ICICI Bank Top Up Personal Loan
Special Current Offers
Incremental Personal Loan offers from ICICI Bank!
Personal Loan top Up for immediate Loan.
Parallel Personal Loan for an additional amount.
Balance Transfer with Top Up @ 11.25% rate of interest.
Pay your Credit Card dues with a Top Up/Parallel Loan.
Apply ICICI Bank Top Up Personal Loan
ICICI personal loan top up
Need additional funds as a Personal loan? The existing customers of ICICI Bank have an option of acquiring a new loan running parallel to the previous, or taking a Top up to the existing loan, covering the existing & the fresh requirement under a single EMI.
The personal loan products from ICICI Bank are aimed at providing best terms & unparalleled services to its valued customers.
Apply for Personal loan Top up/Parallel loan from ICICI Bank & fulfil your immediate financial needs, with speedy processing.
What is the eligibility Criteria for a Top Up/Parallel Loan?
To be eligible for a Top Up/ Parallel personal loan from ICICI Bank, the applicant must fulfil the following terms & conditions:
The applicant’s current CIBIL score must be above the required benchmark:
Prior to processing the request for a Top Up or a parallel loan the CIBIL history of the applicant will be viewed to check that all obligations are being realized. If the applicant has taken any other recent credit the details & other credit enquiries will reflect in the CIBIL.
Any defaults or delays in the payment of the ICICI personal loan, other loans or credit card bills will be viewed negatively.
The CIBIL score & the repayment history of the applicant are major deciding factors for the approval of a Top Up or Parallel Loan from ICICI Bank, the past & present credit performance of the applicant will also impact the loan amount approved.
The current profile of the applicant should be as per the requisite criteria of ICICI Bank:
The company in which the applicant is currently employed should feature in the ICICI Bank company category list, if the applicant has changed employment he will be offered a personal loan Top up/ Parallel loan only if the current employer is approved by ICICI Bank.
The applicant must be gainfully employed & the current income of the applicant must be above the required benchmark: if there break in employment the applicant should furnish a valid reason for the same.
The existing personal loan from ICICI Bank does not mitigate the current employment status of the applicant.
The applicant should have the financial eligibility for the additional loan:
To avail a Top Up or a parallel loan the income of the applicant should have the bandwidth to pay the additional EMI comfortably; if the applicant has other obligations, they should not exceed the eligibility for an additional amount or else the loan will be denied.
A minimum gap of 3 months is required before applying for a Personal Loan Top Up / Parallel Loan to ICICI Bank.
The ICICI Bank requires that a minimum of 3 installement of a Personal Loan are timely repaid before an applicant is granted an additional loan amount as a Top Up or a Parallel Loan. This applies particularly to loan seekers who have taken a Personal Loan for the first time & do not have any credit history or a CIBIL SCORE to prove their credit worthiness.
What are the advantages of a Top Up/Parallel Loan to ICICI Bank?
Avail the benefits of an existing relationship.
Applicants applying for an additional personal loan amount as a Top Up/ Parallel loan have an advantage with an existing Personal loan with ICICI Bank. The Bank is familiar with the profile of the customer, paying dues on time will be readily granted an additional amount.
Any other credit facility pre existing with ICICI Bank, a credit card or a secure loan will also give the applicant an edge, of being a known customer.
Applying for a fresh loan, especially when there is an urgent requirement for funds will require complete verification, whereas the request for a personal loan Top Up or a parallel loan from ICICI Bank is processed within the shortest time frame. As the details of the customer are already there in the system the Loan amounts required by the customer are received within 48 hours.
Better terms & conditions are applicable for a Personal loan Top Up / parallel loan from ICICI Bank.
Further requirement for a Personal loan will be processed as per the current policy. If the applicant has an increased income or better employment there will be an advantage of getting a better rate of interest as compared to the pre existing loan.
Avail the convenience of paying a single EMI with a Personal Loan Top Up from ICICI Bank.
Additional funds when required can be received as a Top Up to a pre existing personal loan from ICICI Bank.
The additional amount once approved will be combined with the existing loan, giving the customer the convenience of handling a single loan & paying only one EMI for the total amount.
By applying for a parallel loan the applicant will receive the extra funds required as an independent loan. The previous loan will continue & an additional EMI will be added for the new loan amount disbursed.
With a parallel the applicant has the advantage of conducting both the loans separately, closing one loan whenever there are extra funds at hand.
Apply for a Top Up/Parallel loan to pay your credit card dues.
