ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai, with its registered office in Vadodara. Originally promoted in 1994 by ICICI Limited, this Bank is today the largest private sector bank of the country. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the principle objective being the creation of a development financial institution for providing medium-term and long-term project financing to Indian businesses.
About ICICI Bank
The Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life and non-life insurance, venture capital, and asset management. The Bank has a network of 4450 branches and 13,995 ATMs in India. ICICI Bank services has established its presence in 19 countries including India. It has subsidiaries in the United Kingdom and Canada, and branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman, Dubai International Finance Centre, China, and South Africa. It also has representative offices in United Arab Emirates, Bangladesh, Malaysia, and Indonesia. It is one of the Big Four Banks of India, along with State Bank of India, Bank of Baroda, and Punjab National Bank. The Bank launched internet banking operations in 1998.
ICICI Bank Loans
ICICI Bank Home Loan: Home Loans from ICICI Bank are easier on the wallet, as it comes with lower EMIs, and attractive interest rates. One can also apply through the Tablet and Smart Phone applications of the Bank that ensures faster approval. According to ICICI Bank loan details, the repayment tenure is up to 30 years. An applicant can also opt for balance transfer to reduce the EMI burden of a home loan already taken from another bank or Non-Banking Financial Company. ICICI Bank Home Loan eligibility is calculated after taking into consideration various factors including, monthly income, fixed monthly obligation, current age, retirement age, etc. This eligibility can also serve as an indicator of one’s home loan affordability. The eligibility can be increased by including income of the co-applicant(s) of the Home Loan. A borrower can also earn reward points that can be redeemed against exciting rewards from the Bank’s partners, by opting for auto debit facility on ICICI Bank Savings Accounts for paying the home loan EMI. The eligibility calculator on the Bank’s website will give an applicant the most accurate estimate of home loan. It also facilitates the application process for instant sanction of the loan, even if the property has not been finalized. There are a host of loan options tailor made to suit individual needs. Additionally, there are attractive, floating and fixed ICICI Bank home loan interest rates options, doorstep service and easy documentation.
Further, with ICICI Bank Extraa Home Loans, one can enhance the loan amount by up to 20%, besides providing the option to extend the repayment period up to 67 years of age. Home Improvement Loan has been designed to provide financial assistance for the improvement of a self-owned dwelling unit to existing or new customers. According to ICICI Bank loan scheme, Land loans provided by the Bank give the borrower an opportunity to purchase a residential plot of land for self-construction. There are also special shcmees for extending home loan facilities to NRIs and PIOs, and women borrowers.
ICICI Bank Personal Loan: The end use of this loan can be house renovation, holidays, purchase of consumer durables, education, marriage, short term loan for purchase of equipments, short term working capital, or any other personal emergency. This multipurpose personal loan from ICICI Bank comes with a fixed rate of interest, with the interest being charged on monthly reducing basis. One can avail this loan without any security or guarantor, aided by minimum documentation. Further, the Bank ensures loan disbursement within 72 hours of document submission. ICICI Bank loan advantage is that it also offers simple repayment options through ECS, AD or PDC. The borrower can also choose duration as per his/her choice, with the flexible repayment tenure ranging from minimum 12 months to a maximum of 60 months. Salaried employees can get a loan up to Rs. 20 lakhs, self-employed applicants can get a maximum amount of Rs. 30 lakhs. For doctors, the maximum quantum of finance is Rs. 40 lakhs.
ICICI Bank Loan Against Property : The customer can pledge his/her securities in favor the Bank, get an overdraft facility of up to a certain value. This facility is available against securities like, demat shares, mutual fund units, fixed maturity plans, exchange traded funds, insurance policies, and savings bonds.