Terms and Conditions for EMI @ UPI by ICICI Bank

Please click here to read the Most Important Terms & Conditions (MITC)

I. Definitions

• ‘Applicable Law(s)’ shall mean applicable statute, law, rule, regulation, ordinance, judgement, order, decree, authorisation or any published directive, guideline, notice, requirement or governmental restriction, having the force of law in any jurisdiction, including amendments made from time to time.


• ‘Available Transaction Limit’ shall mean the credit limit available on EMI @ UPI by ICICI Bank post deduction of the utilised limit from the Transaction Limit.


• ‘Business Day’ shall mean a day other than: (i) Saturday and Sunday, (ii) a day on which the Banks in Mumbai / New Delhi / Noida and / or RBI are closed for business / clearing.


• ‘Electronic Payments’ mean any mode of electronic payment such as UPI, IMPS, NEFT etc.


• ‘EMI’ or ‘Equated Monthly Instalment’ means the amount payable every month by the EMI @ UPI Customer to ICICI Bank in respect to the facility and comprises the principal amount of the facility and interest thereon.


• ‘Merchant / Vendor’ means any such Merchant or Vendor (and its successors and permitted assigns) who offers products / services and is approved by ICICI Bank to accept payment for transaction(s) initiated using EMI @ UPI by ICICI Bank as a payment mode.


• ‘MITC’ means the Most Important Terms and Conditions governing EMI @ UPI by ICICI Bank, a copy of which is provided by ICICI Bank to the customer and is available on /personal-banking/loans/smart-loan/most-important-terms-and-conditions/ ICICI Bank’s platform.


• ‘Net Banking’ means online banking facility provided by various banks.


• ‘EMI @ UPI by ICICI Bank’ means a credit facility provided by ICICI Bank to the eligible customer(s), which enables the customer(s) to avail the facility to make payments towards UPI transactions for selected Merchants and repay such facility /amount within a specified time period, with or without interest, as per the Terms and Conditions agreed between the eligible customer(s) and ICICI Bank.


• ‘Payment Due Date’ means the date on which the amount due for the purchases incurred by usage of EMI @ UPI by ICICI Bank on ICICI Bank Platform should be paid.


• ‘ICICI Bank Platform’ means the website, mobile application of Merchants and / or ICICI Bank mobile application, website or ICICI Bank’s Retail Internet Banking.


• ‘EMI @ UPI Customer(s)’ shall mean such eligible customer(s) to whom ICICI Bank has agreed to extend EMI @ UPI by ICICI Bank which includes customers who do not have any existing relationship with ICICI Bank.


• ‘Primary Terms and Conditions’ mean the terms and conditions governing EMI @ UPI by ICICI Bank issued by ICICI Bank, as is available on /personal-banking/loans/smart-loan/terms-and-conditions-for-emi-upi ICICI Bank’s Platform.


• ‘Tenure’ shall mean the time for which EMI @ UPI facility is made available by ICICI Bank, including any subsequent renewals unless revoked or cancelled.


• ‘Terms and Conditions’ means and include Primary Terms and Conditions and the Most Important Terms and Conditions and any additional terms and conditions specified by ICICI Bank, which govern EMI @ UPI by ICICI Bank.


• ‘Transaction Limit’ shall mean the credit facility limit as per consumer durables sanctioned to EMI @ UPI customer(s) on the basis of eligibility criteria laid down by ICICI Bank for undertaking scan to pay transactions via the ICICI Bank Platform.


• ‘Total Amount Due’ means and includes the outstanding amount of EMI @ UPI by ICICI Bank, all fees, costs, charges, expenses and all other sums whatsoever payable by EMI @ UPI Customer(s) to ICICI Bank in accordance with the terms herein.

II. General

• EMI @ UPI by ICICI Bank shall be provided to the EMI @ UPI Customer at the sole discretion of ICICI Bank, in accordance with Applicable Law(s) and shall be subject to fulfilment of the Terms and Conditions and any such other terms as may be stipulated by ICICI Bank, from time to time.




• By accepting these Terms and Conditions, the EMI @ UPI Customer shall permit ICICI Bank to conduct credit bureau checks and / or share their data with credit bureaus. ICICI Bank reserves the right to ascertain the creditworthiness of the EMI @ UPI Customer by obtaining credit bureau report and such other reports as may be necessary.




