Glance at ICICI Bank Consumer Durable Loan

Consumer Durable Loans 504 views

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

ParametersSalaried ProfessionalSelf-employed
Age21-58 years21-65 years
Minimum Annual IncomeRs 45,000Rs 48,000
Work Experience/Business ContinuityMinimum job experience of 2 years with at least 6 months of stay with the existing employerMinimum of 2 years in the business with about 6 months in the existing business
ResidenceMust have lived in own house for at least a yearMust have lived in own house for at least a year

Documentation

Identity proofPAN Card/Voter ID/Passport/Driving License, 2 passport size photographsPAN Card/Voter ID/Passport/Driving License, 2 passport size photographs
Age proofPassport 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 CertificatePassport 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 ProofLatest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter IDLatest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
Income ProofSalary slip of last 2 months, bank statement for last 3 monthsLatest 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 verificationDriving License/Passport copy/PAN CardDriving License/Passport copy/PAN Card
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(Updated on:7 November,2016)