ICICI BANK LIMITED’S MOST IMPORTANT TERMS AND CONDITIONS AND STANDARD TERMS AND CONDITIONS
Last Updated Date - 10-04-2019
By clicking on ‘Accept’/’’Agree’/’Agree and Proceed’ icon and by submitting the one time password received on the registered mobile number, the Borrower confirms that the Borrower has read and understood the below Most Important Terms and Conditions and Standard Terms and Conditions displayed to the Borrower in the form of hyperlink during the application for the Facility and also attached herewith and undertakes to be bound by the same.
MOST IMPORTANT TERMS AND CONDITIONS (MITC)
|2||Rate of Interest (Default Interest)||IRR: 13% per annum|
|3||Tenure||Max Tenure of 12 months|
|4||Repayment||Equated Monthly Installment (EMI)|
|5||Late Fee (Penalty for Delayed Repayment)||INR 200 + GST|
|6||Loan Foreclosure Charges||INR 250 + GST|
For the purpose of the Terms and Conditions, unless there is anything repugnant to the subject or context thereof, the expressions listed below shall have the following meaning:
- “Borrower” means any Customer to whom the Facility has been sanctioned by ICICI Bank Limited (“ICICI Bank”) pursuant to submitting a duly filled Customer Application.
- “Business Day” means a day on which the relevant/local office of ICICI Bank, as specified, or such other office as may be notified by ICICI Bank to the Borrower/s, is open for normal business transactions.
- “Customers” shall mean the purchasers of Products from the Merchant. Such Customers may be individuals, self-employed professionals and non-professionals, proprietary concerns, partnership firms and private and public limited companies.
- “Customer Application” shall mean the agreement to be executed by the Customer and ICICI Bank evidencing the existence of a debtor- creditor relationship.
- “Facility” shall mean the financial assistance extended by ICICI Bank to the Customers for purchase of Products, on such terms and conditions as may be stipulated by ICICI Bank, in this respect, from time to time under the Scheme.
- “EMI means equated monthly installments of amounts payable by the Borrower(s) to the ICICI Bank in respect of the Facility and comprising of principal amount of the Facility and the interest thereon.
- “KYC” refers to the documents under the ‘know your customer’ guidelines issued by the Reserve Bank of India.
- “Direct Sales Agent (DSA)” means the persons appointed by ICICI Bank for collecting the KYC and other details of the Customer, submitting such details to ICICI Bank and facilitating the process of Customer Application filling on the DSA Tablet for providing the Facility to the Customer under the Scheme.
- “DSA Tablet” refers to the device provided to the DSA for filing the Customer Application for availing the Facility under the Scheme.
- "MITC" means the Most Important Terms and Conditions governing the Facility, provided in clause 19.
- "Merchant" means a private limited company (and its successors and permitted assigns), as the case may be, registered with ICICI Bank in connection with selling of Products to the Customers pursuant to the terms and conditions under the Scheme.
- "Payment Due Date" means the date in every calendar month, as decided and communicated to the Customer by ICICI Bank, on which the EMI for servicing the Facility should be paid by the Customer.
- “Scheme” refers to the arrangement between the ICICI Bank and the Borrower for providing Facility to the Borrower for purchase of Products.
- “Products” shall mean teaching aids to supplement curriculum education, higher studies and competitive examinations.
- “Tenure” shall mean an initial period of the Facility and subsequent renewals during which the Scheme shall be made available to the Borrowers.
- “Terms and Conditions” means and includes these Primary Terms and Conditions, the Customer declarations under the Customer Application and the MITC, as amended and/or modified by ICICI Bank from time to time.
- “Outstanding” means and includes the outstanding amount of the Facility, all interest late payment charges, payable by the Borrower to ICICI Bank in accordance with the Terms and Conditions and/or any amount in connection with the Facility.