• EMI @ UPI by ICICI Bank is available to the EMI @ UPI Customer(s) only to shop from ICICI Bank PV and is non-transferable. The EMI @ UPI Customer(s) shall act in good faith at all times in relation to all dealings with EMI @ UPI by ICICI Bank.




• The EMI @ UPI Customer(s) agrees to be vigilant regarding the payment transactions happening through EMI @ UPI by ICICI Bank sanctioned to him / her and shall inform ICICI Bank of any misuse, fraud or theft, as soon as the same is discovered by her / him.




• The EMI @ UPI Customer(s) shall keep ICICI Bank updated on communication address, loss of handset, breach of protected information like PIN, user name, password etc.

III. Issuance and Usage:

• The EMI @ UPI Customer shall choose to apply for EMI @ UPI by ICICI Bank only through a Platform. ‘Platform’ means Retail Internet Banking, iMobile and other interfaces of ICICI Bank and of Merchants or third party partners selected by ICICI Bank. EMI @ UPI by ICICI Bank shall be extended to only such EMI @ UPI Customer(s) who are found to be eligible as per the criteria and assessment of ICICI Bank. The EMI @ UPI Customer(s) shall utilise the Transaction Limit under EMI @ UPI by ICICI Bank to make INR purchases only.




• ICICI Bank has the sole discretion to renew, revise, reduce or increase the Transaction Limit extended to EMI @ UPI Customer(s).

IV. Payment and Repayment

• All EMI @ UPI Customer(s) will be billed on a monthly basis for all purchases made by them using EMI @ UPI by ICICI Bank.




• The account statement as generated by ICICI Bank will be available on the ICICI Bank Platform.




• The EMI @ UPI Customer(s) shall repay the Total Amount Due by the Payment Due Date through Pockets Wallet, Debit Card, Net Banking and/ or any Electronic Payment mode on the ICICI Bank Platform.




• In the event the Total Amount Due is not paid within the Payment Due Date, it shall be construed as a default by the EMI @ UPI Customer(s) and he / she shall become liable to pay the amount together with additional interest and late payment charges as specified, in the next month’s account statement. Such additional interest will be computed from the Payment Due Date, subject to revision from time to time.




• In the event of non-payment, ICICI Bank in addition to levying additional interest and other charges shall block EMI @ UPI by ICICI Bank till such time that the outstanding amounts are paid in full.




• The EMI @ UPI Customer(s) shall bear Goods and Services Tax and any other statutory levies as may be applicable from time to time.

V. Event of Default

The following acts, as set out below, shall constitute an ‘Event of Default’ by the EMI @ UPI Customer(s):

• Payment Default: The default in making payment of the Total Amount Due as payable under EMI @ UPI by ICICI Bank.




• Breach of Terms: Breach of any terms and conditions, representations, warranties, covenants or occurrence of any fraud, misrepresentation or failure to submit any material information.




• Bankruptcy or Insolvency: The EMI @ UPI Customer(s) becomes bankrupt or insolvent, voluntarily or involuntarily becomes the subject of proceedings under any bankruptcy or insolvency law.




• Illegality: It is or becomes unlawful for the EMI @ UPI Customer(s) to perform any of its respective obligations.




• Death of the EMI @ UPI Customer(s).




• The existence of any other circumstances which, in the sole opinion of ICICI Bank, puts ICICI Bank's interest at risk.

VI. Consequences / Rights & Remedies of ICICI Bank

• Upon the occurrence of any event of default as specified above, ICICI Bank shall be entitled to exercise rights and remedies available to it under the Terms and Conditions.




• On the happening of any Events of Default, ICICI Bank may by giving a notice to such EMI @ UPI Customer(s):




• Terminate EMI @ UPI by ICICI Bank and call upon the EMI @ UPI Customer(s) to pay the Total Amount Due immediately.




• Suspend further access to EMI @ UPI by ICICI Bank or freeze the same.




• ICICI Bank reserves the right to engage one or more persons to collect the EMI @ UPI Customer’s outstanding dues. ICICI Bank may submit to such person(s) such information, facts and figures pertaining to EMI @ UPI by ICICI Bank of such EMI @ UPI Customer(s), as it may deem fit.




