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Paylater Charges
Bill Cycle - Paylater |
The Bill Cycle for Paylater is fixed between 17th of the month to 16th of the subsequent month. (subject to 17th being a business day, as per definition and if it is not a business day, then it shall be generated on the preceding/following business day). |
Payment Due Date - Paylater |
The Payment Due Date for payment of Billing Statements being 14 days from date of bill generation. (subject to the date being a business day, as per definition and if it is not a business day, then it shall be generated on the preceding/following business day). |
Activation Charges |
Services Charges |
Goods & Service Tax |
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Rs 500 + applicable taxes (one-time at the instance of limit activation). |
A service charge of Rs 75 + applicable taxes shall be levied on every Rs 3000 of monthly spends on your ICICI Bank PayLater Account; applicable on monthly spends of Rs 3000 & above, effective from the Apr 2022 statement. For illustration:
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18% (applicable on all fees, interest, surcharge and other charges). |
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Activation Charges |
Goods & Service Tax |
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Rs 250 + applicable taxes, as per the bill cycle. Late payment charges are applicable if the Total Amount Due is not paid by the Payment Due Date |
3% per month (i.e. 42.8% annual rate) on the outstanding amount A Default Charge shall be levied if the Total Amount Due is not paid by the Payment Due Date. Such a default charge shall be charged from the Payment Due Date till such time as the outstanding amounts are paid in full. The default rate of Charge shall be 3% per month on the Total Amount Due subject to revision from time to time depending on factors such as, but not limited to, credit history, purchase patterns, payment behaviour and month-on book |
Illustration for Default Charges:
In the table below, it is assumed that the due amount of Rs 10,000 is generated on the May 17 bill with the due date of May 31. The customer does not pay the due by May 31.
Given these assumptions, interest will be calculated as below:
Transaction |
Penal Interest |
Late fee |
Scenario 1 |
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Rs 10,000 due payment received on 2nd June |
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a) Interest rate for the 2 days @ 3% per month* |
20 |
250 |
Scenario 2 |
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Rs 10,000 due payment received on 6th June |
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a) Interest rate for 7 days @ 3% per month* |
70 |
250 |
Illustration on Interest free period (Grace Period):
The grace period could range from 15 to 45 days.
Illustrative Example for the calculation of grace period: For a statement for the period from May 17, 2022 to Jun 16, 2022, the payment due date would be Jul 01, 2022. Assuming that you have paid your Total Amount Due of the previous month’s statement by the payment due date, the grace period would be:
Date of Purchase |
Interest free period |
May 24, 2022 |
39 days - May 24, 2022 to Jul 01, 2022 |
Jun 14, 2022 |
18 days - Jun 14, 2022 to Jul 1, 2022 |
EMI Paylater |
If you are booking your Paylater EMI on 01st-20th of a month, your first EMI due date shall be on the 01st of the next month and in case the Paylater EMI is booked between 21st to last day of a month, EMI due date shall be 01st of next to next month. If you book an EMI Paylater loan between 01-20th Jan – your first EMI shall be due on 01st Feb; however if you book an EMI Paylater loan between 21st – the last day of the month, your first EMI shall be due on 01st March. |
Payment Due Date – EMI Paylater
Example: If you book an EMI Paylater loan between 01-20th Jan – your first EMI shall be due on 01st Feb; however if you book an EMI Paylater loan between 21st – the last day of the month, your first EMI shall be due on 01st March
Interest Rate – 16 % per annum |
Penal Rate – 3% per month (i.e. 42.48% annual rate) on the outstanding amount |
