What are The ICICI Bank Personal Loan Top-Up Eligibility Criteria?
- A CIBIL rating of 720 points above is required a good CIBIL score is proof of stability and successful credit management. The credit history must have an on-time repayment record for all credit taken, including the Existing Personal Loan
- ICICI Bank commends an interval of three months to apply for a Top Up Loan amount exceptions are applicants with a healthy credit history and a high income.
- The Applicant's employer must feature in the ICICI Bank company category list. The Bank processes a Top Up application as a new one therefore, the eligibility criteria for a new loan will apply.
- The Underwriter calculates the Loan amount the Applicant can get as a Top Up/Parallel loan, considering all the current obligations EMI paid for a home loan, vehicle loan, and credit card dues. The Applicant must easily afford to pay all the EMI with the current income: and have the capacity to afford the expense of an additional loan.
What are The Advantages of a Personal Loan Top-Up From ICICI Bank?
Benefits Of a Prevailing Relationship
ICICI Bank is keen to retain Personal Loan customers with a prior relationship. Familiar with details and the credit behaviour of an existing customer, processes additional loan amounts as a Top Up on priority.
ICICI Bank processes the request for a Personal Loan Top Up
or a Parallel Loan within the shortest time frame. As the customer's details are already in the system, the customer will receive the Loan amounts required within 48 hours.
The terms and conditions offered for Personal Loan Top-Up are as per the present profile of the Applicant. Hence, the Applicant is eligible for a lower interest for the entire loan post-Top Up if the Applicant's salary increases.
Pay a Reasonable Installment
Post approval of a Top Up, a new loan is structured with the principal balance of the existing Loan. The Applicant can request a suitable tenure for the combined loan amount. If affordable to repay the Loan within a shorter period, the Applicant can choose a term of 12 to 24 months or a longer tenure of 36 to 60 months for an EMI that suits the budget.
Top Up Your Loan with a Balance Transfer
Looking for a better rate of interest for your existing Personal Loan and extra funds too? Opt for a Balance Transfer
of your Loan to ICICI Bank with a request for an ICICI loan Top Up. Avail the dual benefit of lower interest for the existing Loan and the additional Top Up amount.
What are The Features of a Personal Loan Top Up From ICICI Bank?
The maximum Loan Amount offered by the ICICI Bank is ₹ 35 Lakhs as a Top Up or a fresh loan, whereas the minimum amount processed is ₹ 1 Lakhs. The amount is according to the customer's eligibility.
The tenure or the repayment term for the Loan forwarded is 12 to 60 months. The Bank issues the period depending on the Applicant's capacity to pay the monthly EMI.
ICICI Personal Top-up Loan & Parallel Loans do not require lengthy documentation for processing facilitating loans with minimal documents reduces 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.
What are The Charges For an ICICI Personal Loan Top-Up?
Costs for a Top Up are similar to a new Personal loan
the existing loan account is closed, with the creation of a unique loan account number Key costs include;
The ICICI Top Up Loan Interest Rate
Is the primary charge or the cost of funds. The interest rate is charged from 10.5% to 15% at a reduced balance and for a Top Up Loan per the current policy and the customer's profile. For example, if a Personal Loan holder was employed previously in a Category B Company and is now working with a Category A employer, the interest rate offered for a Top Up and the balance of the previous Loan is lower.
The file charges for a Personal Loan Top Up ICICI Bank applied are ₹6000/- as a standard ICICI Bank deducts this amount from the sum approved the Bank takes no funds in advance.
On approval of a Top Up, the existing Loan closes, with the transfer of the principal balance to a new account there are no charges for the internal closure. The Foreclosure terms of the ICICI Bank apply to the new Loan if the Applicant wishes to repay the Loan before completing the tenure, a finance charge will apply to the balance of the principal.
Other Charges Include
- Charges For Late Payment of EMI are at 2% of the EMI.
- A Fine of Rs 400/- Will Be Charged Per Bounce of an EMI.
- Cheque Swapping Charges are 500/- Per Transaction.
- Applicant Can Ask For The Amortization Schedule (which gives details of payments made & outstanding amount) at any time. 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/-
Personal Loan Top Up or a Parallel Loan? Which is the Appropriate Choice?
An applicant can obtain two or more Personal loans from the ICICI Bank they exist as Parallel Loans and are separate entities. In contrast, a Top Up Loan is an amount added to the existing Loan.
The choice to apply for a Top Up or a Parallel Loan depends on the requirement of the Applicant and has different implications; the following inputs can help to make a decision:
The interest rate for a Top Up is as per the current rate grid of the ICICI Bank. This rate applies to the approved loan amount and the existing loan balance. Therefore, a Top Up at a lower current interest rate is a gain, whereas a Parallel Loan is a better option if the present interest rate increases
The interest rate charged for a Parallel Loan is according to the profile of the Applicant and the current rate grid with no relation to previous loans
The cost of the dispensation of a Personal Loan From ICICI Bank is ₹ 3000/- to ₹ 10000/-. The process charges are the same for a Top Up and a Parallel Loan, depending on the loan amount approved and the customer profile.
