|
FAQs
Top
What are the loan tenure options?
The initial tenure is for a year. At the end of the year, it will automatically be renewed for another year unless we receive intimation in writing from you not to do so.
Top
What are the lending rates? How much shall I pay for this facility?
ICICI Bank Loans Against Securities comes to you at attractive interest rates, which are based on the trends prevailing in the market at the time of the loan. You pay only when you use the money and for the number of days the money is used. The rates vary according to the product-variant.
Top
How is the interest on my account calculated?
In the overdraft account, interest will be charged only on the amount you draw and for the period that you draw. Interest will be charged on a daily basis, but will be debited to your account only once a month.
Top
Do I have to pay
any additional fee?
Yes, there is a nominal processing fee.
Top
How do I approach
ICICI Bank for a Loan?
You can approach us in any of the following
ways
Top
How much time will
it take for my loan to be approved?
It takes five business days for the approval and for the setting of the credit limit in your account.
Top
Is a personal
guarantor a must?
No.
Top
What security/collateral
do I have to provide?
No additional security/collateral need to be provided, apart from the securities against which the loan is granted.
Top
How do I repay
the loan?
You can repay the loan by cash, cheque
or demand draft.
Top
Can I prepay my
loan?
Yes. Please note that there are no prepayment charges.
Top
Do I need to open an account with ICICI Bank for availing of and/or servicing the loan?
Yes, you need to open an ICICI Bank Overdraft Current Account in which the credit limit for you will be set.
Top
What are the stages
involved in taking a loan?
The various stages involved are as
follows:
- Signing of the loan agreement
- Pledging of the securities in our favour
- Opening the Current account
Once the Current account is opened,
you can avail of the credit limit.
Top
If I do not meet
any of the criteria for the loan, can I still avail of a loan?
Yes, you can still avail of a loan based on your profile, credit strengths, etc. Please feel free to contact us and we can advise looking at the merits of your case.
You can approach us in any of the following
ways
Top
Where will my account
be opened?
At any branch specified by you. However, you can operate out of any of our branches under the Anywhere Banking facility
Top
How do I get to
know my Credit Limits?
You can call our 24
hour Customer Care Centreto know the status of your account, details of the securities pledged, the amount obtained against different securities, details of shortfall (if any), etc.
Top
Am I required to have a Demat Account with ICICI Bank?
No, you can pledge your securities irrespective of whether you have a Demat Account with ICICI Bank or any other depository.
To
open a Demat Account click here
Top
How do I pledge
more Securities? How long does it take?
You can submit your pledge forms at any of our branches. The limits will be reset within 48 - 72 hours of the receipt of the forms.
Top
How often are the shares revalued?
The shares are revalued every Friday or whenever there is a significant change in the market.
Top
What about my Dividend
and Bonus?
The Dividend and Bonus on your shares will continue to accrue to you.
Top
I have shares that are in the approved list but they are in physical form. Can I get a loan against them?
Yes, but you would have to first convert them into the dematerialized form. All you have to do is to get your shares dematerialized through a depository account with ICICI Bank/ any other bank.
Top
Will more shares
be included in the approved lists?
Yes, these lists are updated on a periodic
basis.
Top
|
