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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, 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:

Type of credit facility Interest Rate and charges applicable
Consumer EMI Interest Rate 9.97% to 28.33%
Processing Fee ₹ 0 to ₹2693
Service Charges
Charges for Amortisation Schedule Rs. 200/- for physical print out, Nil for digital channels

Charge for Duplicate No Objection Certificate

/ No Due Certificate

Rs. 250/- per instance
Charge for Prepayment or Foreclosure statement Rs. 200/- for physical print out at the branch
Charges for Statement of Account Rs. 200/- for physical print out at the branch
Charge for repayment mode swap Rs 500/- per instance
Charge for Prepayment/ Foreclosure 5% Of outstanding
Penal charges
Penal Charge for late payment 5% per annum will be charged on the overdue EMI until repayment plus applicable taxes which may be payable pursuant to the applicable laws and terms and conditions 
Penal Charge for dishonour of Cheque/AD/ECS/NACH per transaction Rs. 500/- charges per instance of bounce/return/dishonour of cheques and/or any payment instruction including AD/ECS/NACH/E-mandate
 Legal & incidental charges  Incidental Charges are those expense that are not budgeted or specified but are incurred by ICICI Bank Limited on behalf of the Borrower. At Actuals.


  1. GST and other govt. taxes, levies, etc. applicable as per prevailing rate will be charged over and above these charges at the discretion of ICICI Bank Limited.
  2. Specific interest rate applicable to a customer would be dependent on segment, asset category, brand and schemes provided by Original Equipment Manufacturer (OEMs), tenure and processing fee if applicable.
  3. Processing fee is dependent on the asset category, asset price, schemes provided by OEMs, and tenure.
  4. ICICI Bank Limited reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.
  5. The charges or fees given in above table are subject to change and the one recorded in agreement will be binding over the site.
  6. * or such other amount as may be specified by ICICI BANK LIMITED from time to time plus applicable taxes and other statutory levies

Interest Rate Range for Jan 2024 to Mar 2024 :

Type of credit facility Minimum Maximum Mean
Consumer EMI 9.97% 28.33% 15.22%

Note: Mean rate = Sum of rate of all loan accounts/number of all loan amounts

The Annual Percentage Rate (APR) is a method to compute annualised credit cost which includes interest rate and processing fee.

The APR calculator does not include charges such as prepayment charges, etc.

To calculate the same, please click here to download the APR calculator.