ICICI BANK LIMITED (ALL-INDIA) STANDARD TERMS - UNSECURED PERSONAL LOAN &

BUSINESS INSTALLMENT LOANS (REGULAR & PRE-APPROVED)

Effective Date:Oct 10,2024
1. INTRODUCTION 5. PAYMENT, REPAYMENT, FEES AND CHARGES
These Standard Terms and Conditions shall govern the Facility applied for and availed by the Borrower from ICICI Repayment:
Bank Limited (“ICICI Bank”) through: (a) submission of the Application Form on its official website available at www. The Borrower shall repay the Loan and the interest payable thereon, to ICICI Bank, through EMI(s) on the Due
icicibank.com (“Website”); or ICICI Bank’s mobile-based application or any other digital platform made available by Date as is specified in the Application Form and as specified in KFS. The Borrower acknowledges that EMI(s)
ICICI Bank, whether through an arrangement with a third party or otherwise (“Portal”/”Platform”); or (b) submission includes interest payable on the outstanding Loan amount for the month in addition to the principal amount
of the Application Form by the Borrower at any branch of ICICI Bank. These Standard Terms and Conditions shall repayment. ICICI Bank shall be entitled to vary/modify the EMI (including increase in the amount of one or more
be read and construed as part of the Application Form. EMI) in the event of changes to the interest rate on the Loan. For the purpose of payment/repayment of the EMI,
By applying for the Facility/Loan through submission of physical Application Form or through the Portal by clicking the Borrower shall at all times maintain sufficient balance in their bank account to ensure that EMIs are received on
on ‘Accept’/’Agree’/‘Agree and Proceed’ icon/button; and/or by submitting one-time password received on the Due Date by ICICI Bank.
Borrower’s registered mobile number and/or by af#xing electronic signature or digital signature, the Borrower Manner of Repayment:
confirms that: The Borrower may repay / pay the monies in respect of the Loan through National Automated Clearing House
the Borrower has authorized ICICI Bank to access / receive the information provided by the Borrower from the (NACH) / direct debit from the Borrower’s account with ICICI Bank (‘direct debit mandate’ or 'Standing
Goods and Services Tax Network (GSTN), income tax authorities, credit bureaus, Unique Identification Authority of Instructions' (SI)/ Post-Dated Cheques (PDCs) /deduction from Borrower’s salary / by directly paying amounts
India (UIDAI) or other similar system for the purposes of completing the Application Form; and when due to ICICI Bank / by any other method, and as has been selected by the Borrower in the Application
the Borrower has read, understood and agrees to the Key Fact Statement (KFS) / Most Important Terms and Form or as may be required by ICICI Bank (collectively referred to as “Payment Instructions”). Additionally,
Conditions (MITCs) and Standard Terms and Conditions governing the Facility displayed on the Portal to the ICICI Bank may also accept payment through NEFT/RTGS and the Borrower can choose to avail such option
Borrower at the time of applying for the Facility. when required to make payment towards the Loan account.
In case of any inconsistency between the Application Form, KFS/ MITCs and the Standard Terms, the terms of the The Borrower may, subject to prior approval by ICICI Bank, be permitted to swap/exchange the Payment
Facility set forth in the KFS/MITCs of the Facility shall prevail. Instructions issued to ICICI Bank with alternate payment Instructions /post-dated cheques drawn on another
Capitalised terms used herein shall have their meaning in the ‘Definitions’ section hereunder or in these Standard bank (as approved by ICICI Bank) subject to payment to ICICI Bank of the applicable Payment Instruction
Terms and Conditions. charges as specified in the Application Form/KFS.
2.DEFINITIONS If the Due Date in respect of any amounts payable in respect of the Facility falls on a day which is not a
In these Standard Terms and Conditions, the following expressions shall, if used with initial capitalization, have the Business Day at the place where the payment is to be made, the immediately preceding Business Day shall
meanings set out below: be the Due Date for such payment.
“Application Form” means the preliminary application form (if any), credit facility application form(s) (whether Realisation of EMI and Other Applicable Charges by ICICI Bank:
generated/submitted digitally through the Portal or submitted physically) and includes all information submitted by Notwithstanding anything contained in the Transaction Documents, upon any default by the Borrower in
the Borrower to ICICI Bank for applying for and availing the Facility. payment of amount on the Due Date pertaining to the Loan or any non-realization of the amount on the Due
“Borrower” shall mean and refer to, jointly and severally, the applicant and co-applicants (if any) who has/have Date by ICICI Bank, ICICI Bank shall be entitled, without prejudice to its other rights under the Transaction
been sanctioned and granted the Facility by ICICI Bank based on the Application Form submitted by such Documents, to present and/or re-present the Payment Instructions or payment instrument/mandates issued by
applicants and co-applicants to ICICI Bank for availing of the Facility and includes depending upon the nature of the the Borrower in favour of ICICI Bank in connection with the Loan.
