Key Fact Statement Loan Against Securities by Clicking On
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Key Fact Statement Loan Against Securities By clicking on ‘Accept’ icon and by submitting the one-time password received on the registered mobile number, the Borrower is bound by the below Key Fact Statement, terms and conditions (“Standard Terms”) pertaining to the Facility and the terms and conditions pertaining to the Current Account opened for the Facility. 1. Facility Loan Against Securities 2. Facility Type Overdraft 3. Loan Term 1 year (renewable) 4. Interest type Floating The rate of interest of the Facility stipulated by the Bank shall be sum of the Repo Rate*+ “Spread” per annum, plus applicable statutory levy, if any (“Interest Rate”) and shall be charged on the principal amount of the Facility remaining outstanding each day. The applicable Repo Rate shall be the rate prevailing one Business Day preceding the date of 5. Applicable Interest Rate account opening /limit set-up /renewal. As on date the Repo Rate is [4] % and Spread is [5.90] %. As on date, applicable Interest Rate shall be [9.90] % per annum. *“Repo Rate “or “Policy Repo Rate” means the rate of interest published by the Reserve Bank of India (“RBI”) on the RBI website from time to time as Repo Rate or Policy Repo Rate. The Repo Rate component of the Interest Rate shall be reset after every 3 months following the date of account opening /limit set-up /renewal (as applicable), as a sum of Repo Rate + “Spread”, plus applicable statutory levy, if any. The applicable Repo Rate shall be the rate prevailing one Business Day preceding the reset date. ** ** Illustration: For account opening /limit set-up /renewal done on October 5 2019 the first reset date will be January 5, 2020 and thereafter on April 5, 2020 and so on. 6. Date of reset of interest The Bank shall have the right to modify the reset frequency and reset date from time to time in accordance with the extant RBI Guidelines. The Borrower further acknowledges that Interest Rate may change, upward or downwards, as the case may be, in line with change in the Repo Rate. The Bank reserves the right to reset the Spread at any time upon substantial change in the Borrower’s credit assessment and/ or on account of deterioration in the credit risk profile. Immediately upon debit of interest at the end 7. Due Date (interest) of every month Any change in ‘Spread’ would be communicated by the Bank through either: (i) Letter (ii) E-Mail (iii) SMS (iv) Statements of Accounts (v) WhatsApp or any other suitable Mode of communication of charges in mode. The Borrower shall be deemed to have 8. interest rates notice of changes in the Repo Rate when displayed on the notice board of the Branch or displayed on Bank’s website (www.icicibank.com) and the Borrower is liable to pay such revised rate of interest 9. Fee Payable Processing Fee (payable during the Processing Fee of Rs.500, plus applicable taxes A. application for the Facility) and other statutory levies Renewal Fee charged of Rs.2500/- plus B. During the term of the Facility applicable taxes and other statutory levies for the facility at the time of renewal of the facility C. On Foreclosure NA Fee refundable if loan not D. Processing fee sanctioned/disbursed Conversion charges for switching from E. NA floating to fixed interest and vice-versa 6% (on amount drawn over the drawing F. Default Interest power) 10. EMI payable NA Securities pledged/lien marked/assigned in 11. Details of Securities favour of ICICI Bank by customer from time to time and approved by bank. Date on which annual outstanding 12 On Customer request balance statement will be issued ICICI BANK LIMITED’S STANDARD TERMS AND CONDITIONS FOR LOAN AGAINST SECURITIES By clicking on ‘Accept’ icon and by submitting the one time password received on the registered mobile number, the Borrower is bound by the below Key Fact Statement, terms and conditions (“Standard Terms”) pertaining to the Facility and the terms and conditions pertaining to the Current Account opened for the Facility. 1. Definitions i. “Account” shall mean the current account of the Borrower which is opened while availing the Facility ii. “Borrower’s Dues” means and includes the outstanding principal amount of the Facility, interest, fees, costs, charges, expenses, stamp duty and all other monies whatsoever payable by the Borrower to ICICI Bank in accordance with the Loan Terms, as well as all other monies whatsoever stipulated in or payable by the Borrower under the Loan Terms. iii. “Business Day” means a day on which the relevant/local office of ICICI Bank as may be notified by ICICI Bank to the Borrower, is open for normal business transactions. iv. “Due Date(s)” means the date(s) on which any amounts in respect of the Borrower’s Dues fall due as mentioned in the Key Fact Statement. v. “Events of