Personal Loan Top Up from ICICI Bank
ICICI Bank takes the initiative of offering additional loan amounts to existing customers: the process of increasing the prevalent loan is known as a personal loan “Top Up”.
The additional Loan amount is incorporated into the existing loan amount, thus the Personal Loan remains a single entity as an enhanced Loan.
So if a personal loan aspirant is not given the loan amount required he need not despair, as he can apply for a Top up after 3 months.
Alternately the applicant also has an option of taking a further loan amount as a Parallel Loan. The Parallel loan has no relation whatsoever with the existing & will be inducted as a new loan with a separate EMI.
- Applicant must have a successful loan track of the existing Personal Loan from ICICI Bank with EMI being paid on time & no defaults or late payments.
- The customer should be eligible for an additional loan amount as per his net salary. The current EMI of the Personal loan & all other credit lines the customer such as a home loan, consumer loan & credit card dues are taken into account before calculating the total loan amount the applicant is eligible for.
- If the customer is a first time loan applicant with no other credit history, the Top Up to his existing personal loan will only be processed after 3 months. This is the minimum time lapse before he can apply for an additional loan amount. Within the 3 month time period the loan holders repayment record is reviewed, if he is able to pay his EMI on the due date. All other credit facilities he has availed during this time period should also have a clean repayment record.
If the applicant has switched companies & changed his employer, the Personal loan top will be processed on the basis of the current employer: the rate of interest allotted & other terms & conditions will be applicable as per the category of the company with ICICI Bank.
The CIBIL score of the applicant must be above the minimum basis points required.
Proof of Identity – Passport / Driving License / Voters ID (any one)
Proof of Residence – Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
- Aadhar Card Copy.
- 2 Passport Size photographs.
For Income Proof:
- Pan Card Copy.
- Latest 3 months Bank Statement (where salary/income is credited).
- Salary slips for last 3 months.
Form 16 (latest).