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Penalty charges & service charges applicable for Personal Loans, Business Instalment Loans & Salary Overdraft:
| Sr. No. | Types of charges | Amount | |
|---|---|---|---|
| Penal Charges | |||
1 |
Cheque/Auto Debit/Electronic Clearing Service bounce charges /Salary Overdraft (Late payment fee) |
₹ 500 |
|
2 |
Charges for late payment |
5% per annum will be charged on the overdue EMI (Equated Monthly Instalment) 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 |
Loan cancellation charges |
a. Nil – If the loan is cancelled within the free look/cooling off period (i.e. 15 days from the date of disbursement). Processing Fee will be non-refundable b. If the loan is cancelled after the cooling off period, cancellation fee of ₹ 2,500 is applicable |
|
4 |
Prepayment charges/Foreclosure charges |
a. 3% of the outstanding principal amount b. Nil after 12 EMIs c. For Business Instalment Loan (BIL) <= ₹50 lakh the foreclosure charges will be ‘Nil’ only for micro and small enterprises (subject to URC -Udyam Registration Certificate submission) and not for medium enterprises |
|
5 |
Part payment charges |
a. 3% + GST on the part payment amount being paid for the loan seasoning period of up to 24 months b. Nil for a loan seasoning period of above 24 months |
|
6 |
Salary Overdraft (Processing Fee) |
0.99% of the limit amount subject to a minimum of ₹ 1,999 and maximum of ₹ 2,999 |
|
7 |
Salary Overdraft (Annual renewal fee) |
₹ 1,999 |
|
8 |
Cash transaction charges |
₹ 100 at the Branch |
|
9 |
Duplicate NOC (No Objection Certificate) /NDC (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 |
|
13 |
Loan recovery charges (if applicable) |
At Actuals |
|
Note:
1. All the above charges are exclusive of Goods & Services Tax (GST). Applicable GST, taxes and/or other statutory levies shall be levied over and above the charges levied by the Bank.
2. The charges/penal charges will be levied at the sole discretion of the Bank.
3. Foreclosure/Preclosure of the loan is allowed post payment of the 1st EMI with applicable charges.
4. The minimum part payment amount should be equivalent to 3 EMIs and the maximum part payment amount should be equivalent to the loan outstanding amount excluding the last EMI.
Interest Rate Range for Personal Loans for period Apr, 2024 to June, 2024:
| Type of Credit Facility | Maximum | Minimum | Mean |
|---|---|---|---|
19.50% per annum |
10.80% per annum |
13.09% per annum |
Note:
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 (APR)
The Annual Percentage Rate (APR) is a method to calculate the annualised credit cost that includes interest rate and processing fee.
The APR calculator does not include prepayment charges, etc.
Grievance Redressal Mechanism:
ICICI Bank follows a three-level grievance redressal mechanism that is available on the website of the Bank. For details, please visit our website www.icicibank.com and navigate to Contact Us > Raise a Query/Complaint.
