information Utility Charges (Only for Corporate Cases) |
₹ 300 + applicable GST |
During the term of Loan (details about contingent charges) |
|
Penal Charges |
|
i. Part Payment Charges |
No minimum seasoning required to initiate part payment. 2% (of part payment amount) + applicable GST for loans with seasoning from 13 to 24 months Nil part payment charges for loans completed seasoning of 24 months |
ii.Penal charges for late payment |
5% per annum + applicable GST will be charged on the overdue EMI until repayment which may be payable pursuant to the applicable laws and terms and conditions |
iii.Penal Charge for dishonour of Cheque/AD/ECS/NACH per transaction |
Rs 500/- + applicable GST per instance of bounce/return/dishonour of cheques and/or any payment instruction including AD/ECS/NEFT/E-mandate |
iv. Loan Cancellation Charges |
₹ 2000 + applicable GST |
Service Charges |
|
i. Duplicate Repayment/Amortization schedule charges |
₹ 150/- + applicable GST (for physical report). Nil for digital report |
ii. Statement of Account charges |
₹ 150/- + applicable GST (for physical report). Nil for digital report |
iii. Prepayment statement charges |
₹ 150/- + applicable GST (for physical report). Nil for digital report |
iv. Duplicate No Objection Certificate / No Due Certificate charges |
₹ 250 + applicable GST |
v. Revalidation of No Objection Certificate charges |
₹ 250 + applicable GST |
vi. No Objection Certificate for conversion from Petrol to LPG/CNG charges |
Nil |
vii. No Objection Certificate to convert from private to commercial or from commercial to private charges |
Nil |
viii. Repayment mode swap charges |
₹ 500 + applicable GST |
ix. Cash Transaction Charges (for repayment of EMI dues in cash at branches) |
₹ 100 + applicable GST |
Prepayment charges ( on Foreclosure) |
Upto 12 Months*: 3% + applicable GST |
Loan related recovery charges (if applicable) |
|
i. Auction charges for repossessed asset |
At actuals |
ii. Cash transaction charge for repayment of EMI dues at Branches |
₹ 100 + GST |
iii. Charges incurred in filing legal suit |
At actuals |
iv. Charges incurred in SARFAESI proceedings |
At actuals |
v. Charges incurred in sending different notices |
At actuals |
vi. Enforcement charges |
At actuals |
vii. Non Maintenance of Mode of Payment charges (NMMP) |
₹ 800+ 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 |
x. Pick-up charges |
₹ 500+ GST (For all retail products) |
xi. Professional charges |
At actuals |
xii. Repossession charges |
At actuals |
xiii. Security guard charges |
At actuals (For Immovable assets) |
xiv. Yard charges |
At actuals |
Important points:
- Goods and Services Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates, in addition to the above mentioned charges
- 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
- Interest Reset clause: Not Applicable
- The charges are applicable for all customers from Mar 31, 2016
- 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
For more information, please visit the nearest Customer Care.
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.
Revised Service charges effective May 1, 2024
S No |
Name of Charge |
Charge Amount / Narration |
1 |
Charge for Loan Documentation |
₹500/- |
2 |
Charges for Amortization Schedule |
₹200/- for physical print out. Nil for digital report |
3 |
Charge for Prepayment or Foreclosure statement |
₹200/- for physical print out at the branch |
4 |
Charges for Statement of account |
₹200/- for physical print out at the branch |
5 |
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/- 2. Non Digital - ₹2,500/- |
6 |
NOC for conversion of Petrol to LPG/CNG |
₹250/- |
7 |
NOC to convert from private to commercial or commercial to private charges |
₹250/- |
8 |
Loan Processing Fee (Non Refundable) |
Upto 2% of loan amount |
Note:
Good Service Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above mentioned charges.
Range of Interest rates for Two wheeler loans
Quarter ended at December - 2021 | Minimum | Maximum | Mean |
---|---|---|---|
Two Wheeler Loan | 9.00% | 27.10% | 19.44% |
Note:
- - The range of interest rates provided above is with respect to loans to individuals disbursed during Quarter 3 - FY: 2021-22.
- - It includes fixed rate of interest and is based on factors such as customer relationship, asset segment, tenure of loan 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 the annualised credit cost, which includes the interest rate and the loan origination fee.
To calculate the same, please click here to download the APR calculator.