CAR LOAN
Prepayment charges

Dear Sir

I have take a car loan from ICICI Bank two years ago and wish to foreclose the same. The bank is asking for prepayment charges of 5.52%. Please can you let me know whether the bank can now impose any charges on prepayment. I hear that as per the new decision of the Supreme Court or may be the competition commission, banks can not charge prepayment charges. The loan is Indore (MP) based. Please do let me know at the earliest.

Regards

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