In the Terms and Conditions, unless a contrary intention appears a reference to:
- an "amendment" includes a supplement, modification, novation, replacement or re-enactment and "amended" is to be construed accordingly;
- an "authorization" or "approval" includes an authorization, consent, clearance, approval, permission, resolution, license, exemption, filing and registration;
- "law" includes any constitution, statute, law, rule, regulation, ordinance, judgment, order, decree, authorization, or any published, directive, guideline, requirement or governmental restriction having the force of law, or any determination by, or interpretation of any of the foregoing by, any judicial authority, whether in effect as of the date of signing/submission of the Customer Application or thereafter and each as amended from time to time.
- the singular includes the plural (and vice versa);
- the headings in these Primary Terms and Conditions are inserted for convenience of reference only and are to be ignored in construing and interpreting the Terms and Conditions;
- reference to the words "include" or "including" shall be construed without limitation;
- reference to a gender shall include references to the female, male and neuter genders;
- all approvals, permissions, consents or acceptance required from ICICI Bank for any matter shall require the prior, written approval, permission, consent or acceptance of ICICI Bank;
- in the event of any disagreement or dispute between ICICI Bank and the Customer/Borrower regarding the materiality of any matter including of any event, occurrence, circumstance, change, fact, information, document, authorization, proceeding, act, omission, claims, breach, default or otherwise, the opinion of ICICI Bank as to the materiality of any of the foregoing shall be final and binding on the Customer; and
- All references to Primary Terms and Conditions shall include all amendments made thereto by ICICI Bank from time to time.
- The Borrower hereby accepts the Terms and Conditions by providing the signature on the Customer Application form (in the format specified by ICICI Bank from time to time) and MITC generated in the DSA Tablet at the time of availing the Facility.
- The Terms and Conditions shall form a contract between the Customer and ICICI Bank for availing the Scheme under which ICICI Bank shall provide various financial assistance including the Facility.
- The Facility under the Scheme shall be provided to the Customer in the sole discretion of ICICI Bank and shall be subject to the terms and conditions mentioned herein and any additional conditions as stipulated by ICICI Bank from time to time.
- Customers agree to give her/his full consent and cooperation in the on-boarding process for the Scheme.
- ICICI Bank reserves the right to accept or reject Customer Application for availing the Scheme and its decision in this regard shall be final and binding.
- Customers are responsible for the accuracy of all personal information and any other information provided at the time of availing the Scheme.
- Borrowers/Customers shall keep ICICI Bank updated on communication address, contact number and such other details as required to the satisfaction of ICICI Bank.
IV. SANCTION AND USAGE
- Customer shall apply for the Scheme and the Facility provided thereunder through the DSA by providing his/her phone number. The DSA shall enter the phone number into the DSA Tablet. A one-time request message shall be generated and sent to the phone number as provided by the Customer.
- Upon verification of the aforesaid one-time-message, the Customer shall provide his KYC details to the DSA, including but not limited to PAN Card and a government issued address proof document which shall then be provided to ICICI Bank.
- ICICI Bank, upon perusal of the documents and/or any other document as may be deemed necessary, at its sole discretion, may choose to extend the Facility to the Customer under the Scheme.
- Upon receipt of aforementioned approval from ICICI Bank, the DSA shall provide the Customer with a Customer Application form (in the format mutually agreed to between the Parties from time to time).
- The DSA shall obtain the signature of the Customer on the Loan Application Form/Agreement (in the format mutually agreed to between the Parties from time to time) and shall submit a (soft copy and original copy) to ICICI Bank through a mutually agreed process.
- The Facility under the Scheme shall be provided to the Customer in the sole discretion of ICICI Bank after processing the Customer Application as per the standard practice of ICICI Bank and shall be subject to the terms mentioned herein and any additional conditions as stipulated by ICICI Bank from time to time.
- The Customer agrees and acknowledges that the Facility amount shall be disbursed to the Merchant for and on behalf of the Customer.
- The Facility shall be deemed to be disbursed on the transfer of Facility amount from ICICI Bank’s account to the Merchant’s designated account registered with ICICI Bank.