Spending on a Credit card & overdue credit card bills incurs an interest rate of 36% per annum. Procuring a Personal loan to repay credit card bills is the right solution, take a Top Up or parallel loan to completely clear credit card dues. The amount due will be repaid by the ICICI bank on behalf of the applicant to the credit card organisation; the customer can repay the loan via easy installement at half the interest rate.
Choose a comfortable EMI with a Top Up/Parallel loan.
Post approval of a personal loan Top Up the existing Personal loan will be restructured to include the additional loan amount applied for; the applicant can now ask for an extended tenure to make the EMI affordable to repay.
With a Parallel loan a fresh loan will be introduced, for which the applicant can request for the tenure desired.
If it is affordable to repay the loan within a shorter period of time the applicant can choose tenure of 12 to 24 months, whereas tenure of 36 to 60 months is suitable for paying a comfortable EMI which suits the budget.
Personal loan Top Up with a Balance transfer to ICICI Bank.
Looking for a better rate of interest for your existing Personal loan, & extra funds too! Then opt for a Balance transfer of your Personal loan to ICICI Bank with a request for a Top Up.
The principal amount balance of the external Personal loan will be taken over at the minimal rate of 11.45% at a monthly reducing balance, any additional amount needed will be processed as a Top Up.
Thus the applicant will get the dual benefit of a lower rate of interest for the loan & for the additional amount, with the advantage of a paying a single EMI for the total loan amount.
The features of a Personal Top Up/Parallel loan from ICICI Bank
A Personal Loan Top Up or Parallel loan from ICICI Bank is processed as per the norms applicable for a fresh personal loan from ICICI
Bank therefore the terms & applicable are as per the
Major terms & conditions applicable are as follows:
Loan Amount issued by ICICI Bank,
Personal Loan amounts are forwarded to salaried persons from a minimum of ₹ 1 lakhs to a maximum of ₹ 35 lakhs, these amounts can be given as a Top Up to an existing personal loan or as a parallel loan from ICICI Bank.
Personal Loan Tenure offered by ICICI Bank.
The Personal loan tenure offered by ICICI Bank is from 12 months to months. The tenure can be requested by the applicant, as per the ability to pay the EMI & desire to repay the loan amount within a shorter tenure.
ICICI Personal Loan Top up & Parallel loans do not require lengthy documentation for processing and loans are facilitated after minimal documentation increasing the loan disbursal time substantially.
Cover for Loan Liability
In a unique benefit offered by ICICI Bank, for its products all personal loan applicants can now insure their loan liability with an ‘All Safe’ insurance provided at no extra cost.
Major Charges for a Personal loan Top Up/ Parallel Loan is as follows:
The Rate of Interest:
The rate of interest for a Personal loan Top Up/ Parallel Loan is applicable at a monthly reducing balance; it remains constant for the entire Personal loan tenure. The rate of Interest for a Top Up/Parallel will be applicable as per the current norms, the employment status & the CIBIL Score the applicant currently holds.
The processing fees are charged by ICICI Bank for processing of all Loan requests, whether it is a Top Up or a Parallel loan. A discount can be given to the applicant for the processing of a Top Up or a Parallel loan depending on the profile of the customer & the loan amount applied for.
Pre closure/Part payment & other charges.
The part payment/pre closure & other charges will be applicable as per the current terms & conditions of ICICI Bank.
Details for Rate of Interest & Other charge for ICICI Bank Personal Loans/Top Up/Parallel Loans.
|Income||Rate Of interest||Process fee||Pre closure|
|CAT A||CAT B||OTHERS|
|Special Offers||11.75%||12.75%||15.75%||₹ 999/-||Nil for loan amt > 10 lakhs|
|> 75k||15.50%||16.00%||16.00%||1% – 2.5%||Nil for loan amt > 10 lakhs|
|50k – 75k||16.00%||16.50%||16.50%||1% – 2.5%||5% after 6 months|
|20k – 35k||16.50%||17%||17%||2.50%||5% after 6 months|
|20k – 35k||17%||17.50%||17.50%||2.50%||5% after 6 months|
Charges for late payment of EMI are levied at rate of 2% of the monthly EMI.
If due to any reason there 35k – 50k is a bounce of the EMI (equated monthly installement) Rs 400/- will be charged per bounce.
Cheque swapping charges are 500/- per transaction.
Applicant can at any time ask for the Amortization schedule (which gives details of payments made & outstanding amount) charges for the same are Rs 200/-per schedule.