Borrower (a) its successors and permitted assigns, if the Borrower is a company within the meaning of the If ICICI Bank faces any difficulty /impediments for any reason whatsoever in presenting / realizing such
Companies Act 2013 or (b) a society registered under the applicable laws relating to societies; (c) any or each of payments instructions or if ICICI Bank, in its sole discretion, require the Borrower to adopt or switch to any
the partners and their survivor(s) or the partner(s) from time to time and their respective heirs, legal alternate mode of payment, the Borrower shall promptly replace Payment Instructions, without demur or delay
representatives, executors, administrators and permitted assigns, if the Borrower is partnership firm within the and issue fresh Payment Instructions, mandates in lieu thereof to the satisfaction of ICICI Bank. The
meaning of the Indian Partnership Act, 1932 or a Limited Liability Partnership Act, 2008 (LLP) ; (d) his / her heirs, mandates given by the Borrower under any payment mode cannot be cancelled or revoked without the prior
legal representatives, executors, administrators and permitted assigns, if the Borrower is an individual and/or written consent of ICICI Bank. If the Borrower cancels or revokes such mandates without prior consent of
carrying on business as a sole proprietary concern; (e) the karta and any or each of the adult members of the ICICI Bank, then such acts of the Borrower shall be deemed as an Event of Default and ICICI Bank shall be
Hindu Undivided Family (HUF) and their survivor(s) and his/ her / their respective heirs, legal representatives, entitled to initiate appropriate action, including legal proceedings against the Borrower.
executors, administrators and permitted assigns, if the Borrower is a joint HUF; and (f) the trustee(s) for the time Notwithstanding the mode of repayment/payment selected by the Borrower in the Application Form, the Borrower
being thereof and the successors and permitted assigns of the trust/trustees, if the Borrower is a trust. shall continue to remain at all times liable and responsible for ensuring the payment/repayment of all instalments
“Borrower’s Dues” shall mean and include the outstanding principal amount of the Facility, interest on the Facility, and all other monies in respect of the Loan to ICICI Bank on or before the relevant Due Date(s) without any further
Penal Charges, fees, costs, stamp duty, all applicable charges and liabilities of any kind whatsoever payable by notice/intimation being given by ICICI Bank. The acceptance by ICICI Bank of any payment which is less than the
Borrower to ICICI Bank in connection with the Facility and all other sums whatsoever payable by the Borrower in full EMI or other amounts due and owing at such time shall not constitute a waiver of ICICI Bank’s right to receive
accordance with the Transaction Documents. payment in full at such time or at any subsequent time or a waiver of any other rights whatsoever of ICICI Bank
“Business Day” means a day on which ICICI Bank’s branches are open for normal business transactions. under the Facility.
“Due Date” shall mean each such date on which any amount in respect of the Borrower’s Dues, fall due as The Borrower shall pay a one-time up-front non-refundable processing fee and administrative fee as specified in
specified in the Application Form or KFS/MITC or such other communication as may be made by ICICI Bank to the the Application Form and KFS which fee will be deducted by ICICI Bank at the time of disbursal of the Loan.
Borrower. The Borrower agrees to pay all fees and charges as stipulated in the KFS. The Borrower further agrees that fees
“Equated Monthly Instalments” or “EMI” means and includes the amount of monthly payment required to repay the and charges specified in KFS may be revised by ICICI Bank from time to time, and may be updated on the Website
principal amount of the Facility, and pay interest /other monies due and payable by the Borrower. and notified to the Borrower in advance.
“Facility” or “Loan” means the amount of the loan/financial assistance which is applied for and availed by the ICICI Bank is irrevocably authorized to debit the savings account of the Borrower maintained with ICICI Bank for
Borrower from ICICI Bank and as specified in the Application Form and set out in the KFS. the EMI amount as mentioned in the KFS/MITCs, and credit the relevant account of ICICI Bank over the entire
“Indebtedness” means the indebtedness of the Borrower at any time, in respect of monies borrowed, contracted or tenure of the loan with effect from the date of disbursement of the Loan till the time the entire Facility is repaid. In
raised or liabilities of any nature contracted by the Borrower in any manner whatsoever (including under the event that the savings account gets closed/transferred for any reason, the Borrower shall intimate ICICI Bank of
guarantees, indemnities, acceptance, credits, deposits, hire-purchase and leasing). their own accord of the new account opened with bank to debit the EMI amounts as per the Transaction
“Material Adverse Effect” shall mean any event or circumstance which is likely to have an adverse effect on (i) the Documents and shall not hold ICICI Bank liable for any charges that may be levied on account of such change in
ability of the Borrower to perform or comply with any of the obligations under the Facility or the Standard Terms and account not being communicated to ICICI Bank. Further, the Borrower undertakes to provide the fresh set of debit
Conditions; or (ii) prejudicial to businesses or financial condition of the Borrower or any obligor who is party to any mandate and post-dated cheques for such new account, as per the Transaction Documents in lieu of existing
Transaction Document. instructions.
“Material Terms” with respect to the Facility, means the provisions relating to:-(i) the payment/repayment obligation ICICI Bank shall be entitled,at the sole risk and cost of the Borrower/s,to engage one or,more person(s) to collect
(including principal, interest, fees, charges) of the Borrower under the Facility; (ii) creation/perfection/furnishing of the Borrower/s' Dues and/or to enforce any security if provided by the Borrower/s, and ICICI Bank may (for such
securities in terms of Transaction Documents; (iii) any credit support (including, without limitation, any guarantee or purposes) furnish to such person(s) such information,facts and figures pertaining to the Borrowers,the security and
indemnity) provided / agreed to be provided in relation to the Facility (iv) any event, the breach of which is likely to /or the Product(s) as ICICI Bank deems fit.ICICI Bank may also delegate to such person(s) the right and authority
have a Material Adverse Effect; (vi) compliance with financial covenants, security related covenants and information to perform and execute all acts,deeds,matters and things connected there with, or incidental thereto, as ICICI Bank
covenants; (viii) end use of the Facility. deems fit.
