Promoted by ICICI Limited, ICICI Bank is the largest private sector Bank in India. The Bank offers wide range of products and services to Corporate and retail Customers through different delivery channels. It also provides elaborate ATM Service Network throughout the Country with its 14,367 ATMs. ICICI’s Internet Banking is one of the fastest with the best technological aid. The Bank carries a deep sense of Social responsibility and closely working with ICICI Foundation towards promoting public and economic welfare in general. The Bank has an army of Socially dedicated Board of Members and Committee consisting of eminent names from different walks of the Society. ICICI Bank has also been a pioneer in bringing the Bank to your Mobile Screen through the Mobile App-iMobile. This was the first Banking Mobile App launched in India. And today, the Bank runs 200+ Services through the same App.
ICICI Bank offers Loans in various form viz.
Loan against Securities
The recent Schemes introduced by the Central Government to encourage self-employment and empowerment- Pradhan Mantri Mudra Yojana and Stand-Up India Scheme are also a part of the Bank’s Loan Kitty. Let’s see the Loan types in detail-
Home Loan: Roti, Kapda aur Makaan sums up the eternal need of Man. Big or Small, all of us dream of a Home. ICICI Bank offers Home Loans at lower interest rates and with extended eligibility criteria. The Application process is simple and digitised for Tablet and Smart Phone users. Apart from the conventional Home Loans, the Bank also offers-
In accordance with the Pradhan Mantri Aawas Yojana announced by Hon’ble PM Shri Modi ji, the Bank also offers “Credit Linked Subsidy Scheme” for EWS and LIG Category at low interest rates. For Female Borrowers and Employees from approved Corporates and Institutions, a special tenure of 30-years can be obtained with low interest rates. Few of the Home Loans offered by ICICI are-
ICICI Bank upholds the Consumer interest always. To protect the borrower’s family against any unfortunate incident, the Bank offers Single-premium Home Insurance. The Plan doesn’t require any Medical Check-up up to 3 Crores and tax benefits can be claimed against payment of it. Another one, Loan protect, covers the Borrowers Life for a maximum period of 20 years and up to a limit of 5 Crores, no medical test is needed either.
Car Loans: ICICI not only provides Loan for personal Vehicles but also for Commercial Transports. The Loan interest basically depends over three criteria s-
Features of ICICI car Loans:
The Bank also gives an option to avail Insurance cover for Loan liability which is repayable with the EMI.
Jewellery Loan: The Household Asset, Gold, can come handy in case of any emergency or short-term need. Being Liquid, these Loans are easier to obtain with lesser documentation and formalities. The Bank has recently launched the ‘Jiyo Khulke’ Loan Scheme for this purpose. Features of ICICI Gold Loan includes-
Time to time, the Bank announces referral programmes and existing Customers can get exciting Gifts. For this, you can simply send a SMS from your phone.
Educational Loans: ICICI Bank understands your aspirations and gives you wing to fly higher with help of their Educational Loans. Both Domestic and International Courses are eligible for this. The eligibility criteria is pretty simple and easy to comply. The salient features of the loan are-
A referral programme have been announced for existing Customers to refer Friends and Family Members.
Personal Loan: A private loan exclusively taken for your personal purpose. It can be a Vacation, a long-cherished Asset or some emergency even. At ICICI, option to apply for every need is available. The limit is up to 20 lacs. ICICI Personal Loans offer-
The Applicant may choose to apply for Auto-debits or ECS or PDC for repayment of EMI.
If you are an Entrepreneur and planning to expand your Business, ICICI offers you a specially designed Business Instalment Loan (BIL) to meet your every requirement. Be it purchase of a Machinery or renting a bigger office space or simple Working Capital need-the Bank covers it all. BIL is available on the last audited financial results of the Business and the limit is up to 40 lacs. Professionals as Doctors, CAs can also avail this Loan. For non-professionals, Business Loan is available based on the last filed IT returns.
Loan on securities: The Bank also offers substantial loans based on financial securities. One can pledge the Securities and obtain an overdraft facility after keeping a margin with the Bank. A Current Account will be opened for this purpose and interest will be charged only over the withdrawn amount & the tenure used. The following Securities are eligible for pledge under this Scheme-
|Fax||Industrial Credit and Investment Corporation of India|
|Loan Type||Interest Rate||Minimum Age (in yrs.)||Minimum Income (in Rs.)|
|Home Loan||9.5% to 10.05%||Minimum 21 years||Regular Source of Income should be there|
|Personal Loan||14% to 19%||23 - 58 Years||Minimum monthly income - Rs. 20,000 p.m. (Rs. 25,000 for customers residing in Mumbai and Delhi)|
|Business Loan||NA||Not applicable||Not applicable|
|Car Loan||11.5% to 16.5%||25 years to 58 years at the time of maturity of the loan||Gross annual salary of at least Rs. 2.5 lac per annum|
|Loan Against Property||Information not available||Minimum 21 years||Income criteria not provided|
Minors can not open a PPF account through online. They have to visit any of the ICICI bank branch to open a PPF account.
Yes, Pradhan Mantri Jeevan Jyoti Bima Yojana is available in ICICI bank. An ICICI bank saving bank account holder age between 18 years (completed) to 50 years (age nearer birthday) can enrolled to PMJJBY scheme.