• ICICI Bank reserves the right to call upon the successors / legal heirs of the EMI @ UPI Customer(s) to pay the Total Amount Due and any other charges in full to ICICI Bank in the event of the EMI @ UPI Customer’s death. ICICI Bank shall have the same rights as against the legal heirs / successors of such EMI @ UPI Customer(s).




• In addition to above, ICICI Bank reserves the right to initiate legal proceedings against such EMI @ UPI Customer(s).

VII. Representations, Warranties and Covenants

• The EMI @ UPI Customer(s) by applying for EMI @ UPI by ICICI Bank agrees to abide by the Terms and Conditions as mentioned herein, until such time that the EMI @ UPI Customer(s) uses EMI @ UPI by ICICI Bank.




• The EMI @ UPI Customer(s) agrees to have read, understood and accepted these Terms and Conditions and is aware that these Terms and Conditions are also available on /personal-banking/loans/smart-loan/terms-and-conditions-for-emi-upi




• EMI @ UPI Customer(s) agrees to avail EMI @ UPI by ICICI Bank on the precondition that he / she will not use EMI @ UPI by ICICI Bank or any part thereof, towards repayment of ICICI Bank / any other bank Credit Card or for any other purpose except as mentioned under the Terms and Conditions.




• The EMI @ UPI Customer(s) agrees that he / she has understood the method of calculation of additional interest and other charges as levied in cases wherein the Total Amount Due has not been paid by the Payment Due Date.




• The EMI @ UPI Customer(s) agrees and confirms that ICICI Bank shall not be liable in any manner to the EMI @ UPI Customer(s) for failure or delay in providing the EMI @ UPI facility by ICICI Bank.




• All information provided by the EMI @ UPI Customer(s) to ICICI Bank is true and correct and he / she shall promptly notify ICICI Bank on the occurrence of any event which leads to any information becoming untrue or incorrect.




• The EMI @ UPI Customer(s) shall use EMI @ UPI by ICICI Bank only for the purchases made on the ICICI Bank Platform from such Merchants / Vendors who have been authorised by ICICI Bank to accept the payment through EMI @ UPI by ICICI Bank.




• The EMI @ UPI Customer(s) shall promptly notify ICICI Bank of any action or steps taken or any legal, administrative or other proceedings started / threatened by or against EMI @ UPI Customer(s) in any court of law.




• The EMI @ UPI Customer(s) shall promptly and not later than 7 days from the occurrence of such event, notify ICICI Bank in writing with full details of all or any change(s) of details or personal information.

VIII. Right of Set-off & Lien

• ICICI Bank and its group companies shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits of any kind and nature held / balances lying in any other account(s) of the EMI @ UPI Customer(s) maintained with ICICI Bank and / or its group companies, whether in single name or joint name(s) and on any monies, securities, bonds and all other assets, documents and properties held by / under the control of ICICI Bank and / or its group companies (whether by way of security or otherwise pursuant to any contract entered / to be entered into by the EMI @ UPI Customer(s) in any capacity) towards the satisfaction of the EMI @ UPI Customer(s) liability. ICICI Bank and / or its group companies are entitled without any notice to the EMI @ UPI Customer(s), to settle any indebtedness whatsoever owed by the EMI @ UPI Customer(s) to ICICI Bank and /or its group companies, (whether actual or contingent or whether primary or collateral or whether joint and / or several) hereunder or under any other document / agreement, by adjusting, setting-off any deposit(s) and /or transferring monies lying to the balance of any account(s) held by the EMI @ UPI Customer with ICICI Bank and / or its group companies notwithstanding that the deposit(s) / balances lying in such account(s) may not be expressed in the same currency as such indebtedness. The rights of ICICI Bank and its group companies hereunder shall not be affected by the EMI @ UPI Customer’s bankruptcy, death or winding-up. It shall be the EMI @ UPI Customer’s sole responsibility and liability to settle all disputes / objections with any such joint account holders.




• In addition to the above mentioned right or any other right which ICICI Bank and its group companies may at any time be entitled whether by operation of law, contract or otherwise, ICICI Bank is authorised / will be entitled: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the EMI @ UPI Customer(s) with or to any Branch of ICICI Bank and / or its group companies; (b) to institute any judicial proceedings in case of non-payment of outstanding dues from the EMI @ UPI Customer(s).

