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For regulatory guidelines on floating rate loans

As per the Reserve Bank of India (‘RBI’) Circular No. RBI/2023-24/55 dated Aug 18, 2023, the below options are available to the customer, prior to rate reset execution:

  1. Change in Loan Tenure

  2. Change in Loan EMI

  3. Change in Loan Tenure and EMI

  4. Switch from the existing Floating Rate of Interest to a Fixed Rate of Interest by availing the conversion option. The applicable conversion fee, as specified in the transaction documents, will be charged for the same.

If the interest rate for your Loan Account is being revised, opt for any of the above options before the reset date, by visiting any ICICI Bank Loan Servicing Branch or by contacting Customer care. Your request will be processed basis the option chosen or as per the agreed Terms and Conditions. If no request is received before the reset date, the rate reset will be executed as per the agreed Terms and Conditions and the same will be intimated post reset.

In addition to the above, please note the following:

  1. You can opt for part payment of the Loan without any part payment charges. The minimum part payment amount should be equivalent to one EMI

  2. You can opt for full prepayment of the Loan anytime during its tenure. No pre-payment charges are applicable here.