Default” means the events of default specified in Section 29 hereof. vi. “Loan Terms” means and refers collectively to all the terms and conditions set out in these Standard Terms,Key Fact Statements, Current Account Terms and all terms and conditions specified in the other Transaction Documents. vii. “Repo Rate“ or “Policy Repo Rate” means the rate of interest published by the RBI on the RBI website from time to time as Repo Rate or Policy Repo Rate. viii. “RBI” means Reserve Bank of India. ix. “Transaction Documents” include all writings, either in physical mode or electronic mode, and other documents executed or entered into, or to be executed or entered into, or accepted by the Borrower, either in physical form or electronic form, or, as the case may be, by any other person, in relation, or pertaining, to the Facility and each such Transaction Document as amended from time to time. 2. In these Standard Terms, unless the contrary intention appears, a reference to: i. an "amendment" includes a supplement, modification, novation, replacement or re-enactment and "amended" is to be construed accordingly; ii. an "authorisation" or “approval” includes an authorisation, consent, clearance, approval, permission, resolution, license, exemption, filing and registration; iii. “encumbrance” includes a mortgage, charge, lien, pledge, hypothecation, security interest or any lien of any description whatsoever. iv. “law” includes any constitution, statute, law, rule, regulation, ordinance, judgment, order, decree, authorisation, or any published, directive, guideline, requirement or governmental restriction having the force of law, or any determination by, or interpretation of any of the foregoing by, any judicial authority, whether in effect as of the date of applying for the Facility or thereafter and each as amended from time to time. a. the singular includes the plural (and vice versa); b. the headings in these Standard Terms are inserted for convenience of reference only and are to be ignored in construing and interpreting the Loan Terms; c. reference to the words “include” or “including” shall be construed without limitation; d. reference to a gender shall include references to the female, male and neuter genders; e. all approvals, permissions, consents or acceptance required from ICICI Bank for any matter shall require the prior, written approval, permission, consent or acceptance of ICICI Bank; v. in the event of any disagreement or dispute between ICICI Bank and the Borrower regarding the materiality of any matter including of any event, occurrence, circumstance, change, fact, information, document, authorisation, proceeding, act, omission, claims, breach, default or otherwise, the opinion of ICICI Bank as to the materiality of any of the foregoing shall be final and binding on the Borrower. Capitalized terms used but not defined herein shall have the meaning assigned to them under the Key Fact Statement. 3. Details of the Facility i. The Facility shall, as per the request of the Borrower, be disbursed by ICICI Bank / permitted to be drawn by the Borrower and ICICI Bank may, at the request of the Borrower, make/allow disbursements/ drawals under the Facility by cheques/pay orders/authorisations. The drawals/ disbursements under the Facility may be made in more than one tranche. ii. The total amount of the Facility provided/ agreed to be provided against an Asset shall be calculated on the basis of the market value/surrender value/ net asset value (as applicable) of the Asset, as decided by ICICI Bank from time to time in its sole discretion and/or in accordance with applicable law. iii. The Facility shall not be used for any speculative, improper, illegal or unlawful purposes/activities. iv. The funds under the Facility will not be used towards purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds and units of gold mutual funds. v. The drawals shall be subject to the overall limits sanctioned, compliance with the Loan Terms and the other Transaction Documents and there being no subsisting or potential Event of Default. vi. The total amount of the Facility, where the underlying Asset is in the nature of shares/equity based mutual funds, shall not exceed INR 20 lakhs which is the current regulatory limit prescribed by RBI from entire banking system. vii. ICICI Bank Limited shall have the absolute discretion, without assigning any reasons (unless required by applicable law), to reject the application to place the Securities or to refuse to accept the Securities placed by the applicant with ICICI Bank and to vary the Drawing Power. In such an event, ICICI Bank Limited shall not be responsible / liable in any manner whatsoever to the Applicant(s) for any costs, losses, damages or expenses, or other consequences, caused by reason of such rejection, or any delay in notifying the rejection of this application.