VI. CANCELLATION AND PREPAYMENT
- The Borrower may prepay the Facility, with the prior written consent of ICICI Bank, by payment of the prepayment/foreclosure charges as specified in the MITC.
- If the Customer wishes to cancel/return the Product, Customer may make a cancellation request to the Merchant/DSA within a period of 14 days from the date of availing the Facility under the Scheme. Beyond this period of 14 days, the Customer shall not be entitled to such a cancellation and shall be under an obligation to repay the Facility to ICICI Bank by paying the EMIs on or within the Payment Due Date.
- The request for cancellation of the Facility shall be accepted by ICICI Bank, only upon payment of Facility cancellation charges as specified in the MITC.
- The Customer hereby acknowledges that any amount paid to the Merchant in the form of a token amount/down payment for purchasing the Product under the Scheme shall be settled between the Merchant and the Customer. ICICI Bank shall not be under an obligation to refund any such amount to the Customer.
VII. PAYMENT AND REPAYMENT
- The Borrower shall repay the Facility amount and applicable interest, in the form of EMIs on or within the Payment Due Date using, debit card, net banking, cheque or any other electronic payment mode, in the manner and as specified in the MITC.
- The Borrower/Customer shall bear goods and services tax and any other statutory levies as may be applicable from time to time.
- The Borrower shall pay additional charges/fees applicable with respect to the repayment of the Facility including but not limited to the prepayment/foreclosure charges, cancellation charges, repayment mode swap charges etc., as specified in the MITC or as may be communicated by ICICI Bank from time to time.
- If the cheque issued by the Customer for payment/repayment is not honored by the Bank or ECS/NACH (electronic clearing services/payment services for facilitating the payment/repayment with the consent of the Customer) or such other instrument is returned, the Borrower shall pay EMI bounce charges as specified in the MITC.
- In the event the EMI is not paid within the Payment Due Date, it shall be construed as a default on part of the Borrower and he/she shall become liable to pay the amount together with Interest as specified in the MITC and late payment charges as specified in the next month’s account statement. Such Interest will be computed from the Payment Due Date.
- On receipt of delayed payments received by ICICI Bank from the Borrower, the amount shall be appropriated first against the Outstanding due and thereafter against the default Interest and late payment charges.
- In the event of non- payment, ICICI Bank in addition to levying Interest as specified in the MITC and late payment charges shall impose a permanent restriction on the Borrower from availing the Scheme from any merchant (engaged by it), unless such restriction is revoked by ICICI Bank at its sole discretion.
VIII. REPRESENTATIONS, WARRANTIES AND COVENANTS
- Customers by applying for the Scheme hereby agree to abide by the Terms and Conditions.
- Customers hereby agree to have read, understood and accepted the Terms and Conditions and are aware of the Terms and Conditions.
- Customers hereby agree not to default or delay in the payment of EMIs.
- Customers agree that he/she has understood the method of calculation of Interest as specified in the MITC and other charges as levied in cases wherein the EMI has not been paid on or within the Payment Due Date. Customers agree and confirm that ICICI Bank shall not be liable in any manner to Customers for failure or delay in providing the Facility/Facilities under the Scheme.
- All information provided by the Customer to ICICI Bank is true and correct.
- Customer shall promptly notify ICICI Bank on the occurrence of any event which may make any information provided to ICICI Bank untrue or incorrect.
- Customer shall promptly notify ICICI Bank of any action or steps taken or any legal, administrative or other proceedings started/threatened by or against Customer in any court of law.
- Customer shall promptly and not later than 7 days from the occurrence of such event, notify ICICI Bank in writing with full details of all or any change/s of details or personal information.
- Customer shall be under the sole responsibility of taking the possession and getting the delivery of the Product from the Merchant. ICICI Bank shall not be held liable or responsible, in any manner whatsoever, for the delayed delivery/non-delivery of the Product and/or related quality, fitness or suitability of the Product.
- Customer acknowledges and agrees that ICICI Bank by providing the Facility under the Scheme to the Customer creates a relationship of debtor and creditor between the Customer and ICICI Bank and ICICI Bank shall under no circumstance be regarded as a service provider in relation to the Products.