IX. Repayment

• There will be three modes of repayment. An EMI @ UPI Customer(s) can avail auto debit facility, E-Nach and UPI mandate for repaying the Total Amount Due under EMI @ UPI by ICICI Bank. On availing the auto debit facility, the bank account of such EMI @ UPI Customer(s) will be debited for the Total Amount Due as mentioned in the account statement, on the Payment Due Date. In case the Payment Due Date is not a Business Day, the bank account shall be debited on the next Business Day. In the event the bank account does not have sufficient funds on the Payment Due Date, the EMI @ UPI Customer(s) shall be liable to pay all the charges applicable in addition to the Total Amount Due as generated in the next month’s account statement. The EMI @ UPI Customer(s) agrees and confirms that all the particulars submitted to ICICI Bank by him / her for availing the auto debit facility shall be correct and complete. ICICI Bank shall not be liable if the auto debit transaction is delayed or not effected at all for reasons of incomplete or incorrect information or for any reason whatsoever.

X. Cancelled Transactions

• In the event of cancellation of goods / services purchased through EMI @ UPI by ICICI Bank, the EMI @ UPI Customer(s) shall pay for the purchases made as it appears in the account statement as generated by ICICI Bank.




• In the event of a cancellation request made by an EMI @ UPI Customer / Merchant / ICICI Bank, the amount for such cancelled transaction shall only be credited to the Customer’s EMI @ UPI by ICICI Bank Account as and when the same is received by ICICI Bank from the Merchants.

XI. Indemnity

• The EMI @ UPI Customer(s) agrees to indemnify and hold ICICI Bank and its Affiliates harmless from and against all losses, damages, costs, claims and expenses whatsoever which ICICI Bank may at any time incur, sustain, suffer or is likely to suffer in connection with or as a consequence of or by reason of providing EMI @ UPI by ICICI Bank to the EMI @ UPI Customer(s). The EMI @ UPI Customer(s) will pay ICICI Bank and / or the Affiliates such amount as may be determined by ICICI Bank and / or the Affiliates to be sufficient to indemnify it against any such loss or expenses.




• Further, the EMI @ UPI Customer(s) agrees to indemnify, defend and hold harmless ICICI Bank and its Affiliates against any claim, suit, action or other proceeding brought against ICICI Bank or its Affiliates by a third party to the extent that such claim, suit, action of other proceeding brought against ICICI Bank and its Affiliates is based on or arises in connection with: a violation of the Terms contained herein; any alterations or any unauthorised use of EMI @ UPI by ICICI Bank; any misrepresentation or breach of representation, warranty or covenant made by the EMI @ UPI Customer(s) as contained herein.

XII. Exclusion of Liability

• In no event shall ICICI Bank be liable to the EMI @ UPI Customer(s) for any special, incidental, indirect, punitive or consequential damages whatsoever (including, without limitation, damages or loss of goods or services, loss of business profits, business interruption, loss of information, or any other pecuniary loss) arising out of the use of or inability to use or access of EMI @ UPI by ICICI Bank or for any security breach or any virus, bug, unauthorised intervention, defect or technical malfunctioning of the ICICI Bank Platform and / or ICICI Bank’s systems, whether or not foreseeable and whether or not ICICI Bank has been advised of the possibility of such damages, or based on any theory of liability, including breach of contract or warranty, negligence or other tortious action or any other claim arising out of or in connection with the use of or access to EMI @ UPI by ICICI Bank. Further, ICICI Bank shall not be liable to the EMI @ UPI Customer(s) for any temporary disablement, permanent discontinuance of the services by ICICI Bank or for any consequences resulting from such actions.




• Further, without prejudice to the remedies available to ICICI Bank under the Terms and Conditions, ICICI Bank shall be under no liability whatsoever to the EMI @ UPI Customer(s) in respect of any loss or damage arising directly or indirectly out of:




• Any defect in any goods or services supplied;




• Delay in delivery or non-receipt of goods or services purchased;




• The refusal of any Merchant to honour or accept EMI @ UPI by ICICI Bank as a mode of payment;




• The malfunction of any computer terminal;




• Acts done by ICICI Bank on the instruction by any person impersonating as an EMI @ UPI Customer(s);




• The exercise by ICICI Bank of its right to terminate EMI @ UPI by ICICI Bank;




• Any injury to the credit character and reputation of the EMI @ UPI Customer(s) alleged to have been caused by the closure of the EMI @ UPI by ICICI Bank and / or the refusal of any merchant / mail order establishment to honour or accept EMI @ UPI by ICICI Bank;

  • ICICI Bank holds out no warranty or makes no representation about the quality, delivery or otherwise of the goods or services.
  
