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ICICI Bank is one of India's most prominent private sector banks, providing a wide range of financial products and services to its customers. The bank was established in 1994 as a subsidiary of ICICI Limited, founded in 1955 as a development financial institution. Over the years, ICICI bank has emerged as a leader in the Indian banking industry, with a strong presence in the country and overseas.
ICICI Bank offers a comprehensive suite of financial solutions, including personal loans, home loans, car loans, Business loans, savings accounts, and fixed deposits. The bank has a reputation for its innovative approach to banking, which puts the needs of its customers at the forefront. Whether you are a small business owner looking to expand your operations or an individual looking to purchase a new home or car, ICICI bank has a loan option that can meet your requirements. They are committed to helping you achieve your Financial goals and realise your dreams.
Below-mentioned are some of the noteworthy benefits you can gain from ICICI bank loans:
ICICI Bank offers a diverse range of loan products to cater to the varying financial needs of its customers. Here are the types of loans available:
ICICI Bank's personal loan is a versatile product that can be used for multiple purposes, such as medical emergencies, wedding expenses, travel, and debt consolidation. The loan amount can range from Rs. 50,000 to Rs. 25 lakhs, with flexible repayment tenure of up to 60 months.
Amount | Interest Rate |
---|---|
Up to Rs. 20 lakhs | 10.50% - 17.50% |
Above Rs. 20 lakhs up to Rs. 25 lakhs | 17.50% - 19.00% |
Factors | Charges/Fees |
---|---|
Processing Fee | Up to 2.25% of the loan amount + applicable Taxes |
Prepayment Charges | 5% of the principal outstanding + applicable taxes (if prepaid within 12 months of disbursal) |
Late Payment Charges | 24% p.a. on the outstanding amount |
EMI Bounce Charges | Rs. 500 per bounce + applicable taxes |
Secure Fee | Rs. 1,999 + applicable taxes |
Loan Cancellation Fee | Rs. 3,000 + applicable taxes (if cancelled after disbursal) |
Must be between 23 to 58 years of age
Should have a minimum monthly income of Rs. 30,000
Must have a good Credit Score
Must be employed for a minimum of two years
An Indian resident
Talk to our investment specialist
ICICI Bank's Home Loan is designed for individuals looking to buy a new house or renovate their existing home. The loan amount can go up to Rs. 10 crores, with a flexible repayment tenure of up to 30 years.
Amount | Interest Rate |
---|---|
Up to Rs. 75 lakhs | 6.70% - 7.30% |
Above Rs. 75 lakhs up to Rs. 5 crores | 7.05% - 7.35% |
Above Rs. 5 crores | 7.45% onwards |
Factors | Charges/Fees |
---|---|
Processing Fee | Up to 1% of the loan amount + applicable taxes |
Prepayment Charges | Nil (for floating-rate loans); 2% of principal outstanding + applicable taxes (for fixed-rate loans) |
Late Payment Charges | 2% p.m. on outstanding EMI amount |
EMI Bounce Charges | Rs. 500 per bounce + applicable taxes |
Secure Fee | Rs. 3,500 + applicable taxes (for loan amount up to Rs. 75 lakhs); Rs. 6,000 + applicable taxes (for loan amount above Rs. 75 lakhs) |
Loan Cancellation Fee | Rs. 3,000 + applicable taxes (if cancelled after sanction but before disbursement); 2% of loan amount + applicable taxes (if cancelled after disbursement) |
ICICI Bank's car loan is available to purchase new and used cars. The loan amount can go up to 100% of the car's on-road price, with flexible repayment tenure of up to 7 years.
