About ICICI Bank
The ICICI Bank is today a household name. It offers a wide range of Banking products & financial services for its corporate & retail customers, originally promoted in 1994 by ICICI Ltd, an Indian financial institution.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002.
Today The ICICI Bank is India's largest private sector bank with 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. ICICI Bank currently has a network of 4,450 Branches and 14,393 ATM's across India.
Why ICICI Bank
In the Personal Loan Segment ICICI Bank has a huge market presence, having the 3rd largest portfolio, preceded only by HDFC Bank & SBI.
ICICI Bank offers its customers a hassle free & convenient process. The Personal loan product has been designed with the aim to serve ICICI Bank account holders & other walk in personal loan applicants efficiently. Every effort is made to make available easily, within the shortest turnaround time.
Features
Products
Advantages
Eligibility Criteria
Fees and Charges
Documents Required
Personal Loan Features from ICICI Bank
Loan Amount
Amounts issued as a Personal loan from ICICI Bank are from a minimum of ₹50 k up to a maximum of ₹ 30 Lakhs. The Bank will consider the Loan amount needed by the applicant and applied for to ICICI Bank, but the amount finally approved by the Bank depends upon the eligibility criteria. The Loan amount disbursed from ICICI Bank depends on the following criterion:
The monthly income of the applicant
Loan amounts will be issued as per the net salary of the applicant credited to the Bank account. Any other fixed monthly income sources such as the rent are included in the total. ICICI Bank calculates the eligibility for the Loan amount keeping in mind the necessary monthly expenses of the client, a higher income individual will therefore be eligible for an increased Loan amount.
Existing credit lines
Taken into account will be the existing credit cards and loans of the applicant, credit card dues will included in the total obligations. Any credit card bills pending should be paid before applying for the loan. The total value of all the installement currently being paid and the EMI for the new Loan should be easily affordable by the applicant with the current earnings.
The CIBIL score and previous credit history
ICICI Bank processes the requests of first time loan seekers without a CIBIL score, though the Loan amount issued may be conservative. On receiving the application the CIBIL of the applicant will be viewed, to confirm the current existing credit and previous history before approving the Loan amount applied for.
The Bank statement details
The banking of the applicant should be healthy, with enough balance maintained at all times and no cheque returns or bounces. A study of the Bank statement will reflect the regular income and outgoings and the financial behaviour of the applicant: there must be enough balance maintained at all times to afford the extra EMI.
Preferred Customers ICICI Bank Personal Loans
ICICI Bank Salary Account Holders
Personal loan applicants holding a salary account in ICICI Bank will be given the benefit of a discounted rate of interest and processing fees. The Bank is comfortable to issue increased loan amounts to ICICI Bank account holders as their financial history is readily available to the Bank. KYC details being updated the Loan will be processed speedily.
Applicants Employed By Companies Featuring In the List of Approved Companies
Applicants employed with companies included in the ICICI Bank are preferred customers for lending: the turnover and profitability of the companies being proven the employees are assured of their regular income. Lowered rates of interest are offered to premier companies hiring the best talent and paying higher salaries, the risks involved of lending are minimised to such individuals who are well qualified with a secured future.
Applicants Having A Relations With ICICI Bank
Individuals with a previous or existing relationship with ICICI Bank will be granted a personal loan easily: giving weightier to successful repayment track of a Loan or regular usage and repayment of credit card dues. A personal loan being unsecured the track record of timely payment is the best guarantee for issuing a Personal loan.
Salaried Professional Applicants
Professionals such as Doctors, Dentists, Chartered Accountants and Lawyers employed and earning regular salaries are preferred personal loan applicants for ICICI Bank. The highly valued education and Degree make them eligible to receive the maximum amount as a Personal loan with the most suitable terms and conditions.
FAQ’S
  • What is a Personal Loan from ICICI Bank?
  • A Personal loan from ICICI bank is funds issued as a Loan to an applicant solely on the basis of the profile and documents provided therein without any security or guarantees.

  • For what purpose can a Personal Loan be used?
  • Funds received via a Personal Loan are meant for personal usages only and not for investment or business purpose.

  • Can the applicant get the Loan amount desired from ICICI Bank?
  • The Loan amount issued to an applicant is as per the eligibility criterion of ICICI Bank, keeping in mind the income and obligations.

  • Will the ICICI Bank check the CIBIL rating before issuing a Personal loan?
  • A CIBIL enquiry is mandatory before further processing of a Personal loan request from ICICI Bank. The CIBIL rating and history will be checked.

  • Will ICICI Bank consider a Personal loan request if the CIBIL score is below the desired rating?
  • The Bank might consider approving some amount if the repayment history of the applicant has one odd hiccup and has other good repayment tracks.

  • Can an applicant re apply for a personal loan to ICICI if a request has been previously denied?
  • The applicant can re apply for a Personal Loan a month after the request has been rejected: it is prudent to assess the reason before reapplying.

  • Is it mandatory to have an account with ICICI Bank to receive a Personal Loan?
  • A salary account with any registered Bank is needed, it is not necessary to have an account with ICICI Bank to apply for a Personal Loan.

  • Can individuals employed with companies not featuring in the ICICI Bank List apply for Loan?
  • If the profile of the applicant and the company meets the eligibility criteria of ICICI Bank the applicant is eligible to apply.

  • What is the time taken to achieve funds via a Personal Loan from ICICI Bank?
  • The time taken to process a Personal loan from ICICI Bank is 3 to 5 working days, from the time the documents are submitted till the Loan amount is disbursed.

  • Do ICICI Bank account holders need to submit documentation when applying for a Personal Loan?
  • The income documents with an updated KYC are required by the Bank to calculate the eligibility of the applicant, the Bank statement of ICICI account holders need not be submitted.

  • Is it mandatory to sign all the documents when applying for a Personal loan from ICICI Bank?
  • It is always a good practise to sign the application form, self attest and verify all the documents submitted to avoid undue delays in processing your Personal loan.

  • How will I know the Loan amount approved and the terms and conditions of the Personal Loan?
  • The terms and conditions of the Personal Loan will be mentioned in the Personal loan agreement to be signed post approval of the Personal Loan.

  • How will the approved Loan amount be disbursed?
  • Once the terms and conditions are accepted and the agreement signed, the loan amount will be transferred to the applicants account via ECS.

  • How is the EMI instated paid to ICICI Bank?
  • The monthly installment will be deducted from the Bank account of the applicant on a predetermined date of every month as per the Tenure applied.

  • Is an applicant required to physically visit the Bank before receiving funds as a Personal Loan?
  • Apply with us www.yourloanadvisors.com in the comfort of your own premises we ensure you the Doorstep delivery of your Personal Loan.

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