The Bank will charge Rs 200/- for a duplicate of the Repayment or foreclosure certificate.
Personal loan cancellation charges stand at Rs 3000/-.
Should an ICICI Bank Personal Loan holder apply for a Personal loan Top up or a Parallel loan when in need of funds?
A Parallel loan is similar to a fresh loan by ICICI Bank which functions independent of the existing Personal loan with ICICI Bank, an additional EMI will be presented to the salary account of the applicant month on month as per the schedule of the loan.
Whereas with a Top Up the previous loan will cease to exist & a fresh loan will be constituted with the principal balance of the existing loan & the amount approved as a Top Up, a new Emi as per the tenure approved will be presented to the salary account.
What is the better option for an applicant, a Top Up or a Parallel loan to obtain additional funds from ICICI Bank?
Before deciding to apply for a Parallel loan or Top Up Personal loan an applicant should closely study the terms under which the previous loan has been taken, the following salient features will help to decide further.
Rate of Interest applied to existing Personal Loan from ICICI Bank.
The Rate of a Personal loan from ICICI Bank varies as per the policy of the Bank from time to time.
There could be a special offer for the company the applicant is working with or a seasonal discount offered by the Bank, at the time the Personal loan has been granted: This special rate may not be applicable presently or the applicant may have changed employment. If the current rate applicable is a better one then taking a Top Up may be a good move, else take a Parallel loan & let the previous loan continue at the discounted rate which is not available presently.
The EMI ’paid of the previous loan.
All installement being paid consist of the principal amount & the interest factor. Check the number of installement paid before deciding to apply for a Top Up or a Parallel loan. If more than half of the existing Personal Loan has been paid then the interest factor has been majorly repaid: applying for a Top Up is really not advisable, take a Parallel loan to fulfil your additional requirement.
The amount required as a Personal Loan.
The amount of funds required as a Personal loan will affect the decision whether to apply for a Parallel loan or Top Up to ICICI bank.
If the need for funds is substantial applying for a Top Up will ensure greater eligibility: the calculations of the eligibility of a Personal loan amount to be given to an applicant depends on the income of the applicant &the total obligations to be paid monthly including all personal loan & credit card debts.
If applying for a Top Up the existing loan with ICICI Bank will not be taken into account thereby creating room for greater eligibility.
To get a reduced EMI for your current & incremental loan amount.
Mounting expenses can make the EMI a burden to pay, with the need for additional funds too, apply for a Personal Top Up from ICICI bank.
Request for a maximum tenure for the fresh personal loan now instated with a Top Up: the need for funds will be fulfilled with an affordable EMI.
If the Personal loan funds are required for a shorter period.
Opting for a Parallel loan from ICICI Bank when in need of incremental funds gives the applicant the freedom to close the existing loan post the expiry of the lock in period: whereas with a Top Up the previous loan will close & a fresh loan will be generated.
6 installement of the fresh loan need to be paid before being able to pay back the loan amount to pre close the loan.
What is the Process for Top Up/Parallel Loan from ICICI Bank?
The process for application of a Personal loan Top Up/Parallel loan from ICICI Bank is similar to that of a fresh loan.
Requisite Documents are to be submitted with the completed application form details.
Authenticity of the documents is verified & the details of the applicant are submitted for a CIBIL enquiry. The CIBIL score & history being satisfactory the application is forwarded for verification.
The official & residence verification mandate are waived, if the applicant is living in the same residence since the previous credit has been taken from ICICI Bank: the residence proof provided should authenticate the same. Similarly if the employment details have not changed the request is directly forwarded for underwriting.
Process for Underwriting
The underwriter finally asses the request for Top Up/ Parallel loan, taking note of the following:
- Check that the profile of the applicant is approved as per the ICICI Bank personal loan norms.
- The underwriter will speak to the applicant to confirm details submitted by the applicant are true.
- That the funds received via a personal loan are used for a valid reason & not being misappropriated.
- The CIBIL score of the applicant is above the required benchmark & the repayments of the ICICI Bank loan & other credit taken is timely.
- The net income of the applicant: if it has increased, & he is eligible to pay the extra amount as an EMI for a Top Up/Parallel loan.
- The final decision will be then informed & the loan amount approved will be informed to the applicant.
What is the Process for disbursal of a Personal loan Top Up from ICICI Bank?
Post approval of a Personal loan Top up from ICICI Bank the previous personal loan will cease to exist.