Loan Type | Amount | Interest Rate |
---|---|---|
New Car Loan | Up to 100% of the ex-showroom price (for select car models) | 7.25% - 8.25% |
Used Car Loan | Up to 80% of the valuation of the car | 12.25% - 15.50% |
Factors | Charges/Fees |
---|---|
Processing Fee | Up to Rs. 3,500 + applicable taxes |
Prepayment Charges | Nil (for floating-rate loans); 5% of principal outstanding + applicable taxes (for fixed-rate loans) |
Late Payment Charges | 2% p.m. on outstanding EMI amount |
EMI Bounce Charges | Rs. 600 per bounce + applicable taxes |
Foreclosure Charges | 5% of principal outstanding + applicable taxes (if foreclosed within six months of disbursement); 3% of principal outstanding + applicable taxes (if foreclosed after six months of disbursement) |
Part Payment Charges | 5% of part payment amount + applicable taxes (if part payment is made within 12 months of disbursement); 3% of part payment amount + applicable taxes (if part payment is made after 12 months of disbursement) |
ICICI Bank's business loan is designed to meet the financial requirements of small and medium-sized enterprises. The loan amount can go up to Rs. 75 lakhs, with flexible repayment tenure of up to 15 years.
ICICI Bank offers various types of business loans to cater to different needs of businesses. Some of the types of business loans available in ICICI are:
Working Capital Loans: These loans are designed to meet businesses' short-term working Capital needs, such as managing day-to-day expenses, inventory, and accounts receivables
Term Loans: Term loans help businesses meet their long-term financial requirements, such as purchasing equipment, expanding business, or setting up a new venture
Business Loans Against Property: Businesses can use loans by pledging their commercial or residential properties as Collateral to meet their financial needs
Business Overdraft: Business overdraft is a revolving credit facility that allows businesses to withdraw funds as required and pay interest only on the utilised amount
Trade Finance: ICICI Bank offers trade finance solutions such as letters of credit, bank guarantees, and export-import finance to facilitate international trade transactions
Machinery Loans: Machinery loans are designed to help businesses finance the purchase of machinery and equipment required for their business operations
Credit Facilities for MSMEs: ICICI Bank provides customised credit facilities to Micro, Small, and Medium Enterprises (MSMEs) to meet their specific financial needs.
Amount | Interest Rate |
---|---|
Term Loan | 8.50% to 16.65% |
Working Capital Loan | 9.25% to 16.65% |
Business Instalment Loan | 12.99% to 16.65% |
Secured Overdraft | 9.25% to 16.65% |
Export Finance | 7.50% to 9.50% |
Import Finance | 7.50% to 9.50% |
Factors | Charges/Fees |
---|---|
Processing Fee | Up to 2% of the loan amount |
Prepayment Charges | Nil for loans up to Rs. 25 lakhs, 5% for loans above Rs. 25 lakhs |
Late Payment Charges | 2% per month on the overdue amount |
EMI Bounce Charges | Rs. 400 per bounce |
Secure Fee | Up to 2% of the loan amount |
Stamp Duty and other statutory charges | As per applicable laws |
Cheque Swapping Charges | Rs. 500 per swap request |
Legal and incidental charges | At actuals |
ICICI Bank's education loan is available for students seeking higher education in India and abroad. The loan amount can go up to Rs. 50 lakhs, with flexible repayment tenure of up to 10 years.
Amount | Interest Rate |
---|---|
Up to Rs. 50 lakhs | 8.25% - 11.5% p.a. |
Above Rs. 50 lakhs | 9.25% - 11.5% p.a. |
Factors | Charges/Fees |
---|---|
Processing Fee | Up to 2.50% of the loan amount (minimum of Rs. 2,000) |
Prepayment Charges | No prepayment charges are applicable on floating-rate loans |
Penal Interest | 2% per month on the overdue amount |
Late Payment Charges | 2% per month on the overdue instalment |
Secure Fee (for collateral) | 0.50% of the loan amount (one-time) |
Documentation Charges | Rs. 500 |
ICICI Bank's gold loan is a secured loan where customers can avail of funds by pledging their gold ornaments. The loan amount can go up to Rs. 1 crore, with flexible repayment tenure of up to 12 months.
