This largest multinational Indian private bank really needs no introduction. Incorporated in June 1994, it remained a wholly-owned subsidiary of ICICI, a financial institution until 2002. In 2002, both the companies merged to form ICICI Bank. It has come a long way since then. Today, it is India's largest private sector bank with a total assets of Rs. 7,206.95 billion (US$ 109 billion) at March 31, 2016 and profit after tax Rs. 97.26 billion (US$ 1,468 million) for the year ended March 31, 2016, says their website. It is a public limited company with a net worth of `89, 735.58 crores as on Mar 31, 2016.
The company has a huge exposure in the personal loan segment. As per their latest annual reports, the total amount of personal loans disbursed were `3,18,566 mn, as on March 31, 2016. This bank is the third largest lender in this segment, coming in only after the market leader HDFC and then SBI. ICICI Bank’s personal loans account for about 5% of its total retail funding portfolio.
ICICI Bank has a wide presence on the national scale as well on a global platform. It has a gigantic network of 4,450 branches and 14,103 ATMs all across India. Apart from this it boasts of presence in other countries like Bahrain, Canada, Germany, Hong Kong, Singapore, Sri Lanka, UK & US.
Personal loans are unsecured loans that need no collaterals as surety. These multi-purpose loans come in handy because you can:
As long as you do not use the funds for an illegal purchase or for speculative reasons, you are good to go.
ICICI’s personal loan has some very robust features, such as:
Here is a quick brief on other charges levied by the bank:
|Personal Loans||Rate of Interest - 11.49% to 22.00%|
|Loan Processing Charges / Origination Charges (Non-Refundable)||Upto 2.50% of loan amount plus service tax|
|Prepayment Charges||5% of principal outstanding plus service tax|
|Charges for Late Payment||24% per annum plus service tax|
|Repayment Mode Swap Charges||500/- per transaction plus service tax|
|Amortisation Schedule Charges||200/- per schedule plus service tax|
|Statement of Account Charges||200/- per schedule plus service tax|
|Prepayment/Foreclosure Statement Charges||100/- per schedule plus service tax|
|Duplicate No Objection Certificate/ No Due Certificate||500/- per NOC plus service tax/₹ 200/- per NDC plus service tax|
|Duplicate Prepayment/Foreclosure Statement Charges||200/- per schedule plus service tax|
|Loan Cancellation Charges||3000/- plus service tax|
|EMI Bounce Charges||400/- per bounce plus service|
Note: Prepayment of loan can be made only after a lock-in period of 6 months has elapsed.
Willing borrowers can apply online, send an email, walk-in to one of their branches and call their customer care to request a visit from their loan representative or send a request to their office through post.
If you are an existing customer of the bank then, you could avail their “relationship based pre-approved loans”. You just need to login to your online account using your debit or credit card or loan account. Fill out an application and no sooner you hit the submit button, you will be contacted by the bank. Also, being an existing customer sets you off on an advantage of reduced documentation because quite a few of your documents must already be in the files of the bank.
If you have an active home loan with this bank or are planning to seek a balance transfer, you could also ask for their “Personal Loan linked to Home Loan” product. It is a secured personal loan. It will help you avail a personal loan for a cheaper rate of interest. A very interesting, economical and useful product tendered by the bank.
As a new customer you, too, will find the process of application quite easy. Documents required are standard:
The bank understands the new generation and always believes in upgrading themselves to be in sync with the current times. ICICI is well connected with its clients through its social media platforms and active mobile apps. iLoans is a fine example of one such app provided by the bank to its clients where they can check information regarding their loan accounts while on the move. Infact, if you are an existing customer, you can apply for another loan through this app itself. How cool is that?