ICICI Bank launches home loan overdraft for salaried customers
November 02, 2016
- Offers easy access to funds for personal needs against property
- Provides customers with a dual advantage of a term loan and an overdraft facility
Mumbai: ICICI Bank Ltd, India’s largest private sector bank by consolidated assets, announced the launch of a credit facility against home loans for salaried customers. Christened ‘ICICI Bank Home Overdraft’, this offering helps a salaried customer to seek loans upto Rs. 1 crore for personal needs against his/her property. This innovative offering provides customers with the dual advantage of a term loan and an overdraft facility. While the term loan provides customers with quick funds for immediate needs, the overdraft facility offers them the flexibility to access funds instantly for expenses, as and when required.
They can use the funds for an array of personal requirements including education, medical treatment, home renovation, marriage and overseas travel among others.
Key features of ‘ICICI Bank Home Overdraft':
- Amounts available - Minimum Rs. 5 lakh; maximum Rs. 1 crore
- Combination of term loan and overdraft facility - Customers can avail minimum 10% of the total amount as term loan and maximum 90% as overdraft
- Interest charging method - For term loan, equated monthly instalment (EMI) will be applicable. For overdraft, interest is charged only on the utilised amount for the period the funds are used.
- Flexibility of sweep in and reverse sweep facility – The overdraft account will be linked to the customers’ savings account. In the sweep-in facility, money will be seamlessly made available in the savings account from the overdraft account, as and when the customer requires it. Similarly, in the reverse-sweep facility, excess funds available in the savings account will be swept back into the overdraft account, thus reducing the interest cost of the customer.
- Eligibility - Salaried individuals who have a home loan and a salary account with ICICI Bank are eligible to apply for the ‘Home Overdraft’ facility. Also, salaried borrowers of preferred corporates who do not have home loans with ICICI Bank can transfer their home loans to the bank to avail this service.
Anup Saha, Senior General Manager & Head- Retail Secured Assets, ICICI Bank commented on the initiative: “ICICI Bank catalysed the growth of mortgage lending in the country by taking home loans to smaller towns, making applications easier for the borrowers by offering them doorstep services and leveraging technological advancements for enabling quicker disbursements. Today, we have moved a step ahead with the launch of ‘ICICI Bank Home Overdraft’ that aims to provide our salaried customers the flexibility of quick access to funds against their home property. We believe this proposition will add more value to our customers by helping them cater to their personal needs. Going forward, we aim to introduce more such innovative solutions that provide more convenience and flexibility to our customers and help them fulfill their aspirations.”
To apply for the ‘ICICI Bank Home Overdraft’ facility, customers can visit any bank branch or apply on its website. To know more on ‘ICICI Bank Home Overdraft’, visit http://www.icicibank.com/homeoverdraft
ICICI Bank services its large customer base through a multi-channel delivery network of branches, ATMs , call center, internet banking (www.icicibank.com), mobile banking, banking on Facebook & Twitter and ‘PocketsbyICICIBank’ the country’s first digital bank on mobile. For updates, visit www.icicibank.com, follow us on www.twitter.com/ICICIBank
About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank with consolidated total assets of US $ 139.14 billion at June 30, 2016. ICICI Bank's subsidiaries include India's leading private sector insurance companies, securities brokerage firms, mutual funds and private equity firms. Its presence currently spans 17 countries, including India.
Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.
For media queries, write to us at: corporate.communications@icicibank.com