  
  • Any dispute or claim arising in relation to the goods or services purchased by the EMI @ UPI Customer(s) must be resolved by ICICI Bank / Merchant. The existence of the claim or dispute shall not relieve the EMI @ UPI Customer of his / her obligation to pay the dues to ICICI Bank.
  
  
  • In the event a demand or claim for settlement of Total Amount Due from the EMI @ UPI Customer is made, either by ICICI Bank or any person acting on behalf of ICICI Bank, the EMI @ UPI Customer(s) agrees and acknowledges that such demand or claim shall not amount to an act of defamation or an act prejudicial to or reflecting upon the character of the EMI @ UPI Customer(s), in any manner.
  
  

XIII. Termination

• The EMI @ UPI Customer(s) may discontinue / terminate EMI @ UPI by ICICI Bank by raising a request on an ICICI Bank Platform. On raising a request for termination of EMI @ UPI by ICICI Bank, the EMI @ UPI Customer(s) shall be liable to pay the Total Amount Due and all such other charges whether or not already reflected in the account statement.




• ICICI Bank may at any time with or without notice, withdraw, terminate and / or suspend the EMI @ UPI by ICICI Bank at any time or in case of an event of default.

XIV. Notices and Complaints 

• All notices, requests, demands, waivers, complaints, queries and other communications required or permitted to be given hereunder in relation to EMI @ UPI by ICICI Bank under the Terms and Conditions, shall be submitted to ICICI Bank as per the Grievance Redressal Mechanism accessible at /complaints/complaints.page. Any other notices, requests, demands, waivers, complaints, queries and other communications arising out of any acts or omissions of the Merchants / Vendors to whom the payment was made using the EMI @ UPI by ICICI Bank services, shall be resolved between the EMI @ UPI Customer(s) and such Merchant only and ICICI Bank shall have no responsibility or liability whatsoever in this regard. ICICI Bank shall be responsible for all service related issues pertaining to EMI @ UPI as a facility. EMI @ UPI Customer Care Centre shall be accessible to all EMI @ UPI Customer(s) in case of any issues / disputes arising. ICICI Bank’s dispute resolution policy in such matters shall be final and binding.


• Contact Particulars of Customer Care Centres: All EMI @ UPI by ICICI Bank queries and grievances shall be routed to Phone Banking contact details 1800 1080 and e-mail address for level 1: customer.care@icicibank.com


• Grievances Redressal / Complaints / Escalations: In the event that you are not satisfied with our services, you may register your grievance by (i) visiting ‘Complaint Form’ at www.icicibank.com or (ii) calling our Customer Care number or (iii) If you are dissatisfied with the responses you received after following the first two levels of the complaint mechanism, you may write further to Ms Sharlet Malvankar, Principal Nodal Officer. You may do so by mailing a physical ‘Complaint Form’ or by sending an e-mail or writing to:


• ICICI Bank Limited, Bandra Kurla Complex, Mumbai, India – 400051. 


• In all your communications with us, please mention your registered mobile number.


• E-mail ID: digitallending@icicibank.com, Telephone No.: 022- 39337979.


• Complete Postal Address of the Bank: ICICI Bank Limited, Bandra Kurla Complex, Mumbai, 400051, India



• Toll-free Number for Grievance Redressal: In the event you are not satisfied with our services, you may register your grievance by dialing our toll-free number 1800 1080 between 9 a.m. and 6 p.m. from Monday to Friday. Press 1 and then enter the Service Request Number (numeric digits only) which should not be more than 2 months old.

