Home >> ICICI Bank

ICICI Bank Loan

ICICI bank, with its former name being its full form, Industrial Credit and Investment Corporation of India, is the second-largest bank of India having total assets over Rs.4,000 billion on March 31, 2011 and profit after tax above Rs.50 billion for the financial year which ended on March 31, 2011. The Bank’s has a network of above 2500 branches and more than 6500 ATMs throughout the country, and has a presence in 18 other nations except India.

ICICI Bank provides various banking products and services under its umbrella to its corporate and retail customers via numerous delivery channels. It has specialized subsidiaries working tirelessly in the spheres of venture capital, investment banking, asset management and life and non-life insurance. It gives loan and EMI calculators to its customers for their self-assessment of their repayment capacity.

The Bank has its targeted NRI’s through its various branches in several Asian countries like United Arab Emirates, China, Thailand, Malaysia, Singapore, Bahrain, Indonesia, Bangladesh, Hong Kong, Sri Lanka and Qatar. The bank has even opened its branch offices in several non-Asian nations with considerable NRI presence like South Africa, United States, United Kingdom, Russia and Canada. ICICI Bank's Board comprises of prominent individuals as members, having a rich experience in banking, international business, financial services and management consulting.

ICICI Home Loan

Among the premier providers of home loans, ICICI Bank Home Loans have assisted millions of their customers in realizing their dreams of owning a house by offering commodious home loan programs. The bank renders sound guidance, quick sanctioning of loan and doorstep service by a lucid corroboration process. With certain pre-conditions attached, the bank also gives Free Personal Accident Insurance for home loan at an appealing premium. Home loans have flexible repayment alternatives made available to the customer. The home loan amount hinges on the repayment capacity of the consumer and is capped to a maximum of 80% of the total cost of property. Maximum tenure for repayment of loan is 20 years but is restricted to the age of retirement for salaried individuals.

The bank offers home loans to resident Indians as well as NRI’s. The eligibility requirements for ICICI bank home loan are-
  • Minimum age of the customer should be 21 years.
  • The loan must end prior to or at 65 years of age or retirement age, whichever is earlier.
  • At the time of application, the customer should either be employed or self-employed with a fixed source of income.
The applicant also needs to provide the following information:
  • PAN card copy.
  • Application form with photograph duly signed by all applicants.
  • Form 16 and Income Tax Returns
  • Identity proof
  • Processing fee
  • Current Salary-slips (Last 3 months)
  • Bank statements of the previous 6 months.

ICICI Bank Floating Rate

Ticket Size slab EffectiveRateRate of interest
HL<= 2.5 millionI-Base + 0.50%10.50 %
HL> 2.5 million<= 7.5 millionI-Base + 1.00%11.00 %
HL > 7.5 millionI-Base + 1.50%11.50 %

ICICI Personal Loan

ICICI bank Personal loans are aimed to assist customers in fulfilling their financial ambitions of either financing their offspring’s education or wedding or refurbishing their house. Personal loans by ICICI bank are given up to Rs.10 lakhs with quick processing and minimal corroboration sans any security or guarantor. Flexible quittance alternatives are offered for 1 to 4 years at entrancing rates of interest.

To fulfill the eligibility criteria for Personal loan by ICICI bank, the customer should be:
  • Aged between 23 and 58 years.
  • Have a net salary above Rs.20,000 per month
  • Bank Salary Account Holder
  • Bank Personal Loan customer
  • In the present job or profession since two years
  • In the present habitation since a year.
To approve the loan, ICICI Bank requires minimum documentation

1) Residential Proof
2) Proof of Identity
3) Salary slips of the previous 2 months.
4) Last 3 months Bank Statement (where salary/income is credited).

The customer has the choice of online application for personal loan, on the reception of which the loan representative contacts the customer to process the loan within 72 hours to service his/her loan necessities. The loan form is also available at the branches of the bank and can be submitted there after duly filling it.

ICICI Car Loan

Car loans are offered for both new as well as used cars. For used cars, loans are given up to 9/10th of the initial car price. ICICI renders convenience, flexibility and quickness in its car loans, which are offered at pleasing interest rates, customized conditions and long repayment tenures of as long as 5 years. The bank is easily reachable to customers with above 600 channel collaborators in over a 1000 locations.