“Key Fact Statement” or “KFS” or “Most important Terms and Conditions” or “MITC” shall mean the most important Any amount of interest which is payable by the Borrower for the period from Loan / Facility disbursement date till
terms of the Facility, including the loan amount, interest rate, Penal Charges, tenor, repayment schedule and other commencement date of first Equated Monthly Instalments shall be added to and paid along with the first instalment.
terms of the Facility. These terms may be communicated to the Borrower through email / short message services 6. PENAL CHARGES
(SMS), web links, Website or by other means of physical or electronic communication. Without prejudice to ICICI Bank’s rights and remedies under contract and/or law, in the event any instalment or
“Penal Charges” means an additional charge payable by the Borrower(s) to ICICI Bank as a penalty in case of amount due under the Facility remains unpaid on the Due Date or the Borrower commits breach of any of the
delay or default in payment of principal and/or interest, non-creation of security and/or breach of any Material Material Term of the Facility, ICICIBank shall have the right to levy and recover Penal Charges, at its sole
Terms of the Facility. discretion, at the rate specified in the Application Form and as set out in the KFS. Upon levy of such Penal
“Standard Terms and Conditions” shall mean the terms and conditions set out herein for the grant of the unsecured Charges, the Borrower shall pay the said Penal Charges along with applicable Goods and Service Tax (GST),
Personal Loans and Business Instalment Loans (regular & pre-approved) as amended/updated from time to time other taxes (of any description whatsoever), charges and penalties which may be payable pursuant to applicable
on the Website. laws, from time to time, in relation to the Facility.
“Transaction Documents” include all writings and documents executed or to be executed by the Borrower or shared The Borrower acknowledges and agrees that the Penal Charges are reasonable and commensurate to non-
by ICICI Bank with the Borrower or any other person in relation to the Facility (whether entered into digitally or compliance of Material Terms of the Facility Agreement.
physically), including the Application Form, KFS/MITCs, welcome letter (if any), applicable Standard Terms and 7. PREPAYMENT CHARGES
Conditions on the Website, as amended from time to time. Subject to payment of prepayment fees/charges as specified in the KFS, the Borrower shall be entitled to prepay
In the event of any disagreement or dispute between ICICI Bank and the Borrower regarding the materiality of any the Loan by giving such advance notice to ICICI Bank as has been set out in the MITCs. However ICICI Bank shall
matter including of any event, occurrence, circumstance, change, fact, information, document, authorisation, not be liable to pay interest on account of such prepayment by the Borrower.
proceeding, act, omission, claims, breach, default or otherwise, the opinion of ICICI Bank as to the materiality of The Borrower agrees to pre-payment charges specified in the KFS. It is hereby clarified that the Borrower shall not
any of the foregoing shall be final and binding on the Borrower. be allowed to pre-pay the Facility in part.
3. FACILITY AND DISBURSEMENT 8. PURPOSE
Amount of the Facility: The principal amount of the Loan applied for/availed by the Borrower shall be the amount The Borrower agrees that the Facility shall only be utilised for the purpose set out in the Application Form and for
specified in the Application Form and as set out in KFS. no other purpose. Under no circumstance shall the Facility be used, directly or indirectly for: (a) subscribing to or
Facility Disbursement: Once the Application Form submitted by the Borrower is accepted by ICICI Bank, the Loan purchasing any shares or other securities; or (b) investment in the real estate business, capital markets or
will be disbursed into the Borrower’s designated account. However, Borrower will have an option to cancel the purchase of land; or (c) entering into any speculative transactions or activities; or (d) carrying out any activities not
Facility during the cooling off/look up period mentioned in the KFS, without any prepayment charges. eligible for credit facility as per RBI guidelines; or (e) purchasing gold, gold bullion, gold jewellery, gold coins, units
Mode of Disbursement: Upon the receipt of the Application Form, the Loan shall be disbursed in lump sum or in of gold exchange traded funds(ETF) and units of gold, mutual funds etc. or (f) any purpose that will violate any
such instalments as ICICI Bank may decide. The term or tenure of the Loan shall be as specified at the time of provisions of applicable law.