XV. Dispute Resolution

• Any claim or dispute whatsoever (whether in contract, tort or otherwise) arising out of or in connection under the terms of facility, including any question regarding its construction, meaning, existence, validity, breach, recall, recovery or termination, shall be resolved and settled by mediation or conciliation (if the Borrower(s) and ICICI Bank agree to such mediation or conciliation), administered in accordance with the applicable mediation or conciliation rules of an independent online dispute resolution institution listed on ICICI Bank Limited website (“ODR Institutions”). Any party may appoint any listed ODR Institutions to facilitate mediation or conciliation. If one Party appoints an ODR institution before the other, the ODR institution appointed by the first Party shall be binding on other party. If the Borrower(s) and ICICI Bank do not agree to mediation or conciliation , or if the mediation or conciliation fails to resolve the claim or dispute within the period stipulated in such rules or within a period of 21 days from the date of notice of appointment of mediator or conciliator (whichever is earlier), then the claim or dispute shall be taken forward for adjudication by arbitration in terms of the applicable rules of said ODR Institution, and in accordance with the Arbitration and Conciliation Act, 1996, which shall be conducted (including for recording of evidence or tendering of documents), concluded and administered online by ODR Institution through its website/platform or mobile application. The arbitral tribunal shall consist of an independent sole arbitrator appointed in accordance with the applicable arbitration rules of the ODR Institution. The seat of arbitration proceedings shall be Mumbai. The law governing the arbitration proceedings shall be Indian law. The procedural law of arbitration shall be rules of ODR Institution.

XVI. Disclaimer

• The products, services and offers referred to herein are subject to the Terms and Conditions governing them as specified by ICICI Bank / third party from time to time and are offered at the sole discretion of ICICI Bank / third party. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to purchase any products / services of ICICI Bank / third party. ICICI Bank makes no representation about the quality, delivery, usefulness or otherwise of the goods / services offered by the third party.




• ICICI Bank may, at its sole discretion, utilise the services of external service provider(s) or agent(s). Misuse of any intellectual property or any other content displayed herein is strictly prohibited.

 XVII. Disclosure

• ICICI Bank shall be absolutely entitled to disclose any information relating to the EMI @ UPI Customer(s) (including personal information), details in relation to loans, defaults, obligations, to any governmental / regulatory / statutory body or private agency / entity, credit bureau(s), ICICI Bank’s other branches / subsidiaries / affiliates / group companies, service providers, other banks / financial institutions and / or any third parties, through written or oral communication including paper publication (with or without photographs) or as required under the applicable law, for KYC information verification, credit risk analysis and / or for continuing to provide various products and services to the EMI @ UPI Customer(s). In this connection, the EMI @ UPI Customer waives the privilege of privacy and privity of contract. CIBIL and / or any other agency so authorised may use and / or process the above information and data disclosed by ICICI Bank in any manner as deemed fit by them.




• The EMI @ UPI Customer(s) hereby gives specific consent to ICICI Bank for submitting / disclosing the ‘financial information’ as defined in Section 3(13) of the Insolvency and Bankruptcy Code, 2016 (IBC), in respect of EMI @ UPI by ICICI Bank availed by the EMI @ UPI Customer(s), from time to time, to Information Utilities as defined in Section 3(21) of the IBC. The EMI @ UPI Customer(s) agrees and undertakes that it shall promptly authenticate ‘financial information’ submitted by ICICI Bank as and when requested by the Information Utilities.




• In case the EMI @ UPI Customer(s) commits any default in payment or repayment of the principal amount of EMI @ UPI by ICICI Bank or interest / charges due thereon, ICICI Bank and / or RBI will have an unqualified right to disclose or publish the details of such default along with the name of the EMI @ UPI Customer(s) as a defaulter in such manner and through such media as ICICI Bank and / or RBI may in their absolute discretion think fit.




• The EMI @ UPI Customer(s) authorises ICICI Bank and all its group companies and their agents to exchange, share or part with all the information and details relating to his / her existing loans and / or repayment history to other ICICI group companies, banks, financial institutions, credit bureaus, agencies, statutory bodies etc. as may be required or as they may deem fit and shall not hold ICICI Bank (or any of its group companies or its / their / agents / representatives) liable for use / sharing of this information.




• The EMI @ UPI Customer(s) unconditionally and irrevocably authorises (i) ICICI Bank, (ii) its group companies, (iii) its agents, and / or (iv) its representatives, to: collect, access, store, use, share, exchange and process all information and records (including personal information) received (from him / her and / or external sources) while facilitating EMI @ UPI by ICICI Bank, for (i) providing EMI @ UPI by ICICI Bank, (ii) analysis, (iii) credit scoring, verification and fraud detection.