An agreement is signed between ICICI Bank & the borrower for a fresh loan, with the terms & conditions mentioned there in.
A fresh loan account is generated with the principal balance of the existing loan & the Top Up amount.
The rate of interest, & other terms applicable will be as per the current norms of ICICI Bank.
The Top Up amount approved will be then transferred to the bank account of the applicant.
A new EMI will be structured as per the tenure granted & will be presented to the salary account of the applicant month on month.
What is the process for disbursal for a Parallel loan from ICICI Bank?
Documents Required for Processing
KYC Documents include:
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).
Aadhaar Card Copy.
Passport Size photographs.
For Income Documents:
Pan card copy.
Latest 3 months Bank Statement (where salary/income is credited).
Salary Slip for the Last 3 months
Form 16 (latest).
FAQ’S for Personal loan top Up/Parallel loan from ICICI Bank.
What is a personal loan Top Up?
An individual with a personal loan from ICICI Bank has the option taking funds within the shortest timeframe as addition to the existing loan. The current loan amount will increase with the additional loan amount is taken. This mechanism is called a Top Up.
What is the explanation of a parallel Personal Loan?
A parallel personal loan as the name suggests is a co existing loan. A customer already running a personal loan with ICICI Bank can apply for an additional loan; the loan once approved will be a parallel loan. A parallel loan has no relation with the current loan, the EMI & terms & conditions of the parallel loan can be varied from existing loan.
Why should an applicant apply for a Top up/Parallel loan from ICICI Bank?
Requirement for funds in an emergency or otherwise is invariably an urgent one; an applicant with a personal loan from ICICI Bank can receive the funds required soonest, without any hassles. Why not take advantage of the existing relationship with ICICI Bank rather than applying to an alternate Bank.
When can an individual apply for a Top Loan/ Parallel loan from ICICI Bank?
An applicant desirous of funds can apply for a Top Up/parallel loan a minimum of 3 months after obtaining a Personal loan from ICICI Bank. In cases where high income applicants are paying an EMI conveniently affordable can be issued a loan prior to three month period.
Does documentation have to submit for the processing of a Personal loan Top Up/Parallel loan?
Complete documentation as for a fresh loan needs to be submitted for a Personal Loan Top Up or a Parallel loan application to ICICI Bank.
At what juncture should one apply for a Top Up loan or a Parallel loan?
Applying for a Personal loan Top Up is most beneficial 6 months to 12 months after taking the primary loan.
Where as a Parallel loan runs independently, it does not affect the pre existing loan therefore can be applied for whenever funds are required.
What are the major benefits of a Personal Loan Top Up from ICICI Bank?
With a Personal Loan Top Up from ICICI Bank the applicant has the advantage of paying a single EMI for the total loan amount. Maximum loan amounts are achieved via a personal loan Top Up from ICICI Bank.
What are the major benefits of a Parallel loan from ICICI Bank?
A Parallel personal loan from ICICI Bank does not affect the previous loan & has the advantage of being conducted independently. The applicant may choose to pay back either of the loans at will, whenever there are surplus funds available
Will the existing Personal Loan with ICICI Bank be affected by the Top Up or a Parallel Loan?
With a Top Up the current personal loan will be closed & a fresh loan generated with a different account number: the loan amount for which a new agreement will be signed, will comprise of the principle balance of the existing loan & the amount approved as a Top Up. The terms & conditions will be as per the policy of the ICICI Bank & may vary.
Whereas with the approval of a Parallel Loan form ICICI Bank, the previous Personal Loan will carry on without any changes & a new Personal loan will be generated for the amount approved as a Parallel Loan.
What is the processing time taken for the funds to be credited via a Top Up loan/Parallel Loan?
ICICI Bank requires a minimum of 3 to 5 working days to complete the process for a Top Up or a Parallel Loan.
Will the CIBIL be viewed by ICICI Bank when an applicant applies for a Personal Loan Top Up or a Parallel Loan?
The CIBIL score of the applicant will be accessed by ICICI Bank as part of the application process for the approval of a Personal Loan Top Up/Parallel loan.
Does the CIBIL score affect the approval of a Top Up/Parallel Loan?
The request for a Personal Loan Top Up or parallel loan from ICICI Bank will be approved only if the CIBIL score is above the required benchmark.
For which end usages can an applicant apply get funds via Personal Loan Top Up or Parallel Loan from ICICI Bank?
Funds granted as a Personal Loan Top Up or a Parallel Loan can be used for all valid Personal reasons, not for investment or nefarious activities.