Looking for a Loan Against Securities to consolidate your debts from ICICI Bank?
You have landed at the right place. This page contains all the information you will need on ICICI Bank’s Loan Against Securities.
ICICI Bank Loan Against Securities
This loan helps borrowers get access to funds by pledging their securities such as Mutual Fund units, Demat shares, life insurance policies, bonds, etc.to the bank. While this secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education and so on, it can also be used to consolidate high-interest debts.
Features of Loan Against Securities from ICICI Bank
Why this Loan?
- The ICICI Bank Loan Against Securities is meant for borrowers who want to avail financial assistance by pledging shares to meet their financial needs
- Borrowers can also avail this scheme as a consolidation loan and pay off their debts
- This loan can be availed as an overdraft or demand loan
Loan Amount
- The maximum loan amount sanctioned by the bank under this loan depends on the type of security pledged by the borrower. The loan amount is capped at 50% of the value of the security
Interest & Repayment Period
- As of October 2020, this information is not mentioned on the bank’s website. We suggest talking to a bank representative for details. The bank will only charges interest only on the amount withdrawn and for the time span utilised
Security Needed
- The bank accepts pledging of securities for this loan
Margin Money (Borrowers Contribution to Total Cost)
- The bank charges 50% of the face value of the prevailing market price of the securities
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, you will have to contribute 20% which comes to Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
Processing Charges
- The bank charges 0.50% of the loan amount with a minimum of Rs. 3,500 for processing this loan
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Reference Facts
- ICICI Bank Website: www.icicibank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 120 7777