XVIII. Miscellaneous

• ICICI Bank may, at its sole discretion, amend or supplement the Terms and Conditions (due to regulatory / statutory reasons or otherwise) and / or features or benefits offered on the facility, at any time and may notify the EMI @ UPI Customer(s) of any such revisions / changes in any manner, digital or otherwise, as it may deem appropriate. The EMI @ UPI Customer(s) agree to be bound by such revisions / changes unless the facility is repaid / cancelled before the date on which the revisions / changes are made.




• ICICI Bank may assign, in whole or in part, the benefits or obligations of these Terms and Conditions to its affiliates or any other company for the reasons including but not limited to, pursuant to a restructuring or re-organisation or demerger of its organisation or operations causing a change in management or any other reason whatsoever.




• The EMI @ UPI Customer(s) shall not assign, in whole or in part, the benefits or obligations of EMI @ UPI by ICICI Bank if issued to him / her.




• No delay or omission by ICICI Bank in exercising any of its rights, powers or remedies under the Transaction Documents shall impair the right, power or remedy or be construed as its waiver or acceptance by ICICI Bank.




• Notwithstanding any suspension or termination of EMI @ UPI by ICICI Bank, all rights and remedies of ICICI Bank as per the Terms and Conditions shall continue to survive until the receipt of the Total Amount Due and any other charges in full to the satisfaction of ICICI Bank.




• Any provision hereunder, which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of the prohibition or unenforceability but that shall not invalidate the remaining provisions of the Terms and Conditions or affect such provision in any other jurisdiction.




• Details of the additional interest, late payment charges, Goods and Services Tax and other statutory levies applicable on EMI @ UPI by ICICI Bank shall be as per the account statement generated by ICICI Bank. Details of all other charges shall be as per the MITC.




• The competent courts in Mumbai shall have exclusive jurisdiction to deal with any dispute that may arise out of the Terms and Conditions or in respect of EMI @ UPI by ICICI Bank. The existence of a dispute, if any, shall not constitute a claim against ICICI Bank.




• The Terms and Conditions governing EMI @ UPI by ICICI Bank shall be in addition to and not in substitution or derogation to the MITC.




• In the event of any disagreement or dispute between ICICI Bank and the EMI @ UPI Customer(s) regarding the materiality of any matter, the opinion of ICICI Bank shall be final and binding on the EMI @ UPI Customer(s).

XIX. Acceptance

• The EMI @ UPI Customer(s) hereby expressly acknowledges and confirms that he / she has read, verified, understood and accepted the Terms and Conditions, online by ticking / clicking the ‘I agree’/ ‘Agree’/ ‘Agree and Proceed’ or ‘I agree and accept’ or any similar icon / tab / option online as well as by entering the iMobile PIN sent to the EMI @ UPI Customer’s registered mobile number.

XX. KYC

• In compliance with the rule 9B of the Prevention of Money Laundering (Maintenance of Records) Rules, you are required to intimate us if there is any change in your KYC details along with updated documents (i.e. address, contact details, profile, etc.) within a period of 30 days from the date the change was made. Once you intimate us, we will make necessary changes in our records. Any update can be intimated to the Bank by Internet banking/Branch.

Annexure

Consumer education literature for concepts of special mention accounts (SMA) and non-performing assets (NPA) classification

• Reserve Bank of India (RBI) periodically issues guidelines to lending institutions on income recognition and asset classification. ICICI Bank (the Bank) offers various types of loans and asset related services to its customers, as per internal policies of the Bank and in compliance with the RBI guidelines.


• It is important for customers to repay their loan dues on time to maintain a healthy credit score.

A. Irregular/overdue accounts

• The loans/credit facilities granted by the Bank have a pre-fixed repayment schedule as mentioned in the loan agreements, loan statements, communications or other related documents.


• The loan account is considered as ‘irregular/overdue’ by the Bank, if the principal amount of loan, interest thereon, equated monthly installment (EMI) or minimum amount due on credit card is not paid on the due date.


• For instance, if due date for a loan account is March 31, 2022 and full dues are not received on the same date, the date of irregularity (overdue) shall be March 31, 2022.

