Penalty charges and service charges applicable for Personal Loans, Business Instalment Loans and Salary Overdraft:
| Sr. No. | Types of charges | Amount |
|---|---|---|
| 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). The Processing Fee will be non-refundable. b. If the loan is cancelled after the cooling off period, a cancellation fee of ₹ 2,500 is applicable. |
4 |
Prepayment charges/Foreclosure charges. |
a. 3% of the outstanding principal amount. b. Nil after 12 EMIs paid. c. For Business Instalment Loan (BIL) <= ₹50 lakh the foreclosure charges will be Nil only for Micro and Small Enterprises (subject to submission of URC, i.e. Udyam Registration Certificate) and not for Medium Enterprises. |
5 |
Part payment charges. |
a. 3% + GST on the part payment amount being paid for a 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. |
| Penal Charges | ||
|---|---|---|
1 |
Cheque/Auto Debit/Electronic Clearing Service bounce charges (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 |
4 |
Charge for unpaid interest amount/ Overdrawn amount. |
5% per annum will be charged on the unpaid interest amount or on the overdrawn amount. |
Note
1. All the above charges are exclusive of Goods and Services Tax (GST). Applicable GST, other taxes and/or other statutory levies/charges 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 / Pre-closure 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 outstanding loan amount excluding the last EMI.
5. A maximum of 3 part payment requests are allowed in a financial year.
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.