The following acts, as set out below, shall constitute an ‘Event of Default’ by the Borrower:
- The default in paying the EMI on or within the Payment Due Date as payable under the Scheme.
- Breach of any of the Terms and Conditions, representations, warranties, covenants or occurrence of any fraud, misrepresentation or failure to submit any material information.
- Borrower becomes bankrupt or insolvent, voluntarily or involuntarily becomes the subject of proceedings under any bankruptcy or insolvency law.
- It is or becomes unlawful for the Borrower to perform any of its obligations under the Scheme and/or the Facility.
- Death of the Borrower.
- The existence of any other circumstances which, in the sole opinion of ICICI Bank, jeopardizes ICICI Bank's interest.
Upon the occurrence of an Event of Default as specified above, without prejudice to the other remedies available under law or in equity, ICICI Bank shall be entitled to exercise the following rights and remedies and may give a notice to the Borrower in this regard:
- terminate the Facility and call upon the Borrower to pay the Outstanding immediately.
- suspend further access to Scheme or any other financial assistances from ICICI Bank.
- ICICI Bank reserves the right to engage one or more persons to collect dues from the Borrower. ICICI Bank may furnish to such person(s) such information, facts and figures pertaining to Facility, Scheme, contact details of such Borrower, as it may deem fit.
- ICICI Bank reserves the right to call upon the successors/ legal heirs of the Borrower to pay the Outstanding and any other charges in full to ICICI Bank in the event of Borrower’s death. ICICI Bank shall have the same rights as against the legal heirs/ successors of such Borrowers as it has against the Borrowers.
- ICICI Bank reserves the right to report the said Borrower to the Credit Information Bureau (India) Limited, RBI, NHB or any other regulatory authority for any default on the Outstanding at that point of time.
- In addition to above, ICICI Bank reserves the right to initiate legal proceedings against such Borrowers.
- ICICI Bank may at any time with or without notice, withdraw, terminate, and/or suspend the Scheme/Facility at any time or in case of an Event of Default, as provided hereinabove.
- Customers or Borrowers, as the case may be, agrees to indemnify and hold ICICI Bank and its affiliates harmless from and against all losses, damages, costs, claims and expenses whatsoever which ICICI Bank may at any time incur, sustain, suffer or is likely to suffer in connection with or as a consequence of or by reason of providing the Scheme. The Borrower will pay ICICI Bank and /or the affiliates such amount as may be determined by ICICI Bank and/or the affiliates to be sufficient to indemnify it against any such loss or expenses.
- Further, the Customer or the Borrower, as the case maybe, agrees, to indemnify, defend and hold harmless ICICI Bank and its affiliates against any claim, suit, action or other proceeding brought against ICICI Bank or its affiliates by a third party including but not limited to such claim, suit, action of other proceeding brought against ICICI Bank and its affiliates based on or arises in connection with:
- a violation of the Terms contained herein;
- any alterations or any unauthorized use of the Scheme; or
- any misrepresentation or breach of representation, warranty or covenant made by the Borrower as contained herein.
- Notwithstanding anything to the contrary contained herein or under any other transaction documents, the provisions of this clause shall survive the termination of the Facility or the Scheme.
XII. EXCLUSION OF LIABILITY
- In no event shall ICICI Bank be liable to the Customer or the Borrower as the case may be for any special, incidental, indirect, punitive or consequential damages whatsoever (including, without limitation, damages of loss of goods or services, loss of business profits, business interruption, loss of information, or any other pecuniary loss) arising out of the use of, or inability to use or access the Scheme or for any security breach or any virus, bug, unauthorized intervention, defect, or technical malfunctioning of the DSA Tablet and/or ICICI Bank’s systems, whether or not foreseeable and whether or not DSA and/or ICICI Bank have been advised of the possibility of such damages, or based on any theory of liability, including breach of contract or warranty, negligence or other tortious action, or any other claim arising out, of or in connection with, your use of, or access to the Scheme. Further, ICICI Bank shall not be liable to Borrower or the Customer, as the case may be for any temporary disablement, permanent discontinuance of the services by ICICI Bank and/or the Merchant or for any consequences resulting from such actions.