applying for the Loan in the Application Form and as specified in KFS. The Borrower agrees that the approved 9. APPROPRIATION
amount of the Loan shall be disbursed only to account of the Borrower as specified in the Application Form or The Borrower agrees, declare and confirms that notwithstanding any of the provisions of the applicable laws or any
MITCs through cheque /demand draft, National Electronic Funds Transfer (NEFT)/ Real Time Gross Settlement of the terms and conditions contained herein, any payment(s) shall unless otherwise agreed to by ICICI Bank in
(RTGS) or such other electronic fund transfer mode as ICICI Bank may deem fit. Disbursements of the Loan shall writing be appropriated in the following manner:
be deemed to have been made on the date on which the Loan is disbursed by ICICI Bank and not on the date of Firstly, towards costs, charges, expenses and other monies, due and payable to ICICI Bank;
the actual receipt of the relevant Loan amount by the Borrower. Interest on the Loan shall begin to accrue on and Secondly, towards interest due and payable and / or accruing due and payable to ICICI Bank and
from the date of disbursement, irrespective of time taken for transit, realization or use of amount by the Borrower. Lastly, towards repayment of the amount of any instalment(s) of the principal sums due and payable or
Cooling off/Look-up Period: If the Borrower has availed Loan from the Portal/Platform and disagrees with any of the becoming due and payable to ICICI Bank.
terms of Facility, the Borrower has an option to cancel the Facility within the time specified in KFS. Upon exercise In the event the loan account is declared a non-performing asset (NPA), ICICI Bank may appropriate any payments
of such option, the Borrower shall immediately repay the Loan amount and the Loan account will accordingly be made by the Borrower in its absolute discretion.
cancelled. In the event the Loan amount was credited in any account maintained with ICICI Bank, the Loan amount
will be debited from the said account maintained with ICICI Bank. The Borrower agrees that processing fee will not 10. TAXES, LEVIES AND DUTIES
be refunded in case of such cancellation. All the rights under the Loan shall stand extinguished immediately on the The Borrower shall bear and pay all imposts, costs, charges (including legal fees), and expenses, in any way
cancellation of the Loan and successful repayment of the Loan. incurred by ICICI Bank, and bear all stamp duties, registration charges, other duties, Goods and Service Tax
Cancellation: ICICI Bank has the unconditional right to cancel the outstanding un-drawn commitments under the (GST), other taxes (of any description whatsoever), charges and penalties, including any differential/additional
Facility at any time without prior notice to the Borrower. duties and taxes which may be payable pursuant to applicable laws, from time to time, in relation to the Loan. In the
event that the Borrower fails to pay any money referred above, ICICI Bank will be at liberty (but shall not be
4. RATE OF INTEREST obliged) to pay the same on behalf of the Borrower. The Borrower shall immediately reimburse all sums paid or
The Borrower shall be liable to pay interest on the Loan amount at the rate and on the date specified in the expenses incurred by ICICI Bank in accordance with the provisions contained herein. All such sums shall be
Application Form and as set out in the KFS (“Applicable Interest Rate”). Interest shall accrue from day to day and debited to the account of the Borrower and shall carry interest from the date of payment till such reimbursement is
be calculated on the basis of the actual number of days elapsed and a year of 365 days irrespective of leap year. made, at the applicable interest rate as specified the KFS.
The rate of Interest payable by the Borrower shall be subject to changes, either upwards or downwards, based on All payments by the Borrower under the Facility shall be made free and clear of, and without any deduction
Reserve Bank of India (“RBI”) guidelines and/or directives, issued from time to time, that ICICI Bank is obliged to /withholding, except to the extent that the Borrower is required by law to make payment subject to any deduction
give effect to. All interest due and remaining unpaid on the Due Date shall be capitalised and added to the unpaid /withholding of taxes. Provided that, all taxes required by law to be deducted/withheld by the Borrower from any
amounts paid or payable, to ICICI Bank (including but not limited to the principal, interest, Penal Charges,
interest (including on unpaid Equated Monthly Instalment) on the Due Date and shall thenceforth carry interest at commission, discount, service and other charges and any fees, under the Loan shall be paid by the Borrower when
the applicable interest rate on a compounding basis payable on the aggregate amounts then due till the amount is due, and the Borrower shall, within the statutory time frame prescribed under the law or within 30 days of the
paid/repaid. payment being made, whichever is earlier, deliver to ICICI Bank satisfactory evidence that the tax has been duly
remitted to the appropriate authority and tax deduction certificates delivered to ICICI Bank.

11. REPRESENTATIONS AND WARRANTIES the account(s) of the Borrower with ICICI Bank or to apply any credit balance to which the Borrower is entitled on
The Borrower represents and warrants that: any account of the Borrower with ICICI Bank in satisfaction of any sum, whether for principal or interest or
The Borrower (and/or its authorized signatory/officer) has/have the full capacity, power and authority including due otherwise due and payable by the Borrower to ICICI Bank under the Loan and/ or Standard Terms and Conditions.
authorizations or approvals as required by any law or contract or constitutional documents governing the Borrower) Nothing herein contained shall prejudice or adversely affect any general or special lien or right to set-off to which
to avail the Loan and to enter into and perform his/her/its obligations under the Transaction Documents and that the ICICI Bank is or may by law or otherwise be entitled or any rights or remedies of ICICI Bank including in respect of
Borrower will, at all times, keep all such authorisations or approvals valid and subsisting till the amounts due to any present or future security, guarantee, obligations of the Borrower.