B. Special mention accounts (SMA) reporting

The irregular/overdue accounts are classified as SMA (reporting at borrower level) as follows:

Example: If the due date for a loan account is March 31, 2022 and the entire dues are not paid by the borrower, the account would be reported as:

SMA-0: During March 31, 2022 to April 29, 2022

SMA-1: During April 30, 2022 to May 29, 2022

SMA-2: During May 30, 2022 to June 28, 2022

The Bank reports to RBI the asset classification including SMA status at month-end to Central Repository of Information on Large Credits (CRILC) for all borrowers with aggregate exposure of ₹ 50.0 million or above on a monthly basis. The Bank also submits a weekly report of instances of default by borrowers (with aggregate exposure of ₹ 50.0 million and above) at the end of business hours on every Friday, or the preceding working day, if Friday happens to be a holiday.

Further, the overdue position for the loan accounts is also reported to credit bureaus.

C. Classification of non-performing asset (NPA)

1) Based on ageing of irregularity/overdues

As per RBI guidelines (issued on October 1, 2021), a non-performing asset (NPA) is a loan or an advance where:

• Interest and/or instalment of principal remains overdue for a period of more than 90 days in respect of a term loan,




• The account remains ‘out of order’, in respect of an Overdraft/Cash Credit (OD/CC),




• The bill remains overdue for a period of more than 90 days in the case of bills purchased and discounted,




• The instalment of principal or interest thereon remains overdue for two crop seasons for short duration crops,




• The instalment of principal or interest thereon remains overdue for one crop season for long duration crops,




• In respect of derivative transactions, the overdue receivables representing positive mark-to-market value of a derivative contract, if these remain unpaid for a period of 90 days from the specified due date for payment.

An account is treated as 'out of order' if:

• The outstanding balance in the CC/OD account remains continuously in excess of the sanctioned limit/drawing power for 90 days, or




• The outstanding balance in the CC/OD account is less than the sanctioned limit/drawing power but there are no credits continuously for 90 days, or




• The outstanding balance in the CC/OD account is less than the sanctioned limit/drawing power but credits are not enough to cover the interest debited during the previous 90 days period. The ‘previous 90 days period’ for determination of ‘out of order’ status of a CC/OD account shall be inclusive of the day for which the day-end process is being run.

2) Restructuring

• Restructuring is an act in which lending institutions grant a concession to the borrower under financial difficulty for economic or legal reasons. Restructuring may involve modification of terms of the advances/securities, which would generally include, among others, alteration of payment period/payable amount/the amount of instalments/rate of interest, roll over of credit facilities, sanction of additional credit facility/release of additional funds for an account in default to aid curing of default/enhancement of existing credit limits, compromise settlements where time for payment of settlement amount exceeds three months.


• In case of restructuring, a loan account classified as 'standard' is immediately downgraded to NPA.


• However, accounts restructured under specific scenarios like project under implementation, natural calamity, Resolution Framework for Covid-19 related stress are considered as ‘standard’ and not downgraded to NPA as per the RBI guidelines.

3) Other reasons for NPA classification

• Non-commencement of commercial operations within the scheduled date and the grace period permitted by RBI.




• Detection of fraud in the loan account.




• Accounts identified as NPA as per host-country norms followed by overseas branches of the Bank.




• Non-review/renewal of working capital credit limits within 180 days from the due date of previous sanction.

If a loan account of a borrower is classified as NPA, all other accounts of the same borrower/co-borrower are also classified as NPA, irrespective of overdue status in other accounts.

Advances against term deposits, National Savings Certificates (NSCs) eligible for surrender, Indira Vikas Patra (IVPs), Kisan Vikas Patra (KVPs) and life policies are not identified as NPAs, provided adequate margin is available in the accounts.

Based on the ageing of the loan as NPA, the accounts are further classified as:

*DPD: days-past-due

2. No dues paid

• Note: 1. The SMA status may be upgraded on payment of dues by the borrower.

• 2. The appropriation of recovery would be done for the oldest overdue as per first-in-first-out (FIFO) basis.

• 3. Partial dues paid (after NPA)

The above examples are illustrative covering common scenarios and not exhaustive and subject to change based on the RBI guidelines. The asset classification of the borrowers would be determined based on the prevailing RBI guidelines including Master Circular issued by RBI on income recognition, asset classification and provisioning pertaining to advances.

F. Clarifications

The borrowers may contact their relationship manager, branches or customer care for further clarifications about the overdue/irregularity details and related implications.