- Further, without prejudice to the remedies available to ICICI Bank under the Terms and Conditions, ICICI Bank shall be under no liability whatsoever to Borrowers in respect of any loss or damage arising directly or indirectly out of:
- any defect in any Product supplied;
- delay in delivery or non-receipt of Product purchased;
- the refusal by the Merchant to honor the Scheme;
- the malfunction of any computer terminal or DSA Tablet computer;
- acts done by ICICI Bank on the instruction of any person impersonating himself/herself as a Borrower;
- the exercise by ICICI Bank of its right to terminate the Facility/Scheme; or
- any injury to the credit character and reputation of the Borrower alleged to have been caused by the closure of the Scheme and/or the refusal of any Merchant/ mail order establishment to honor the Scheme.
- ICICI Bank holds out no warranty or makes no representation about quality, delivery or otherwise of the Product.
- Any dispute or claim arising in relation to the Product purchased by Borrower/Customer must be resolved with the Merchant. The existence of the claim or dispute shall not relieve the Borrower of his/her obligation to pay the dues to ICICI Bank.
- In the event a demand or claim for settlement of Outstanding due to the Borrowers is made, either by ICICI Bank or any person acting on behalf of ICICI Bank, the Borrower agrees and acknowledges that such demand or claim shall not be regarded as an act of defamation or an act prejudicial to or reflecting upon the character of the Borrower in any manner.
- Notwithstanding anything to the contrary contained herein or under any other transaction documents, the provisions of this clause shall survive the termination of the Facility or the Scheme.
XIII. RIGHT OF SET-OFF & LIEN
- ICICI Bank and its group companies shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits of any kind and nature held/ balances lying in any other account(s) of the Borrowers maintained with ICICI Bank and / or its group companies, whether in single name or joint name(s) and on any monies, securities, bonds and all other assets, documents and properties held by/ under the control of ICICI Bank and/or its group companies (whether by way of security or otherwise pursuant to any contract entered/ to be entered into by the Borrower in any capacity) towards the satisfaction of the Borrowers’ liability under the Scheme. ICICI Bank and/ or its group companies are entitled without any notice to the Borrower, to settle any indebtedness whatsoever owed by the Borrower to ICICI Bank and/or its group companies, (whether actual or contingent, or whether primary or collateral, or whether joint and/or several) hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and/or transferring monies lying to the balance of any account(s) held by the Borrower with ICICI Bank and/or its group companies notwithstanding that the deposit(s)/ balances lying in such account(s) may not be expressed in the same currency as such indebtedness. ICICI Bank's and its group companies' rights hereunder shall not be affected by the Borrowers’ bankruptcy, death or winding-up. It shall be the Borrowers sole responsibility and liability to settle all disputes/ objections with any such joint account holders.
- In addition to the above mentioned right or any other right which ICICI Bank and its group companies may at any time be entitled whether by operation of law, contract or otherwise, ICICI Bank is authorized / will be entitled: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Borrowers with or to any branch of ICICI Bank and/or its group companies; (b) to institute any judicial proceedings in case of non- payment of outstanding dues from the Borrowers.
XIV. AUTO DEBIT
- Borrower(s) may avail the auto debit facility for paying the EMI under the Scheme. On availing the auto debit facility, the bank account of such Borrowers will be debited, for the EMI as mentioned in the account statement, on or within the Payment Due Date. In case the Payment Due Date is not a Business Day, the bank account shall be debited on the next Business Day. In the event if the bank account does not have sufficient funds on the Payment Due Date, the Borrower shall be liable to pay all the charges applicable in addition to the EMI as generated in the next month’s account statement. The Borrower agrees and confirms that all the particulars submitted to ICICI Bank/DSA by her/him for availing of the auto debit facility shall be correct and complete. ICICI Bank shall not be liable if the auto debit transaction is delayed or not effected at all for reasons of incomplete or incorrect information or for any reason whatsoever.