On approval of an ICICI Bank Top Up Loan, a new repayment term and EMI is calculated for the Loan amount, including the principal balance of the existing Loan. According to the Applicant's repayment capacity, the Bank generates a single EMI for a fresh Tenure.
The Tenure for a Parallel Loan Considers the Applicant's Obligations, Income, and Company Category.
If the Applicant can afford to repay the Loan within a shorter tenure, the Applicant can apply for a Parallel Loan. If excess funds are needed, a Top Up with a longer repayment tenure is the solution.
The EMI for a Top Up and the principal balance of the existing Loan calculated with the interest rate applied as per the ICICI Bank criteria. Thus, the prior EMI replaces the new instalment for the tenure sanctioned.
A Parallel Loan introduces a new loan with a different tenure, an additional EMI presented to the Applicant's Bank account on the due date. The previous Loan EMI will continue as scheduled keeping track of the EMI amount is essential, and keep enough funds to clear the same.
The foreclosure terms of the ICICI Bank are similar for a Top Up and a Parallel Loan. An applicant can repay the Loan amount after a mandatory 12 instalments. Charges will apply per norms for loan amounts less than ₹ 10 Lakhs.
ICICI Bank issues a personal loan for individual expenses. If the Applicant expects funds and wants to repay the Loan, a Parallel loan is the answer.
Cost of the Loan
On sanction of a Top Up, the Bank will restructure the Personal Loan to accommodate the additional amount not accounting for the interest already paid with a new repayment schedule.
- The present interest rate will govern the cost of funds if interest rates have increased, a Top Up will further increase the price.
- The interest rate for a Personal Loan is applied annually a long tenure will inflate costs, whereas repaying within a shorter term will save.
- Whereas a Parallel Loan cost is as per the present profile of the Applicant, if interest rates have increased, a Top Up serves well.
- If there is no compassion for the loan amount or the monthly budget, a parallel loan repaid with a minimum tenure is cost-efficient.
What is The Procedure For a Personal Loan Top Up From ICICI Bank?
An application can be submitted for ICICI Personal Loan Top-Up Online
or through physical copies of the documents given. Below is the application process for ICICI Bank Top Up Personal Loan
a study will help expedite funds
- Assimilate The Required Documentation and Submit It To The ICICI Bank.
- Give clear copies and check the validity of dates to avoid discrepancies. One-time completion of the documents will help expedite the process.
- Fill out the application form accurately all details mentioned must match the Applicant's profile, and give an alternate mobile number to be reachable. Residence and office addresses with the appropriate landmarks will accelerate the verification process.
CIBIL and Verification
- The ICICI Bank verifies documents upon receipt of the application and calls the Applicant to confirm the request The ICICI Bank intimates the Applicant via a message of the file number allotted.
- The CIBIL Score of the Applicant must be above the benchmark, with an on-time repayment track of the Existing Personal Loan with the ICICI Bank. The history of all other credit used must confirm no bounces or delayed payments.
- A physical Verification of the residence and office premises of the Applicant is mandatory, with a waiver of the office visit if the Applicant is working with the same employer (since the grant of the existing Loan) or can forward a mail from the official ID at the company domain.
Process for Underwriting and Eligibility.
- Once all the inputs are received and if all the above reports are positive the Underwriter assesses the customer's profile and calculates the eligibility for a loan amount the Applicant's income must easily manage all the present outgoings.
- After speaking with the customer the Underwriter decides on the Loan request and is satisfied that the Loan amount needed is for a valid reason.
Process For Disbursal
- The Existing Loan is closed after a Top Up ICICI Personal Loan is Approved.
- An agreement is signed, introducing a new loan account with the principal balance of the existing Loan and the Top Up amount.
- The Interest Rate and other applicable terms will follow the current norms and ICICI Personal Loan Top conditions.
- The Bank Transfers the Top Up loan amount approved to the Applicant's bank account.
- A new EMI is structured and presented to the salary account of the Applicant for the tenure granted.
Documents Required For Processing an ICICI Top-Up Loan
Salary Slip for the last three months.
Latest three months' Bank Statement (where salary/income is credited)
Form 16 (latest)
Pan card copy
Photo Identification proof. (Passport/Driving License/Voter I.D./Aadhaar Card/Ration Card)
Proof of Residence - Leave and License Agreement / Utility Bill (not over three months old) / Passport.
Aadhaar Card Copy
Passport Size Photographs