Consolidation Loans from ICICI Bank
Different debt consolidation loan schemes for different people.
Headquartered in the financial capital of the country, ICICI Bank offers a range of financial products to different segments of its customer base. ICICI Bank gives you the option to choose from a range of loans that are specifically suited for your different needs.
ICICI Bank Consolidation Loans
ICICI Bank offers specially designed loan schemes to its customers for their varied needs in addition to standard loan options – home loans, education loans, business loans, etc. – such as consolidation loans.
A debt consolidation loan, simply referred to as a consolidation loan, helps bank customers pay off all their debts and consolidate them into one loan which they can repay easily by choosing terms as per their preference.
The bank does not brand a specific loan scheme as a consolidation loan. However, there are quite a few loans such as unsecured loans like personal loans and secured loans like loans against property, rental income or securities that can be used to consolidate debt.
Here are some of the loan schemes offered by ICICI Bank that you can avail as a consolidation loan:
- Personal Loan
- Gold Loan
- Loan Against Securities
- Loan Against Property
- Lease Rental Discounting
- Home Loan Top-up
- Home Loan Balance Transfer
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Please note that in some cases information is less or simply not available. In such instances, we have not been able to create a page on that loan as yet, but we may do so in the future if information becomes available.
ICICI Bank Personal Loan
This loan helps borrowers get funds to meet their urgent financial needs including those for a child’s wedding, domestic and foreign travel, medical emergency, child’s education, etc. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. and self-employed individuals are eligible for this loan.
Features of ICICI Bank Personal Loan
Why this Loan?
- The ICICI Bank Personal Loan scheme is meant for permanent/confirmed salaried employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies and self-employed individuals who need financial assistance to meet urgent personal needs. This personal loan can also be availed as a consolidation loan to pay off their high-interest credit card debts and loans
- This is a collateral-free loan
- ICICI bank offers a top-up facility on this loan scheme
ICICI Bank Gold Loan
This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 15 lakh.
Features of ICICI Bank Loan Against Gold Jewellery
Why this Loan?
- The ICICI Bank Gold Loan is meant for borrowers who want to get funds by pledging gold jewellery/ornaments and 24-carat gold coins issued by banks to meet their financial needs
- This loan scheme can also be availed by borrowers as a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts
- The bank claims to provide loan disbursal within 60 minutes after gold and document submission and loan approval
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
ICICI Bank Loan Against Property
This loan helps borrowers get access to funds by mortgaging their property to the bank to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education, debt consolidation and so on. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 5 crore.
Features of ICICI Bank Loan Against Property
Why this Loan?
- The ICICI Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes
- This loan can also be repurposed into a consolidation loan to pay off high-interest debts
- The bank offers special terms and concessions to doctors when they avail this loan
ICICI Bank Lease Rental Discounting Scheme
This loan helps property owners who have rented out their commercial property to reputable establishments to get financial assistance to meet their personal needs. This secured loan can be used to meet expenses for medical exigencies, overseas travel, debt consolidation, etc.
Features of ICICI Bank Lease Rental Discounting Scheme
Why this Loan?
- The ICICI Bank Lease Rental Discounting scheme is designed to help borrowers who have rented out their commercial property to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. to get funds to meet their personal needs
- Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
- The bank offers overdraft facility under this scheme
ICICI Bank Home Loan Balance of Transfer Facility
This loan scheme helps people looking for a relatively low-interest home loan transfer their home loan from other banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), etc. to ICICI Bank.
Features of ICICI Bank Balance of Transfer Facility Home Loan
Why this Loan?
- The ICICI Bank Balance of Transfer Home Loan is meant for housing loan borrowers of other banks, NBFCs and HFCs who want to transfer their housing loan to ICICI Bank. This scheme can help reduce the debt burden on the borrower, thereby acting as a consolidation loan, if the borrower gets better terms such as a lower interest rate on the new loan
- ICICI Bank offers a top-up facility up to 100% of the original loan amount with this scheme
- The bank also offers Insta loans, which are digital loans and can be availed online via the bank’s internet banking facility, in this category
ICICI Bank Home Loan Top-up
This top-up loan helps ICICI Bank Home Loan borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house such as home repair, home renovation or home extension, this loan can also be used as a consolidation loan to pay off debts.
Features of ICICI Bank Home Top-up Loan
Why this Loan?
- The ICICI Bank Home Top-up Loan is meant for borrowers who need assistance to meet their personal financial needs such as child’s wedding expenses, education expenses, domestic/overseas travel expenses, debt consolidation, etc.
- No paperwork is required to avail this loan since this loan is specially designed for ICICI bank home loan borrowers
- The bank also offers Insta loans, which are digital loans and can be availed online via the bank’s internet banking facility, in this category
Important Note: ICICI Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for ICICI Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, Repo Rate and (Strategic) Spread. As of October 2020, the Repo Rate of ICICI Bank is 4.00% and the Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
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/Self-employed Non Professionals: 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