ICICI Bank are repaid/paid in full; The Borrower further agrees that in addition to and without prejudice to any other right or lien enjoyed by ICICI
The availing of the Loan and/or the performance by the Borrower of its obligations under the Transaction Bank, ICICI Bank will further be entitled at any point of time and without notice to the Borrower to combine or
Documents does not: (i) contravene any applicable law, judgement or decree to which the Borrower is subjected, consolidate all or any of the Borrower’s accounts (including any fixed deposits) held with ICICI Bank and all the
(ii) conflict or result in any breach of any of the terms of or constitute default of any covenants, conditions and credits and liabilities therein and set off or transfer any sum standing to the credit of any one or more of such
stipulations under any existing agreement to which the Borrower is a party, or (iii) conflict or contravenes any accounts in or towards satisfaction of any of the Borrower’s liabilities to ICICI Bank on any account whatsoever,
provision of the memorandum and articles of association or constitutional documents of the Borrower; whether such liabilities are actual or contingent, primary or collateral and whether joint or several.
All the information and documents, including, income details, financial statement, constitutional documents, 16. DEATH OR INSOLVENCY
business details, Goods and Services Tax (GST) account number or Permanent Account Number (PAN), Know The Borrower’s Dues shall not be revoked, cancelled or otherwise affected by the death or insolvency or
Your Customer (KYC) documents which are submitted physically and/ or uploaded on the Portal are true and bankruptcy of the Borrower and, so long as the whole or any part of the Borrower Dues remains payable to bank,
accurate; ICICI Bank shall be entitled to act upon and enforce all of its rights pursuant to, and in accordance with, the
In no event shall ICICI Bank be liable to the Borrower for any special, incidental, indirect, punitive or consequential Standard Terms and Conditions against the estate or assets of the Borrower.
damages whatsoever (including, without limitation, damages of loss of goods or services, or any other pecuniary 17. DISCLOSURE OF INFORMATION
loss) arising out of the use of, or inability to use or access the Loan, including breach of contract or warranty, The Borrower agrees and accepts for the disclosure by ICICI Bank of all or any information and data relating to the
negligence or other tortious action, or any other claim arising out of the Borrower use of or access to the Loan. Borrower, the Loan, the Borrowers account, and the Transaction Documents (including but not limited to
There is no Material Adverse Effect; information relating to default, if any, committed by the Borrower, in the discharge of the Borrower’s obligations) as
The Borrower is solvent and/or has not stopped paying any of his/her/its debts as they fall due; ICICI Bank may deem appropriate to the RBI and/or to the Credit Information Bureau (India) Limited and/or to any
The Borrower’s name has not been included in the RBI’s willful defaulters list; and other agency authorized in this behalf by RBI, to its professional advisers or consultants and to its service
Except to the extent disclosed, (a) no director or senior officer of ICICI Bank is a director, partner, manager or providers, third party or otherwise, instructed by ICICI Bank in relation to the Loan or Transaction Documents, and
employee of the Borrower and the Borrower is in compliance with all applicable laws including RBI’s ‘Master /or as required under law or any applicable regulation, at the order of a court of law, or at the request or order of
Circular on Loans and Advances’ as amended from time to time; (b) no director or senior officer of ICICI Bank is a any statutory, regulatory or supervisory authority with whom it customarily complies.
guarantor for the Borrower, and (c) the Borrower is not a relative of a chairman, managing director or director of The Borrower declares that the information furnished and to be furnished to ICICI Bank are and shall be true and
banking company (including ICICI Bank) or of any subsidiaries or trustees of mutual funds/venture capital funds set correct.
up by a banking company (including ICICI Bank) or a relative of a senior officer of ICICI Bank. The terms used The Borrower:
herein including ‘senior officer’ or ‘relative’ shall have the meaning ascribed to them by RBI in its master circular. accepts that RBI or the Credit Information Bureau (India) Limited and any other agency so authorized, any
12. COVENANTS statutory, regulatory or supervisory authority, may use, process, disseminate the said information and data
The Borrower/s shall promptly: disclosed by ICICI Bank in such manner as deemed fit by them in any particular circumstances; and
(a) Observe and perform all its obligations and covenants under the Transaction Documents, including the payment shall not hold ICICI Bank at all responsible or liable in this regard.
/re-payment of the Borrower’s Dues on each relevant Due Date. ICICI Bank shall, as it may deem appropriate and necessary, be entitled to disclose all or any: (i) information and
(b) Notify ICICI Bank of the occurrence of any event or the existence of any circumstances, which results in any of data relating to the Borrower; (ii) information or data relating to the Facility, its terms, Transaction Documents; (iii)
the statements set out in the Transaction Documents becoming untrue or incorrect in any respect. obligations assumed / to be assumed by the Borrower/s in relation to the Facility under the Transaction Documents;
(c) Deliver to ICICI Bank such information and records including of any business, operations and assets as may be (iv) default, if any, committed by the Borrower/s in discharge of the aforesaid obligations, to Credit Information
required by ICICI Bank from time to time in relation to the Loan and within the period specified by ICICI Bank. In the Companies (”CICs”) and any other agency authorized in this behalf by the RBI. CICs and / or any other agency so
event of any change in KYC details, the Borrower shall inform and submit updated documents (i.e., address, authorised may use and/or process the aforesaid information and data disclosed by ICICI Bank in any manner as
contact details, profile etc.) to ICICI Bank within 30 days from the date the change was made. deemed fit by them. CICs and/or any other agency so authorize may furnish for consideration, the processed
(d) Notify ICICI Bank of any action or steps taken or any insolvency or bankruptcy proceedings started against the information and data or products thereof prepared by them, to ICICI Bank/ financial institutions and other credit
Borrower including but not limited to the appointment of a receiver, administrator, liquidator, trustee or resolution grantors or registered users, as may be specified by ICICI Bank in this behalf. All information and data furnished by
professional in relation to the Borrower or the assets of the Borrower. the Borrowers to ICICI Bank from time to time shall be true and correct.
