Glance at ICICI Bank Consumer Durable Loan
Last Updated : March 17, 2017, 12:51 p.m.
Consumer durable loan signifies the shift in India's financial services space. Banking system in India has transcended from the traditional personal loan, car loan and home loan to products like consumer durable loan . This leads to increased convenience for the customers. Consumer durable loan means you can get the finance to buy products like refrigerator, fridge, air conditioner, washing machine, etc. It's not only one or two lenders that provide consumer durable loan. But it is being offered by multiple lenders, making your search for the right lender easier. We, in this article, will discuss about the consumer durable loan of ICICI Bank, a major private sector lender.
Features, Fees and Charges
Maximum Loan-Rs 3 lacs
Loan Tenure-1 to 3 years
Interest Rate-11.49%-22%
Service Charges-Rs 675 or 2.24% for all Samsung and LG brands
-Rs 750-10,000 for all other brands
Foreclosure Charges-5% of principal outstanding plus service tax as applicable
Eligibility Criteria
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 21-58 years | 21-65 years |
| Minimum Annual Income | Rs 45,000 | Rs 48,000 |
| Work Experience/Business Continuity | Minimum job experience of 2 years with at least 6 months of stay with the existing employer | Minimum of 2 years in the business with about 6 months in the existing business |
| Residence | Must have lived in own house for at least a year | Must have lived in own house for at least a year |
Documentation
| Identity proof | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs |
|---|---|---|
| Age proof | Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Income Proof | Salary slip of last 2 months, bank statement for last 3 months | Latest 2 year ITR with statement showing computation of income, CA Certified or auditied profit & loss account statements and balance sheet for last 2 years, bank statement for last 6 months |
| Signature verification | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
(Updated on:7 November,2016)