ICICI Home Loan

News About ICICI Bank Home Loan

• ‘Insta Auto Loan’ for pre-approved customers launched by ICICI bank

  ICICI Bank, one of many private lenders in the country recently launched ‘Insta Auto Loan’ for its pre-approved customers. The private lender launched the facility along with another facility named ‘Insta Two-Wheeler Loan’.

  The move is expected to boost the bank’s vehicle financing portfolio as it aims to grow its vehicle loan portfolio by 17% in FY20. Both the facilities would enable millions of pre-approved customers to get the final sanction letter instantly for two-wheeler and car loans.

  While Insta Auto Loan would enable an individual to get a sanction letter for up to Rs.20 lakh, Insta Two-Wheeler Loan will help an individual to get a loan of up to Rs.2 lakh. Both the facilities offer hundred percent of the on-road price of the vehicle.

  It needs to be mentioned here that with the help of the sanction letter, an individual can get the loan disbursed within a few hours. The launch of the two facilities is a continuation of the bank’s efforts to introduce ‘instant’ digital products. In March, the bank had launched a secured home loan product called ‘Instant Home Loan’ for pre-approved salaried customer. It enabled them to avail the final sanction letter for instant loans of up to Rs.1 crore for a tenure of up to 30 years.

  

  23 April 2019

• ICICI Bank cuts its MCLR by 5 basis points 

  ICICI Bank, one of the top private sector lenders in the country has cut the Marginal Cost of Funds based Lending Rate (MCLR) across all tenors by 5 basis points. The bank reduced the lending rates for the overnight and one-month tenor to 8.10 percent from the existing 8.55 percent, the rates for the three-month tenor came down to 8.55 percent from 8.60 percent. As for the six-month tenor and the one year tenor, the new lending rates will be 8.70 percent and 8.75 percent respectively. The new rates have come into effect from 1 April 2019 and are applicable on all rupee loans sanctioned and credit limits renewed from the aforementioned date. 

  It needs to be mentioned here that last month HDFC Bank and Bank of Baroda had also reduced its MCLR. While HDFC bank reduced the MCLR for loans of two and three-year tenors by 5 basis points, Bank of Baroda had reduced the lending rates across all tenors up to one year by 10 basis points. 

  

  10 April 2019

• Two instantaneous home loan facilities launched by ICICI Bank

  ICICI Bank, one of the top private sector lenders in the country on Thursday announced the launch of two instantaneous home loan facilities. The instantaneous home loan facilities are titled ‘Instant Home Loan’ and ‘Insta Top Up Loan’.

  The Instant Home loan service will enable pre-approved salaried customers of the bank to avail final sanction letter digitally and instantly for loans up to ?1 crore using the internet banking facility. The repayment tenure can go up to 30 years depending on the age of the customer.

  The ‘Insta Top Up Loan’ initiative offered by the bank would enable the existing home loan customers to avail the facility of topping up their loan immediately up to Rs.20 lakh for a tenure up to 10 years. This can be done in a completely digital and paperless manner.

  Anup Bagchi, the Executive Director of ICICI Bank talking about the recently launch home loan facilities has stated that the strategy was in line with the bank’s motive of achieving rapid growth in their mortgage portfolio.

  It needs to be mentioned here that the bank had also created a new seamless experience for mortgages and had identified as many as 500-high potential branches for mortgages with a dedicated area for the business.

  

  28 March 2019

• ICICI Bank opens its digital tax collection centre in Mangaluru

  The citizens of Mangaluru will now be able to pay over 20 types of taxes to Mangaluru City Corporation (MCC) at the digital tax collection centre of ICICI Bank. One of the top private sector banks in the country, ICICI bank has opened the centre at its Valencia extension counter.

  The bank in a press release stated that it was the first bank in the country to offer a digital mode of tax payment through debit and credit card alongside traditional payment modes such as cash, cheque and demand draft in the state of Karnataka. It added that setting up the digital tax collection centre will offer taxpayers the convenience of a one-stop solution to generate e-challans and pay taxes directly to the MCC.

  It needs to be mentioned here that the tax collection solution has been customised by the bank, wherein the bank has integrated hand-held point-of-sale (PoS) terminal with the MCC server. This will enable them to instantly fetch, accept and update payment data in real time.

  The setting up of the collection hub is expected to help one million tax-paying entities in Mangaluru.

  

  25 March 2019

• ICICI Bank and Others Warn Customers on Utilising Chip Debit Card Properly

  The Reserve Bank of India (RBI), earlier this year, had mandated all banks to move to a new digital system involving chip-based cards for that extra layer of security. All public and private sector banks have since then began issuing chip-based cards to customers. ATM machines are now upgraded with the new technology that locks in the card in place until the transaction is complete. Banks have also been encouraging customers to upgrade to chip-based debit and credit cards. The deadline to move to a chip-based cards was set to 31 December 2018; however, some banks are still allowing customers with older card to transact to avoid inconvenience. The new system is being gradually implemented across the country in batches. Various ATM machines in major urban areas as well as semi-urban areas have already started receiving upgrades to accept new chip-based cards only.

  Banks have been reminding customers on a regular basis, educating them about the new technology and all steps that one should keep in mind while using the new system. With the implementation of the new system there have been some issues pertaining to the damage of the card. To avoid further damages to the chip-based card, banks are advising customers not to pull out the card until prompted by the ATM machines as a deliberate pull would result in damaging the card. Also, many customers are forgetting their cards in the ATM machine despite the machine informing customers to take out the card.

  

  7 March 2019

• ICICI Bank to Purchase a Minority Stake in Kisan Rural Finance

  ICICI Bank will buy 9.9% stake in non-banking finance company Kisan Rural Finance Ltd. for Rs.17.82 crore in cash. The bank will purchase about 14.9 million shares of Kisan Rural Finance at Rs.12 per share, it said in a stock-exchange filing. It’s expected that the lender will close the deal by this month-end. The country’s second largest private bank didn’t specify any reason for its investment in Kisan Rural Finance. That said, the acquisition could aid the lender meet regulatory requirement of priority-sector lending target of 40%. The bank’s average priority-sector lending for the fiscal 2017-18 was 37.7% or Rs.1,50,078 crore of adjusted net bank credit, according to the bank’s annual report for the financial year. ICICI Bank’s average lending to small and marginal farmers was Rs.17,072 crore or 4.3% of the overall average as compared to the requirement of 8%.

  Kisan Rural Finance Ltd. Is promoted by the Indian Farmers Fertiliser Cooperative Ltd. (IFFCO), one of the country’s biggest fertiliser manufacturers. The company offers financing for new and used tractors as well as motor credit and life insurance products to farmers, according to the firm’s website.

  

  5 March 2019