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Simple Guide For ICICI Bank Loans

Whether a personal loan, business loan or just a two-wheeler loan, ICICI Bank is the right place to approach. With reasonable interest rates, flexible tenures, and exciting offers, ICICI loans are perfect to fulfill a variety of requirements. Different types of loans available with ICICI are the home loan, car loan, two-wheeler loan, business or commercial loan, personal loan, gold loan and loan against securities. Each of these loan types have interesting features compared to the loans provided by HDFC Bank. Loan processing, loan repayment, and pre-closure are simple.

ICICI Personal Loans

ICICI personal loan helps to meet unexpected needs such as medical emergencies without any worries. The personal loan is perfect to fulfill dreams such as planning for an exotic vacation, wedding, or a simple home renovation. The criteria for obtaining a personal loan vary with the type of borrower. Salaried employees should be in the age range of 23 years to 58 years and should have a monthly income of Rs.17,500 to 25,000 depending on the area of residence. The individual should have been working for the past two years and residing in that specific region for about a year. The criteria for obtaining a personal loan for self-employed is based on the minimum turnover and the profit. The minimum turnover for non-professionals should be 40 lakhs and that for professionals should be about 15 lakhs. The minimum profit after tax has to be about 2 lakhs for non-professionals and one lakh for professionals. It is also required that the individual has been in the current business for about five years and three years in the case of doctors. Apply for personal loan with the help of ICICI Internet Banking.

Applying for a personal loan is simple and easy. A Personal loan can be applied online easily in four simple steps. Check the eligibility for the loan by providing the required personal information and work information. After applying for the loan and providing the required documents, the loan will be processed quickly and the loan amount will be disbursed without much delay.

ICICI Bank Home Loans

Get the dream house of your choice with the ICICI Bank home loan. ICICI Bank Account holders are eligible for pre-approved loans loaded with exciting offers. The best part is existing customers can avail the loan with little documentation and with lesser processing time. Customers can get express home loans approved online in just 8 hours provided the customer uploads the required documents. ICICI Bank also provides the flexibility to transfer the existing home loan at other banks to ICICI and lower the burden of EMIs. ICICI Bank not only offers home loans but also helps its borrowers find their dream home. Customers can select a dream home of their choice from the list of ICICI approved home projects. The ICICI home overdraft feature provided on the existing mortgage loan provides the customers with the flexibility to avail funds as per their requirement and convenience. SBI Loans also provides the personal loans at low interest rates.

The home loan insurance cover from ICICI serves as a guard to the home loan. With the insurance plan, the family members do not have to worry about repayment of the loan in case of unforeseen events to the life of the borrower. The home insurance assists the family members in repaying the loan. The two different home insurance plans from ICICI are – home insurance and secure mind; loan protect.

Applying for a home loan is simple and easy. Borrowers planning to take a home loan can place a request for callback by providing the name, contact number, pin code and the product type.

After providing the details, the customer can expect a quick call back. The ICICI Bank Customer Care or a loan processing executive will provide the doorstep service and simplify the overall loan processing. Applying for a home loan online helps customers enjoy big discounts on the processing fee. Customers can also apply for the home loan personally by visiting the branch directly.

ICICI Bank Interest Rates

ICICI Bank home loan interest rates vary depending on the borrower category. ICICI Bank floating interest rate on home loans for salaried borrowers is about 8.35% which is on par with other banks such as AXIS. The interest rates for the self-employed borrower is slightly high compared to salaried borrowers. The fixed interest rate on home loans is about 8.20% for salaried borrowers and is about 8.5% for self-employed borrowers.

The interest rate on ICICI personal loan is similar to that charged by IndusInd Bank and Citibank. ICICI Bank personal loan interest rates vary from 11.29 percent to 22.00 percent per annum. Customers who fail to repay the loan within the specified tenure may have to pay a late payment fee of 24% per annum. The interest rates on personal loans vary depending on the type of the borrower that is corporate or business.

ICICI Bank Loan Calculator

ICICI Bank provides a variety of tools and calculators to help its customers estimate the EMI and the eligible loan amount. Using the ICICI Bank loan calculator customers can find the EMI for their personal or home loan. Using the EMI calculator is very simple and easy. Customers can select the loan amount by sliding the slider. The standard interest rate as offered by the bank is taken to calculate the EMI. After providing the loan amount, the EMI calculator will provide the EMI instantly. To calculate the monthly EMI, the customer can choose the tenure for the loan. With the increase in loan tenure, the EMI decreases. The borrower can calculate different EMIs by adjusting the tenure and finally find the easy to pay monthly EMI. You can check loan status with ICICI Mobile App.

FAQ’s Related to ICICI Bank Loans

  1. How to prepay the ICICI Bank personal loan?

View Answer
To prepay the ICICI bank personal loan, the borrower has to visit the branch in person and provide a request letter. Details of PAN card should also be provided if the loan amount being repaid is above 50,000. The payment can be made either through DD, cheque, or cash.

2. Is top up facility available on personal loan?

View Answer
Top up facility can be taken on personal loan after paying 12 EMIs. The request for a top up on the loan amount can be made through different channels – internet banking, calling the customer care executives or by visiting the branch.

3. What is the loan amount that can be obtained?

View Answer
The loan amount that can be obtained is calculated depending on the occupation of the borrower and the relationship with the ICICI bank.

4. Can the ICICI bank loan be taken in partnership with others?

View Answer
Yes. The bank loan can be availed in partnership. The co-applicants vary depending on the borrower. In the case of proprietorship firm or self employed individual the co-applicant can be son or daughter. For partnership firm, LLP partners with at least 51% stake are eligible to be co-applicant. In the case of Private Ltd Company, Directors with at least 51% stake are eligible to be co-applicants. In the case of public Ltd Company, one director can be a co-applicant.

5 .What are the prepayment charges for preclosure of home loan?

View Answer
The prepayment charges for home loans and home improvement loans is zero if the interest rate is floating and 2 % plus taxes if the interest rate is fixed. Prepayment charges of 2% plus taxes have to be paid for full repayment of home loan top up loan. The prepayment charge is 4% plus tax on principal outstanding amount on loans offered to non-individual borrowers or for individuals with fixed interest rate.

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