- ICICI Bank shall, without any specific consent/authorization of the Customer/Borrower may disclose all or any information related to the Customer and/or information related to the Facility availed by the Customer under the Scheme and/or liabilities/obligations of the Customer under the Facility to the Credit Information Bureau (India) Limited (“CIBIL”) or any other existing or future credit bureaus/credit reference agencies and/or to Reserve Bank of India (“RBI”) and/or to the National Housing Bank (“NHB”) and/or to any other regulatory authorities.
- The Customer agrees and confirms that ICICI Bank may also disclose any of the aforesaid information to its group companies.
XVI. GOVERNING LAW AND JURISDICTION
- The Terms and Conditions shall be governed by and construed in accordance with the laws of India and the competent courts/tribunals in Mumbai shall have exclusive jurisdiction to deal with any dispute that may arise out of the Terms and Conditions or in respect of Scheme. The existence of a dispute, if any, shall not constitute a claim against ICICI Bank.
XVII. NOTICES AND COMPLAINTS
- All notices, requests, demands, waivers, complaints, queries and other communications required or permitted to be given hereunder in relation to the Scheme, shall be submitted to ICICI Bank. Any other notices, requests, demands, waivers, complaints, queries and other communications arising out of any acts or omissions of the Merchant to whom the payment was made using the Scheme, shall be resolved between the Borrower/Customer and such Merchant only and ICICI Bank shall have no responsibility or liability whatsoever in this regard. Merchant shall be responsible for all service related issues of the Product.
- The products, services and offers referred to herein are subject to the terms and conditions governing them as specified by ICICI Bank / third party from time to time and are offered at the sole discretion of ICICI Bank / third party. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to purchase any products/ services of ICICI Bank / third party. ICICI Bank makes no representation about the quality, delivery, usefulness or otherwise of the goods / services offered by the third party.
- ICICI Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.
- Terms and Conditions and/or policies may be varied, amended or modified, in whole or in part, by ICICI Bank at any time without notice.
- The contents of the Terms and Conditions have been fully explained to and understood by the Customer at the time of availing the Facility under the Scheme.
- ICICI Bank may assign, in whole or in part, the benefits or obligations of the Terms and Conditions to its affiliates, or any other company, for the reasons including but not limited to pursuant to a restructuring or re-organization or demerger of its organization or operations causing a change in management or any other reason whatsoever. ICICI Bank shall not require approval or consent of the Borrower/Customer for assigning rights and obligations and shall at their own discretion provide an intimation of such assignment to the Borrower/Customer.
- The Borrowers shall not assign, in whole or in part, the benefits or obligations of this Scheme without the prior consent of ICICI Bank.
- Unless otherwise expressly stated, failure to exercise or delay in exercising a right or remedy, hereunder shall not constitute a waiver of the right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy, hereunder shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.
- Notwithstanding any suspension or termination of Scheme, all rights and remedies of ICICI Bank as per the Terms and Conditions shall continue to survive until the receipt of the EMI and any other charges in full to the satisfaction of ICICI Bank.
- If any provision, hereunder becomes, in whole or in part, invalid or unenforceable but would be valid or enforceable if some part of that provision was deleted, that provision shall apply with such deletions as may be necessary to make it valid. If any court/tribunal of competent jurisdiction holds any of the provisions, hereunder unlawful or otherwise ineffective, the remainder shall remain in full force and the unlawful or otherwise ineffective provision shall be substituted by a new provision reflecting the intent of the provision so substituted.
- Details of the Interest and late payment charges as specified in the MITC, goods and services tax and other statutory levies applicable on the Scheme shall be as per the account statement generated by ICICI Bank. Details of all other charges shall be as per the MITC.
- The Primary Terms and Conditions shall be in addition to and not in substitution or derogation to the MITC.