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Loan Faqs
Faq

What would be the mode of repayment ? :

Repayment is done on an EMI (equated monthly installments) basis at the time of starting the repayment, by giving standing instruction to the bank, having an ECS(electronic clearing services) with the bank or by giving PDC(post dated cheques) to the bank. If you are unable to complete the...
Faq

Is there moratorium/repayment holiday available ? :

Yes. A moratorium/repayment holiday is available for select courses.
Faq

Is there any kind of repayment that has to be made in the moratorium period ? :

Interest would have to be paid during the moratorium, the interest servicing would be of simple interest calculated on the loan amount disbursed payable monthly. Some banks will also allow you a moratorium on payment of interest. This means that you can defer payments of even the interest during...
Faq

What are Key Benefits of Personal Loan? :

 Loan up to 15 lacs: Most Banks give out Loans ranging from Rs.50,000 to Rs.15,00,000 depending on your income and repayment capacity.  No security/guarantor required Faster Processing: The loan depending on the bank and documents provided is sanctioned sometimes within 72...
Faq

How do I repay the loan? :

The loan can repaid through post dated cheques drawn on ICICI Bank Ltd. Alternately, if you have a Bank account with ICICI Bank, you can issue a direct debit mandate to your existing ICICI Bank account for the repayment.
Faq

What is the interest benefit that I get on the Educational Loan? :

Banks offer lower interest rates if you start repayment during the moratorium period. If you have opted for a floating rate loan, you cannot switch to a fixed rate option mid-course. However, you can transfer your loan from one bank to another, if you find a more attractive offer. Normally, one...
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How is a personal loan different from a loan against property, shares or gold? :

LAP - Loans against Property, loans against shares or gold are a more sensible option in comparison to an unsecured personal loan if one needs to pay back the bank over a longer time frame. The loan amount one is eligible for is dependent on the value of the property and the interest rates are...
Faq

How much loan can I get? :

The exact amount of loan against property given to you depends on factors including your income, repayment capacity and your past credit history.  It also depends on the number of dependents, assets, liabilities, stability/ continuity of your employment/ business and the co-applicant's...
Faq

What I need to know about Personal Loan? :

Eligibility Criteria No security/guarantor required Documents Required Interest rates and Charges Applicable Repayment options
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What would be the tenure of the loan ? :

Maximum tenure of the loan can be 7 years including moratorium period.
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What is the maximum tenure of a personal loan? :

Personal loan is a short tenure loan. Most of the banks provide you loan for a minimum of one year to a maximum of five years.



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