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ICICI Personal Loan

About ICICI Bank

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.

Presence of ICICI Bank

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.

Product – Personal Loans

Personal loans are unsecured loans that need no collaterals as surety. These multi-purpose loans come in handy because you can:

  • Plan a vacation
  • Invest in child’s education
  • Marriage
  • Medical Emergency
  • Business Expansion
  • Buy Appliances or Gadgets
  • Make a down payment on car
  • Renovate your home or most popularly,
  • Consolidate petty debts, credit card and other bills

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:

  • The rate of interest remains fixed
  • If you are salaried, you can take a maximum of `20 lakhs. If self employed then `30 lakhs and if you are a doctor you can take upto a max of `40 lakhs.
  • The loan tenure can be from min 1 year to upto a max of 5 years
  • Flexible repayment options like ECS, Auto Debit or PDCs
  • They have a low turnaround time of 72 hours, after they receive complete documents
  • They offer a fund transfer of the loan amount which makes it instantly accessible to the clients.
  • Interest Rates on your loan can be as low as 11.49% and can go upto 22.00%. Though the rate remains fixed for the term but it varies from individual to individual based on their risk profiles

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.

Loan Application Process

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:

For Salaried
  • KYC that is proof of identity, address and signature,
  • Last 3 month’s bank statement or copy of updated passbook
  • Latest Salary Slip
  • 2 Photographs
For Self Employed
  • KYC that is proof of identity, address and signature,
  • Last 6 month’s bank statement or copy of updated passbook
  • Proof of Office address
  • Income proof of last 2 years
  • Proof of continuity of business

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?

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