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Commercial Vehicle Loan Service Charges & Fees

Charges & Interest Amount
Interest
  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 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. 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)

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

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.

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.