RBI guidelines on floating rate loans

• As per the Reserve Bank of India (RBI) Circular No. RBI/2023-24/55 dated Aug 18, 2023, the options mentioned below are available for the customer, prior to execution of the rate reset

1. Change in tenure of the Loan
2. Change in EMI of the Loan
3. Change in tenure and EMI of the Loan
4. Switch from the existing floating rate of interest to a fixed rate of interest by availing the conversion option. An applicable conversion fee as specified in the transaction documents, will be charged for the same.

If the interest rate is being revised for your Loan Account, you can opt for any of the above options before the reset date by visiting any ICICI Bank Loan Servicing Branch or Customer Care. Your request will be processed, basis the option chosen by you or as per the agreed Terms and Conditions. In case no request is received before the reset date, then the rate reset will be executed as per the agreed Terms and Conditions and the same will be intimated post reset.

In addition to the above, please note the following:

1. You can go in for part payment of the loan without any part payment charges. The minimum part payment amount should be equivalent to one EMI
2. You can opt for full prepayment of the loan any time during the tenure of the loan, subject to applicable prepayment charges for fixed rate loans.