Commercial Vehicle Loan Service Charges and Fees
Service charges effective 01 April 2026
| S.No | Name of Charge | Charge Amount or Narration |
|---|---|---|
1 | Penal charges 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. |
2 | Penal Charge for dishonour of Cheque or AD or ECS or NACH per transaction | ₹500/- charges per instance of bounce/return/dishonour of cheques and/or any payment instruction including AD/ECS/NACH/E-mandate. |
3 | Cash transaction charges (for repayment of Equated Monthly Instalment (EMI) due in cash at branches) | Cash transaction charges (for repayment of EMI due in cash at branches) ₹100/- |
4 | CERSAI Charges Non-refundable charges under Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) | 1. For Loan upto 5L: ₹ 50/-
2. For Loan above 5L : ₹100/- (Applicable only for non-registered assets) |
5 | Charge for Loan Documentation | ₹500/- |
6 | Registration Certificate (RC) collection fee | ₹600/- |
7 | Charges for Amortization Schedule | ₹200/- for physical print out, Nil for digital channels |
8 | Charge for Duplicate No Objection Certificate or No Due Certificate | Charge for Duplicate No Objection Certificate (NOC) ₹250/- |
9 | Charge for Prepayment or Foreclosure statement | ₹200/- for physical print out at the branch |
10 | Charges for Statement of account | ₹200/- for physical print out at the branch |
11 | Charge for Revalidation of No Objection Certificate (NOC) | ₹250/- |
12 | Information utility charges (Only for corporate cases) | ₹300/- |
13 | Loan Cancellation charges | 1. Digital Lending - NIL Cancellation within Free Look/ Cooling off period, Cancellation post cooling Period and Before 1 EMI date (i.e. from 16th day till 1st EMI date) – ₹2,500/-
2. Non Digital - ₹2,500/- |
14 | NOC for conversion of Petrol to LPG/CNG | NOC for conversion of Petrol to LPG/CNG Commercial Business ₹250/- |
15 | NOC to convert from private to commercial or commercial to private charges | NOC to convert from private to commercial or commercial to private charges - ₹250/- |
16 | Part prepayment Charges | a)Nil for loan seasoning above 24 months
b)3% for loans seasoning up to 24 months |
17 | Loan Processing Fee (Non Refundable) | Upto 2% of loan amount |
18 | Charge for repayment mode swap | ₹500/- |
19 | Charge for Prepayment or Foreclosure | a)4% on amount being prepaid
b)Nil for eligible Micro and Small segment customers |
20 | Valuation Fee | a. Used Commercial vehicle ₹1,200/- |
Loan related recovery charges (If applicable)
| S No | Name of Charge | Charge Amount / Narration |
|---|---|---|
| 1 | Charges incurred in SARFAESI proceedings | At actuals +applicable GST |
| 2 | Charges incurred in sending different notices | At actuals +applicable GST |
| 3 | Enforcement charges | At actuals +applicable GST |
| 4 | Paper advertisement charges | At actuals +applicable GST |
| 5 | Repossession charges | At actuals +applicable GST |
| 6 | Security guard charges | At actuals +applicable GST |
Penal Charges Guidelines:
The RBI through its Circular No. RBI/2023-24/53 dated 18 August 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 or 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 01 April 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 30 June 2024, whichever is earlier. The revised charges are as below:
Penal Interest before April 1, 2024 | Applicable penal charges |
|---|---|
| 24% per annum | 5% per annum |
Note:
- All above penal and service charges are exclusive of Goods & Service Tax (GST). Applicable GST, taxes and/or other statutory levies shall be levied over and above penal and service charges by the Bank.
- As per the clarification issued by CBIC vide GST circular no. 245/02/2025 dated January 28,2025, penal charges levied by the banks for non-compliance with material terms and conditions of the loan contract are exempt from GST.
- As per BCSBI code of bank’s commitment to Micro and Small Enterprise, the Bank will permit prepayment of fixed rate loans up to 50 lakhs without any prepayment penalty.
- No foreclosure/pre-payment charges (including part prepayment and without any minimum lock-in period) on all floating rate loans and advances for individuals and MSE, with or without co-obligant(s).
- Stamp Duty will be applicable as per actual. as per State Stamp Duty Act applicable for the state
- The charges or fees given in above table are subject to change and the one recorded in loan application or agreement will be final and binding.
- ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion
Flow of credit to Micro and Small Enterprises (MSEs):
Time frame for Disposal of Loan Application Form (MSE Borrower) is as below: (from the date of receipt, provided your application is complete in all respects and is accompanied by documents as per 'check list' provided) | |
|---|---|
Up to ₹25 lakh | within 14 working days |
Above ₹25 lakh | within 6 weeks |
Important points:
- Goods and Services Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates, in addition to the above mentioned charges
- 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
- Interest Reset clause: Not Applicable
- The charges are applicable for all customers from 31 March 2016
- Stamp duty charges shall be extra, as applicable
- ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion
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 March 2026 | Minimum | Maximum | Mean |
|---|---|---|---|
| Commercial Vehicle Loan | 8.05% | 14.85% | 9.72% |
- The range of interest rates provided above is with respect to loans to individuals disbursed during Quarter 4 - FY: 2025–26.
- 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.