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Service Charges and Fees for Tractor Loans
| Description of Charges | Charges applicable |
|---|---|
| Pre Payment | Lower of the two options mentioned below: 1) 4.72% of principal outstanding or 2) Interest outstanding for unexpired period of loan |
| Processing fees | Up to 4 % |
| Part Payment | Nil * |
| Duplicate No Due Certificate / NOC* | Rs 500 inclusive of GST |
| Revalidation of NOC charges | Rs 500 inclusive of GST |
| Duplicate Amortisation Schedule Charges* | Can be downloaded through Net Banking, Rs 200 from branch |
| Swapping charges for ECS/Cheque/SI | Rs 500 inclusive of GST |
| Stamp Duty | At actuals + Rs 42 convenience fee inclusive of GST (if provided by Bank) |
| Late Payment Penalty | 2% per month on unpaid installments |
| Legal, Repossession and Incidental charges Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer. | At actuals |
| Loan Cancellation Charges | In the event of cancellation, interest on cancellation to be paid by customer, Rs. 1,000 along with processing fees |
| EMI Bounce Charges | Rs 500 excluding GST |
| Statement of account | Rs 200 from branch inclusive of GST |
| Foreclosure statement charges | Rs 100 from branch inclusive of GST |
| Loan Documentation charges | Rs 2000 inclusive of GST |
| Cash transaction charge for repayment of EMI dues at Branches | ₹ 100 |
Notes:
1) GST and other Govt. taxes, levies etc. applicable as per prevailing rate may be charged over and above these charges at the discretion of ICICI Bank.
2) The charges or fees given above are subject to change and the one recorded in the agreement will be binding over the above
3) Effective for loans availed from August 10, 2009. For loan availed prior to the said date, the cheque return charges is Rs. 200
4) Interest Reset Clause: Applicable
Interest Rate Range for Tractor Loan
| Type of credit facility | Max | Min | Mean |
|---|---|---|---|
| Tractor | 23.35% | 14.0% | 15.7% |
Notes:
1)These rates has considered based on funding of FY21 YTD Nov’2020”.
2) The rate of interest is also based on the quality of assests being funded and its resale value in the market
3) It excludes subsidy and government schemes
4) Mean rate - Sum of the rate of all loan accounts / Number of loan accounts
Annual Percentage Rate (APR) calculation
The Annual Percentage rate calculator is provided to compute annualised credit cost, which includes interest rate and processing fee.
The APR calculator does not include charges like stamp duty, Prepayment charges etc.
To calculate the same, please click here to download the APR calculator.
* Terms and Condition apply
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