(e) Notify ICICI Bank of any litigation, arbitration, administrative or other proceedings initiated or threatened against 18. SERVICE PROVIDER
the Borrower or his/her/its assets. It is agreed by the Borrower, that without prejudice to any rights of ICICI Bank, all acts / steps as are necessary for
(f) Notify ICICI Bank of occurrence of an Event of Default or any circumstances and conditions which have or may ICICI Bank to take in order to monitor the Loan and its utilisation and/or the obligations of the Borrower and /or the
have a Material Adverse Effect. Borrower’s compliance with the terms hereof and / or to recover amounts due to ICICI Bank or any part or portion
(g) Notify ICICI Bank in writing with full details of changes in the address of any of the Borrower office, or place of thereof, shall and/or may be carried out by and / or through such other person (including a company or body
business, residence, employment, profession or employment status corporate) as may from time to time be appointed by ICICI Bank in respect thereof and that ICICI Bank will at all
(h) Do all such things and execute all such writings as ICICI Bank may require from time to time for duly or more times be entitled to share with any such other person that may thus be appointed by ICICI Bank, all documents
perfectly securing the repayment of the Loan. statements of accounts and other information of whatsoever nature pertaining to the Borrower and/or the Loan.
(i) In the Event of Default (if required by ICICI Bank), the Borrower agrees and undertakes to provide and furnish to Further, the Borrower expressly recognises and accepts that ICICI Bank shall, without prejudice to its rights to
ICICI Bank to their satisfaction, such security as required to secure ICICI Bank; failure of the Borrower to do so perform such activities either itself or through its officers or servants, be absolutely entitled and have full power and
shall be termed as an Event of Default. authority to appoint one or more third parties of ICICI Bank’s choice and to transfer or delegate to such third parties
(j) Notify ICICI Bank upon being declared a wilful defaulter. the right and authority to collect on behalf of ICICI Bank all unpaid amounts and to perform and execute all acts,
A Borrower that is constituted as a commercial or business entity (including as a company, one-person company, deeds, matters and things connected therewith or incidental thereto including attending the office or residence of
partnership firm, trust, limited liability partnership firm) shall promptly: the Borrower, receiving the amounts due, and generally performing all lawful acts as the third party may consider
(a) Notify ICICI Bank in writing, with full details, with respect to any material change in the management of the appropriate for such purposes.
business of the Borrower or any change taking place in the ownership or control of the Borrower whereby the 19. INDEMNITY
effective beneficial ownership or control of the Borrower will change. The Borrower shall indemnify ICICI Bank from and against any and all expenses, loss, damage or liability which it
(b) Deliver to ICICI Bank, in form and manner satisfactory to ICICI Bank: (i) audited accounts within such may incur in connection with the Loan and/ or the Standard Terms and Conditions or the transactions contemplated
reasonable time from the close of the financial year as may be permitted by ICICI Bank; (ii) such other statement or by the Standard Terms and Conditions and/or for the recovery of the Borrower’s Dues (including as a consequence
statements or information pertaining to the operations or business of the Borrower as ICICI Bank may require in the of the occurrence of any Event of Default). Such indemnity shall extend to any interest, fees, premium, costs,
context of the said Loan; and (iii) All notices or other documents issued by the Borrower to its creditors. charges or expenses or any other sums paid or payable in relation to the Loan or its recovery.
(c) The Borrower covenants and undertakes that so long as the amounts due under the Loan are outstanding and The Borrower further agrees to indemnify and keep indemnified ICICI Bank from and against any and all claims,
until the full and final payment of all money due thereunder, it shall not without the prior consent of ICICI Bank damages, costs, losses, expenses, suits, proceedings, actions or liabilities, whatsoever arising in connection with
(which shall not be unreasonably withheld): (i) change or alter its capital structure; (ii) effect any merger, demerger, or relating to any communication sent/received by ICICI Bank by electronic means such as email, facsimile, text
amalgamation, corporate reconstruction or compromise with its creditors of shareholders; (iii) change its messaging or the Website or through its mobile phone-based application or via the Portal/Platform.
constitutional documents in a manner adversely affecting ICICI Bank and /or the Borrower’s performance under the
Facility and the Standard Terms and Conditions. 20. MISCELLANEOUS
(d) The Borrower hereby further covenants and agrees that in case of an Event of Default, without prior written Assignment and Risk Participation:
approval of ICICI Bank, the Borrower shall not: (i) declare dividend or distribute profits; (ii) make any investment in The Borrower shall not assign or transfer all or any of its rights, benefits or obligations under the Unsecured
any concern or provide any credit or give any guarantee, indemnity or similar assurance in connection with the Loan and the Standard Terms and Conditions. ICICI Bank shall be free to assign, transfer, novate, securitise
obligation of any person other than itself; (iii) redeem, purchase, buyback, retire or repay any of its share capital; the Loan and/or any of its rights and obligations under the Unsecured Loan and these Standard Terms and
(iv) change its financial year end or change the accounting method or policies, unless required by law; (v) avail of Conditions without the consent of or notice to the Borrower, and the Borrower agrees to execute any document
any additional/ new credit facility or accommodation from any bank(s) or financial institution(s); (vi) pay any or provide any confirmation in any form manner or substance that ICICI Bank may require to give effect to such
commission to its promoters, directors, managers or other persons for furnishing guarantees, counter guarantees assignment, transfer or novation.
