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    IRAC Declaration - Retail Assets - 18.01.2022-EL

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    Khan

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    © All Rights Reserved
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    IRAC Declaration - Retail Assets - 18.01.2022-EL

    Uploaded by

    Khan
    11 views3 pages

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    IRAC declaration_retail assets_18.01.2022-EL

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    11 views3 pages

    IRAC Declaration - Retail Assets - 18.01.2022-EL

    Uploaded by

    Khan

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    ADDITIONAL DECLARATION

    Ref. No.

    Date

    From

    ________________
    ________________

    To,
    The Branch Head
    ICICI Bank Limited
    [Branch Address]

    With reference to the financial assistance/credit facility in the form of Education loan being availed by me/us on the
    date hereof from ICICI Bank Limited (“ICICI Bank”) vide credit facility application form dated _____, I/we hereby
    confirm having understood the concepts and illustrative examples (as detailed below) relating to due dates,
    classification of borrowal accounts as Special Mention Account (“SMA”) or Non Preforming Asset (“NPA”) in the
    course of the conduct of the accounts.

    I. Classification as Special Mention Account and Non-Performing Asset-


    Lending institution (i.e ICICI Bank) will recognize the incipient stress in loan accounts, immediately on default, by
    classifying them as SMA.

    The basis of classification of SMA category shall be as follows:


    1
    LOANS IN THE NATURE OF TERM LOANS

    SMA Sub-categories Basis for classification – Principal or interest payment or


    any other amount wholly or partly overdue
    SMA-0 Upto 30 days
    SMA-1 More than 30 days and upto 60 days
    SMA-2 More than 60 days and upto 90 days

    Non-performing Asset- NPA is a loan or an advance where:


    i. interest and/ or instalment of principal remains overdue for a period of more than 90 days in respect of a term
    loan,

    II. Illustrative movement of an account to SMA category to NPA category based on delay /non-payment of dues and
    subsequent upgradation to standard category at day end process is provided below :

    1
    I/We understand that the clarifications/examples mentioned herein are only illustrative in nature covering common
    scenarios and that the norms and clarifications provided by Reserve Bank of India from time to time will prevail.

    Further, the definition of the term “Transaction Documents” which is specified in ICICI BANK LIMITED’S (ALL-
    INDIA) STANDARD TERMS AND CONDITIONS governing Education Loan shall be replaced by the following
    clause-

    “Transaction Documents” include all writings and other documents executed or entered into, or to be executed or
    entered into, by the Borrower(s) or any other person or any other document executed or issued by ICICI Bank/Bank
    in relation, or pertaining, to the Facility and each such Transaction Documents as amended from time to time.

    I/we understand and acknowledge that this additional declaration shall form an integral part of the credit facility
    application form/facility agreement/sanction letter and shall be read in conjunction with the aforesaid documents and
    other Transaction Documents.

    Yours faithfully,
    (Signature)

    Applicant Co-applicant Guarantor

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