The minimum loan amount for availing a new car loan is Rs.1,00,000 while the maximum hinges on the customer profile, car price, model variant etc. For higher loan amounts, loans can be availed under specific raised income qualification criteria.

Eligibility Criteria to apply for ICICI car loans:
  • The applicant should be aged between 25 to 58 years, inclusive of instance of application and maturity of the loan.
  • The client should have a Gross annual income above Rs. 2.5 lakhs
  • The Customer should have a stable employment since the previous two years.

The documentation required for Car loan from ICICI bank is:
  • Current Salary Slip
  • Form 16 or Income tax returns of the previous two years
  • Identity Proof
  • Signature Proof
  • Address Proof

Application Process of ICICI Car Loan

There are multiple ways for application for car loans from ICICI: calling on the contact numbers provided, sending an email, applying online, visiting the bank branch, calling up the bank’s loan representative or sending an SMS signifying intent for the same. The following are the steps for application to an ICICI car loan:
  • The loan representative meets the customer as and when he/she desires to and renders assistance for documentation.
  • Loan is disbursed within 24 hours of submission of the entire documents required for its sanction.
  • The customer gets the possession of the car as soon as the approved loan money reaches the dealer.
  • The customer has to send a Xerox copy of the Registration Certificate, Invoice and the Insurance Policy to the bank within a month of getting the loan paid out.

Repayment Terms of ICICI Car Loan

The customer can avail fixed or adjustable interest rate repayment scheme depending upon his/her choice. Repayment tenure varies from 1 to 5 years for new car loans, and can be altered in concordance with the requirements of the customer by adjusting the EMI and interest rate accordingly. Payments can be made through post-dated cheques (PDCs), Direct Debit Mandates and ECS as desired by the client. Only full and not partial pre-payments of the loan are accepted.

ICICI Commercial Vehicle Loan

The bank, enjoying a favoured financer status with all leading manufacturers, extends commercial loan products like working capital loans, financing of new vehicles, top up on existing loans, funding for used vehicles and numerous other banking products. The bank gives myriad products in more than 180 locations all around the nation for a variety of vehicles including buses, trucks, light commercial vehicles, tippers and small commercial vehicles. The bank has lucid corroboration processes to provide flippant and customized financing solutions.

To be eligible for a commercial vehicle loan, the client should be
  • Any individual or company having a business experience over two years.
  • An existing proprietor of at least two commercial vehicles.
  • Engaged customers and transporters.
Applicant can apply online or contact ICICI loan representative to fill the application form and get all the documentation done from the comfort of their homes. The vehicle’s Registration Certificate (RC) requires to bear the hypothecation in favour of the bank whose Xerox copy would also be needed by the bank. The amount of the loan varies according to the requirement of the client and can be to a maximum of the value of the chassis.

The time for sanction of a loan is usually 72 to 96 hours from the submission of thorough documents while its tenure revolves between 1 to 5 years, depending upon the conditions of the loan and the repayment capacity of the debtor. Repayment can be done via post-dated cheques (PDCs) / ECS or through Auto-Debit. Prepayment of the loan is also permitted.

Loan against Securities

These loans supply the client with the much needed liquidity outright and can be availed by pledging one’s securities in favour of ICICI bank. This grants the customer an overdraft facility by opening a current account from which money can be withdrawn as and when needed till a pre-determined value based on the pledged securities. The customer is also made available the benefits of a current account like a personalized cheque book, ATM card along with mobile, phone and internet banking facilities. The customer is required to fill the loan agreement, finish the formalities of opening an account and gets the loan sanctioned on completion of the entire documentation.

This kind of loan is given against the following securities:
  • Mutual Funds Units
  • Demat Shares
  • Insurance Policies
  • NSC/KVP (Demat form)
  • Exchange Traded Funds (ETF)
  • Savings Bonds
  • Fixed Maturity Plans (FMP)
The minimum loan amount is Rs. 1 lakh while the maximum is Rs. 20 lakh. The customer is sanctioned a drawing power up to half the value of the shares pledged. The loan is kept relevant for a year and gets renewed at the end of each year.

Last Updated On: 2011/09/08