Want us to help you with anything?
Request a Call back
Service charges & fees for ICICI Bank Personal Loans, Business Instalment Loans & Salary Overdraft
- Pre-closure statements are available over the counter at all Loan Servicing Branches
- An ICICI Bank Personal Loan can be foreclosed after the payment of the first EMI and the applicable charges are 3% plus applicable taxes
- Nil pre-closure charges on payment of 12 EMIs
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, this will 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 will 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 |
Penalty charges & service charges applicable for Personal Loans, Business Instalment Loans & Salary Overdraft:
| Sr. No. | Types of charges | Amount |
|---|---|---|
| Penal Charges: | ||
| 1 | Cheque/AD/ECS bounce charges /Salary Overdraft (Late payment fee) | ₹ 500 |
| 2 | Charges for late payment | 5% per annum will be charged on the overdue EMI until repayment |
| 3 | Non Maintenance of Mode of Payment charges (NMMP) | ₹ 800 |
| Service Charges: | ||
| 1 | Loan processing charges (non-refundable) | Up to 2 % of the loan amount |
| 2 | Repayment mode swap charges | ₹ 500 |
| 3 | Salary Overdraft (Processing Fee) | 0.99% of the limit amount subject to a minimum of ₹ 1,999 and maximum of ₹ 2,999 |
| 4 | Loan cancellation charges | Digital lending: a. Nil – If the loan is cancelled within the free look/cooling off period (i.e. 15 days from the date of loan disbursement). Processing Fee will be non-refundable b. If the loan is cancelled after the cooling off period & before the first EMI date (i.e., from the 16th day till the first EMI date), proportionate Annual Percentage Rate (APR) will be considered with a maximum capping of ₹ 2,500 Non-digital lending: A cancellation fee of ₹ 2,500 is applicable |
| 5 | Prepayment charges/Foreclosure charges |
|
| 6 | Part payment charges |
|
| 7 | Salary Overdraft (Annual renewal fee) | ₹ 1,999 |
| 8 | Cash transaction charges | ₹ 100 at the branch |
| 9 | Duplicate NOC/No Dues Certificate charges | ₹ 250 for physical printout at the branch |
| 10 | Information utility charges (Only for corporate cases) | ₹ 300 |
| 11 | Prepayment statement charges | ₹ 200 for physical printout at the branch |
| 12 | Amortisation schedule charges | ₹ 200 for physical printout at the branch Nil for digital channels |
Loan recovery charges (if applicable): The charges given below would be applicable to retail products, except for a few, depending on the nature of the products.
| Sr. No. | Types of charges | Amount |
|---|---|---|
| 1 | Charges incurred in SARFAESI proceedings | At actuals |
| 2 | Charges incurred for sending different notices | At actuals |
| 3 | Enforcement charges | At actuals |
| 4 | Paper advertisement charges | At actuals |
| 5 | Repossession charges | At actuals |
| 6 | Security guard charges | At actuals |
| 7 | Overdue handling charges | i. ₹750 where a notice has been delivered to the communication address and a paper publication is not required ii. ₹1,700 where no notice has been delivered to the communication address and the paper publication has not taken place iii. ₹300 for sending an auction notice in addition to points i and ii iv. ₹200 for sending a loan recall notice in addition to points i and ii |
Note:
All the above charges exclude Goods and Services Tax (GST). Applicable GST, taxes and/or other statutory levies will be levied over and above charges by the Bank
Waiver can be given based on the approval matrix of the respective products as approved by the respective Product Heads/Business Heads and Delegation of Financial Powers (DFP) of DSMG/DFP for retail advances and the pricing matrix approved by ALCO
The charges/penal charges will be levied at the sole discretion of the Bank
For a Personal Loan amount of up to ₹25,000, the Processing Fee is nil for agricultural lending and for Self Help Groups (SHGs)
As per the BCSBI Code of Bank’s Commitment to Micro and Small Enterprises, the Bank will permit prepayment of fixed rate loans up to ₹50 lakh without levying any prepayment penalty. Further, the Bank will permit the prepayment of floating rate loans without levying any prepayment penalty
As per the RBI guidelines, the Bank will not charge foreclosure charges/prepayment penalties on floating rate term loans sanctioned for purposes other than businesses, to individual borrowers with or without co-borrowers
In Consumer Finance, Processing Fee/Convenience Fee for specific manufacturer schemes could be higher than ₹1,500 up to a maximum of ₹5,000. Any changes in the above Processing Fee/Convenience Fee will be approved by the Business Heads of the respective groups.
Interest Rate Range for Personal Loans for period January 2024 to March 2024 :
| Type of credit facility | Max | Min | Mean |
|---|---|---|---|
| Personal Loan Interest Rates | 19.25% p.a. | 10.70% p.a. | 13.02% p.a. |
Notes:
It includes various categories like loan amounts, customer relationships, types of corporates/businesses, etc.
It excludes subsidies, government schemes and loans disbursed under the Emergency Credit Line Guarantee Scheme (ECLGS) at the mandated interest rate of 9.25%.
Annual Percentage Rate
The Annual Percentage Rate (APR) is a method to compute annualised credit cost that includes interest rate and Processing Fee
The APR calculator does not include prepayment charges, etc.
