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Commercial Vehicle Loan Service Charges & Fees
Service charges effective May 1, 2024
| S.No | Name of Charge |
Charge Amount / Narration |
1 |
Penal charges for late payment |
5% per annum + applicable GST will be charged on the overdue EMI until repayment which may be payable pursuant to the applicable laws and terms and conditions. |
2 |
Penal Charge for dishonour of Cheque/AD/ECS/NACH per transaction |
₹500/- charges + applicable GST 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 EMI due in cash at branches) |
₹100/- + applicable GST |
4 |
CERSAI Charges Non-refundable charges under Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) |
₹100/- + applicable GST (Applicable only for non-registered assets) |
5 |
Charge for Loan Documentation |
₹500/- + applicable GST |
6 |
Registration Certificate (RC) collection fees |
₹600/- + applicable GST (for registered assets) |
7 |
Charges for Amortization Schedule |
₹200/- + applicable GST for physical print out, Nil for digital channels |
8 |
Charge for Duplicate No Objection Certificate / No Due Certificate |
₹250/- + applicable GST |
9 |
Charge for Prepayment or Foreclosure statement |
₹200/- + applicable GST for physical print out at the branch |
10 |
Charges for Statement of account |
₹200/- + applicable GST for physical print out at the branch |
11 |
Charge for Revalidation of No Objection Certificate (NOC) |
₹250/- + applicable GST |
12 |
Information utility charges (Only for corporate cases) |
₹300/- + applicable GST |
13 |
Loan Cancellation charges |
1. Digital Lending - NIL Cancellation within Free Look / Cooling off period, Cancellation post cooling Period & Before 1 EMI date (i.e. from 16th day till 1st EMI date) – ₹2,500/- + applicable GST 2. Non Digital - ₹2,500/- + applicable GST |
14 |
NOC for conversion of Petrol to LPG/CNG |
₹250/- + applicable GST |
15 |
NOC to convert from private to commercial or commercial to private charges |
₹250/- + applicable GST |
16 |
Part prepayment Charges |
a)Nil for loan seasoning above 24 months b)3%+ applicable GST (of part payment amount) for loans seasoning up to 24 months |
17 |
Loan Processing Fee (Non Refundable) |
Upto 2% + applicable GST of loan amount |
18 |
Charge for repayment mode swap |
₹500/-+ applicable GST |
19 |
Charge for Prepayment/ Foreclosure |
a)4% on POS + applicable GST |
20 |
Valuation Fee |
a. Used Commercial vehicle Rs. 1,200/-* + applicable GST |
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 |
7 |
Non Maintenance of Mode of Payment charges (NMMP) |
₹800/-+ applicable GST |
Note:
All above charges are exclusive of Goods & Services Tax (GST). Applicable GST, taxes and/or other statutory levies shall be levied over and above charges by the Bank.
Nil Prepayment charges on all fixed rate loans if loan is booked under priority sector lending and Borrower(s) type is Small or Micro & Loan amount is less than or equal to ₹50 Lacs. Further, Nil prepayment charges on all floating rate loans if Borrower(s) type is Small or Micro in accordance with MSE Code of Commitment.
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 / agreement will be final binding
Penal Charges Guidelines:
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, the above mentioned shall 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 shall 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 |
*Goods and Services Tax and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above the mentioned penal charges.
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 Mar 31, 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
* Nil Prepayment charges on all fixed rate loans if loan is booked under priority sector lending and Borrower(s) type is Small or Micro & Loan amount is less than or equal to Rs. 50 Lacs. Further, Nil prepayment charges on all floating rate loans if Borrower(s) type is Small or Micro in accordance with MSE Code of Commitment.
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 December-2023 | Minimum | Maximum | Mean |
|---|---|---|---|
| Commercial Vehicle Loan | 8.95% | 17.00% | 10.38% |
- The range of interest rates provided above is with respect to loans to individuals disbursed during Quarter 3 - FY: 2023-24.
- 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.