Amount | Interest Rate |
---|---|
Up to Rs. 25 lakhs | 9.90% onwards |
Above Rs. 25 lakhs | 9.90% onwards |
Factors | Charges/Fees |
---|---|
Processing Fee | 0.25% to 1% of the loan amount (minimum of Rs. 250) |
Prepayment Charges | No prepayment charges are applicable |
Documentation Charges | Rs. 199 |
Late Payment Charges | 2% per month on the overdue amount |
Loan Cancellation Charges | Rs. 1,000 to Rs. 10,000, depending on the loan amount |
Gold Appraisal Charges | Rs. 250 to Rs. 500, depending on the loan amount and location |
Secure Fee (for collateral) | 0.25% to 1% of the loan amount (one-time), depending on the loan amount |
ICICI Bank's loan against property is a secured loan where customers can avail of funds by mortgaging their residential or commercial property. The loan amount can go up to Rs. 10 crores, with flexible repayment tenure of up to 15 years.
Factors | Charges/Fees |
---|---|
Processing Fee | Up to 1% of the loan amount (minimum of Rs. 5,000) |
Prepayment Charges | Nil |
Documentation Charges | Rs. 5,000 to Rs. 10,000, depending on the loan amount |
Late Payment Charges | 2% per month on the overdue amount |
Loan Cancellation Charges | 1% of the loan amount if cancelled before disbursement |
EMI Bounce Charges | Rs. 400 per bounce transaction |
Secure Fee (for collateral) | 0.5% to 1% of the loan amount (one-time), depending on the loan amount |
ICICI Two-Wheeler Loan is a financial product offered by ICICI Bank to individuals who want to purchase a two-wheeler. The loan provides financing for up to 100% of the on-road price of the vehicle with flexible repayment tenures and competitive interest rates.
Amount | Interest Rate |
---|---|
Up to Rs. 75,000 | 12.99% p.a. |
Rs. 75,000 - 1 Lakh | 11.99% p.a. |
Above Rs. 1 Lakh | 10.99% p.a. |
Factors | Charges/Fees |
---|---|
Processing Fee | Up to Rs. 3,500 |
Prepayment Charges | 0-6% of the outstanding principal amount |
Cheque bounce charges | Rs. 500 per instance |
Late Payment Charges | 2% per month on the overdue amount |
Loan Cancellation Charges | Rs. 3,000 |
Loan rescheduling charges | Rs. 1,000 per instance |
NOC issuance charges | Rs. 500 |
Duplicate NOC issuance charges | Rs. 500 |
ICICI Credit Card Loan is a type of loan that allows you to borrow money against the Credit Limit available on your ICICI Bank Credit Card. The loan amount is directly credited to your bank account and can be repaid in monthly instalments over a period of time, with interest charged on the outstanding amount.
Amount | Interest Rate |
---|---|
Up to Rs. 25,000 | 13.99% p.a. |
Rs. 25,001 - Rs. 50,000 | 13.99% p.a. |
Above Rs. 50,000 | 13.99% p.a. |
Factors | Charges/Fees |
---|---|
Processing Fee | Up to 2.25% of the loan amount |
Prepayment Charges | 5% of the outstanding loan amount |
Cheque bounce charges | Rs. 500 per instance |
Late Payment Charges | 24% per annum on the overdue amount |
Loan Cancellation Charges | Rs. 3,000 |
EMI Bounce Charges | Rs. 500 per instance |
Loan rescheduling charges | Rs. 1,000 per instance |
Here is the list of documents required to apply for a loan at the ICICI bank:
Obtaining a loan from ICICI bank can be hassle-free, provided you have all the necessary documents and meet the eligibility criteria for the loan scheme you wish to apply for. Familiarise yourself with the various loan schemes offered by ICICI bank, carefully evaluate them, and select the one that best suits your needs to overcome any financial constraints and achieve your aspirations.
A: Yes, ICICI Bank allows the prepayment of loans. However, the prepayment penalty varies depending on the type of loan and the repayment period.
A: The interest rate for loans from ICICI Bank is calculated based on various factors such as the type of loan, the loan amount, the repayment period, and the applicant's credit history.
A: No, collateral is not required for all loans from ICICI Bank. While Home Loan and Loan Against Property require collateral, loans such as Personal loans and car loans do not require collateral.
A: You can apply for a loan from ICICI Bank online through their website or mobile app or by visiting their branch. You can also Call their customer care number for assistance.
A: ICICI Bank provides flexible repayment options, and you can change the repayment schedule of your loan by contacting the bank's customer care or visiting the nearest branch. However, this is subject to the bank's terms and conditions.
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