or indemnities; (vii) pay any compensation to its promoters or directors in the event of loss of office for any reason Without prejudice to any of these Standard Terms, ICICI Bank may (at its sole discretion, without notice to the
whatsoever. Borrower/s) share the credit risk of the whole or a part of the Facility with any other person by way of
The Borrower: participation. Notwithstanding such participation, all rights, title, interests, special status and other benefits and
(a) agrees that the Bank may suspend usage of the sanctioned limits in the event the Borrower is declared a wilful privileges enjoyed or held by ICICI Bank under the Transaction Documents shall remain valid, effective and
defaulter under the applicable RBI regulations and guidelines. enforceable by ICICI Bank as per the Transaction Documents. The Borrower/s shall continue to discharge their
(b) shall, at its own expense, allow ICICI Bank to appoint auditors (or award a separate mandate to the Borrower’s obligations under the Transaction Documents to ICICI Bank. The Borrower/s shall not have and claim privity of
auditors), chartered accountants, cost accountants, forensic experts or other consultants for carrying out concurrent contract with such person on account of any reason whatsoever.
or special audit or examination of the Borrower, where such audit or examination is required to be conducted Notices: All notices or other communications under the Standard Terms and Conditions shall be given in writing
pursuant to regulatory requirements. and, unless otherwise stated, may be sent by email, in-app messages, SMS/text messaging, WhatsApp messaging
(c) shall not induct a person identified as wilful defaulter in any capacity where such a person is on its board or is in services, ordinary post, speed post or courier. Any such notice or other communication will be deemed to be
charge and responsible for the management of its affairs. In the event the person so inducted is found to be wilful effective: (i) if delivered in person, at the time of such delivery; (ii) if dispatched by post or courier, when recall of
defaulter, the Borrower shall take immediate steps for removal of such persons. the letter is outside the control of the sender; (iii) if sent by email, when such email enters the sent items folders;
and (iv) if sent by in-app messages/SMS/text messaging/WhatsApp messaging services, when have been sent
13. EVENTS OF DEFAULT irrespective of any telecom service provider delay. No notice or communication to ICICI Bank shall be effective
The following acts, as set out below, shall each constitute an “Event of Default” by the Borrower of the Facility and unless actually received and acknowledged by Bank. Notices or communication made to: the Borrower postal
/or Standard Terms and Conditions: address or email address or mobile number, as specified in the MITC, and shall be deemed to be proper and
Default has occurred in the payment of any monies (whether for principal or interest or otherwise), in respect of sufficient service irrespective of whether or not such notice shall be returned “unserved”, unless the Borrower has
the Loan on the Due Dates, whether at stated maturity, by acceleration or otherwise; duly notified ICICI Bank in writing of any changes to the address, email or mobile number. The Borrower agrees to
The Borrower defaults in the performance of any of the terms of the Loan and/ or Transaction Documents; assume the entire risk of non-delivery by reason of any electronic error, telecom service provider error or otherwise.
Any information, representation, warranty, declaration or confirmation under the Standard Terms and Severability: Any provision of the Standard Terms and Conditions which are prohibited or unenforceable in any
Conditions or any information provided to ICICI Bank has been found to be false, incomplete, misleading or jurisdiction shall, as to such jurisdiction, be ineffective to the extent of the prohibition or unenforceability but that
fraudulent; shall not invalidate the remaining provisions of the Standard Terms and Conditions or affect such provision in any
The Borrower is unable or has admitted in writing its inability to pay any of its Indebtedness as they mature or other jurisdiction.
when due; Waiver: No delay in exercising or omission to exercise any right, power or remedy accruing to ICICI Bank under the
The Borrower has, or might, become the subject of proceedings under any bankruptcy or insolvency law; or Terms and Conditions shall impair any such right, power or remedy or shall be construed to be a waiver or
becomes bankrupt or insolvent; or has taken any action for insolvency or bankruptcy; or an administrator, acquiescence thereof. The rights of ICICI Bank under the Standard Terms and Conditions are cumulative and not
trustee, bankruptcy trustee or resolution professional in relation to the Borrower or the assets of the Borrower; exclusive of their rights under general law and may be waived only in writing and specifically and at ICICI Bank sole
or any of the assets of the Borrower have been attached for the recovery of any dues from the Borrower; or any discretion.
judgement or decree has been rendered against the Borrower; Amendment: ICICI Bank has the absolute discretion to amend or supplement any of the Standard Terms and
It has become unlawful for the Borrower or ICICI Bank to perform any of their respective obligations under the Conditions at any time (including if arising or occasioned by any change in RBI guidelines or directives from time to
Loan and / or the Standard Terms and Conditions; time) and will endeavor to give a prior notice of 15 Business Days by email or by notice on its Website or via its
The Borrower is likely to be unable repay the Loan or any monies under the Loan and/ or Standard Terms and mobile-based application wherever feasible. Such amendments will apply to and be binding on the Borrower in
Conditions or any part thereof as they mature or when they become due; terms of such amendments/supplements.
