Description of Charges* Processing fees
New Car Used Car
Non Refundable Loan Processing Fees Asset Segment/ Price Band Processing Fee Amt Processing Fee Amt
Select models /C Rs. 7,000/- to Rs. 8,500/- Used car (Including all variants and Assessed income Product and Fleet) : All Bands: 2% of the loan amount or 20,000/- whichever is lower
Entry & Compact / B Rs. 6,000/- to Rs.7,500/-
Mid Upper / B+ Rs. 6,000/- to Rs. 7,500/-
Premium /A Rs. 7,000/- to Rs. 8,500/-
Luxury / A+ Rs. 7,000/- to Rs. 8,500/-
  Straight through Pass/Pre- approved All brands 999/- to 5000/- All Bands: 999/- to 5000/-

 

SR.NO. ITEM Nature of charge Charges
1 Additional Interest (Charges for late payment) interest 2% per month on overdue EMI
2 Prepayment charges Penal

3% + applicable GST on the Principal outstanding.
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.

3 Part Payment Charges

Penal

No prepayment for loan seasoning upto 6 months Part prepayment Charges:
6% for loan seasoning above 12 months
5% for loans seasoning between 13 to 24 months
3% for loan seasoning above 24 months

4 Bounce Charges Penal ₹ 500  + applicable GST
5 Loan Cancellation Charges  Penal ₹ 2000 + applicable GST
6 Duplicate Repayment/Amortization schedule charges Service charges ₹ 150 + Applicable GST (for physical report), Nil for digital report
7 Statement of Account charges Service charges ₹ 150 + Applicable GST (for physical report), Nil for digital report
8 Prepayment statement charges Service charges ₹ 150 + Applicable GST (for physical report), Nil for digital report
9 Duplicate No objection certificate / No due certificate charges Service charges ₹ 250 + applicable GST
10 Revalidation of No objection certificate charges Service charges ₹ 250 + applicable GST
11 No objection certificate for conversion from Petrol to LPG/CNG charges Service charges ₹ 400 + applicable GST
12 No objection certificate to convert from private to commercial or from commercial to private charges Service charges ₹ 2000  + applicable GST
13 Swap charges Service charges ₹ 500  + applicable GST
14 Loan documentation charges Service charges ₹ 650 + applicable GST
15 Registration Certificate (RC) Collection Fees Service charges ₹ 600 + applicable GST
16 Loan Reschedulement / rebooking charges Service charges NA
17 Valuation Charges (For Used Car) Service charges ₹ 800  + applicable GST
18 Information Utility Charges (Only for Corporate Cases) Service charges ₹ 300  + applicable GST
19 Cash Transaction Charges (for repayment of EMI dues in cash at branches) Service charges ₹ 100  + applicable GST
20 Stamp duty charges Service charges At Actuals as per State Stamp Duty Act along with applicable taxes (if any)

 

Note:

  1. Good Service Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above mentioned charges.
  2. Loan Processing Fee (LPF) not mentioned here is part of Rate & Fees matrix communicated to customer at the time of loan application. Please refer www.icicibank.com for further details.
  3. The charges or fees given in above table are subject to change and the one recorded in loan application / agreement will be final binding.
  4. Stamp duty charges not mentioned here is charged as per actual expenses incurred while procuring the loan facility.

 

Part Prepayment Charges for Car Loans
Particulars Part prepayment criteria and charges
Eligibility No prepayment allowed for loan seasoning upto 6 months
Part prepayment allowed only to Salaried Segment customers or as per schemes offered at the time of loan application
Part prepayment charges i) 6% for loan seasoning above 6 months
ii) 5% for loan seasoning between 13 to 24 months
iii) 3% for loan seasoning above 24 months
Other Terms & Conditions i) Minimum part prepayment amount will be equivalent to one Equated Monthly Instalment (EMI)
ii) Maximum part prepayment amount will be equivalent to 25% of principal outstanding
iii) Part prepayment will be allowed only twice during a loan tenor
iv) Part prepayment will be allowed only once during a year

 

Range of Interest rates for Car Loans

ICICI BANK Quarter ended on March-2023
Product Minimum Maximum Mean
New Car Loan 8.40% 11.50% 9.06%
Used Car Loan 10.50% 17.00% 14.36%

 

Note:

 

  • The range of interest rates provided above is with respect to loans to individuals disbursed during  Quarter 4 - FY: 2022-23.
  • It includes fixed rate of interest and is based on factors such as customer relationship, car segment and tenure of loan etc.
  • Interest rate for used car loan is based on age and segment of car, 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.

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