The Borrower has defaulted under any other agreement relating to any Indebtedness of the Borrower or any Joint and Several Liability: The Borrower’s liability for repayment of the Borrower’s Dues shall, in cases where more
other lenders to the Borrower have recalled their loans or any part thereof; than one Borrower have jointly applied for the Facility, be joint and several. If the Borrower is an individual doing
There has occurred, in the sole opinion of ICICI Bank, a Material Adverse Effect; or business as a sole proprietary concern, the Borrower shall be solely responsible for the liabilities of the aforesaid
The demise of any Borrower; concern and will be personally liable for making repayment / payments of all amounts in respect of the Facility to
The Borrower compounds with her/its creditors or permits any attachment or sequestrations or other processes ICICI Bank.
against any of her/its assets or properties. Governing Law and Dispute Resolution: The Standard Terms and Conditions shall be governed by and in
The decision of ICICI Bank as to whether or not an Event of Default has occurred shall be final and binding upon accordance with the laws of India. Any claim or dispute whatsoever (whether in contract, tort or otherwise) arising
the Borrower. out of or in connection under the terms of facility, including any question regarding its construction, meaning,
The Borrower hereby confirms that he/she has fully understood and acknowledges the consequences of an Event existence, validity, breach, recall, recovery or termination, shall be resolved and settled by mediation or conciliation
of Default, as well as ICICI Bank’s rights and remedies thereupon, as set out under the Transaction Documents. (if the Borrower and ICICI Bank agree to such mediation or conciliation), administered in accordance with the
Promptly upon becoming aware of the existence of an Event of Default, the Borrower shall notify ICICI Bank in applicable mediation or conciliation rules of an independent online dispute resolution institution listed on the
writing thereof and shall inform ICICI Bank of the steps, if any, being taken to remedy it. In such event, ICICI Bank Website (“ODR Institutions”). Any party may appoint any listed ODR Institutions to facilitate mediation or
may, by a notice in writing to the Borrower and without prejudice to any other rights and remedies available to it, conciliation. If one Party appoints an ODR institution before the other, the ODR institution appointed by the first
call upon the Borrower to pay the Borrower’s Dues. Party shall be binding on other party. If the Borrower and ICICI Bank do not agree to mediation or conciliation, or if
Upon the occurrence of the Event of Default and at any time thereafter, if any such event shall be continuing, ICICI the mediation or conciliation fails to resolve the claim or dispute within the period stipulated in such rules or within a
Bank may, in its sole discretion: period of 21 days from the date of notice of appointment of mediator or conciliator (whichever is earlier), then the
declare that the principal and all accrued interest on the Loan and all amounts under the Facility and/ or claim or dispute shall be taken forward for adjudication by arbitration in terms of the applicable rules of said ODR
Transaction Documents have become payable forthwith by the Borrower to ICICI Bank and upon such Institution, and in accordance with the Arbitration and Conciliation Act, 1996, which shall be conducted (including
declaration the same shall become due and payable forthwith; for recording of evidence or tendering of documents), concluded and administered online by ODR Institution
exercise such other rights and remedies as may be available to ICICI Bank under law including by suit, in through its website/platform or mobile application. The arbitral tribunal shall consist of an independent sole
equity or by action at law, or both, or otherwise; and/or arbitrator appointed in accordance with the applicable arbitration rules of the ODR Institution. The seat of arbitration
 stipulate such other condition or take such other action as ICICI Bank deems fit. proceedings shall be Mumbai. The law governing the arbitration proceedings shall be Indian law. The procedural
14. PUBLICATION OF DEFAULT law of arbitration shall be rules of ODR Institution.
In the event of a default by the Borrower of any of the terms of the Transaction Documents, ICICI Bank and the RBI Grievance Redressal Mechanism: ICICI Bank follows a three level grievance redressal mechanism that is available
(or any agency approved or authorised by RBI or other governmental authority) will have the right to disclose and on the website of the Bank. For details, please visit our website www.icicibank.com and navigate to - Home >
publish the details of such default along with the name of the Borrower as defaulters in such manner and through Contact Us > Queries/Complaints.
such media as ICICI Bank and/or the RBI (or any agency approved or authorised by RBI or other governmental
authority) may, in their absolute discretion, think fit.
In the event that the Borrower chooses to use internet banking, e-commerce, mobile/phone banking facilities of V.320241009
ICICI Bank, such usage shall be subject to the privacy commitment displayed on the Website and all terms and
conditions, as amended from time to time, available on the platform governing the same.
15. LIEN AND SET-OFF
Without prejudice to any rights of ICICI Bank, ICICI Bank shall have a paramount lien and right of set-off against all
monies of the Borrower standing to the credit of the Borrower in any account(s) (including fixed deposit) of the
Borrower with ICICI Bank, whether held singly or jointly, and on any monies, securities, bonds and other assets,
documents and properties held by/under the control of ICICI Bank and the Borrower authorises ICICI Bank to debit