ICICI Bank, has cut home loan rates for new customers by 25-50 basis points.

Earlier State Bank of India and post that Canara Bank had slashed interest rates on home loans.

According to the new floating rate structure, for home loans less than that of Rs 20 lakhs, the interest rates would be at 9.75% as against 10% earlier. For loans between Rs 20-30 lakhs, the new rate would be at 10% as against 10.5% earlier, while for loans of Rs 30 lakhs and above, the interest rates would be at 11.5% as against 12% earlier.

Home, auto and other retail loans will cost up to 0.75 per cent more, with lenders HDFC, ICICI Bank and SBI announced an increase in interest rates following the Reserve Bank squeeze on money supply.

HDFC will raise its minimum floating rate for home loans by 0.75 per cent to 11 per cent for new customers from 10.25 per cent from tomorrow, while the existing customers will have to shell out 0.50 per cent more at 10.75 per cent.

The new fixed rate would be 14 per cent, up 0.75 per cent. ICICI Bank increased its benchmark floating rate for retail customers, including home loan borrowers, by 0.75 per cent to 13.50 per cent.

The existing fixed rate customers, whose loans are fully disbursed, will, however, not be impacted by the increase and they will have to pay the prevailing rate.

ICICI Bank has also announced increase in benchmark rate for corporate by 0.75 percent to 16.50 percent.

HDFC bank also increased its deposit rates by 0.50 percent across most maturities, while ICICI Bank raised interest rates on fixed deposits of less than Rs 15 lakh by 0.50-1 percent .

The announcement by two banks came close on the heels of similar announcement by the largest lender SBI.

You are the proud owner of this two wheeler, which accompanies you wherever you go and every time you think about making it different from others. Yes, it is a motor bike, passion of today’s younger generation. But to get a motor bike is not at all an easy task today. With the price of bikes soaring high, it needs a good finance to avail a bike of your choice. However, with the help of motor bike loans, the youngsters of India can always get finance for bikes.

There are innumerable lenders in the loan market, who provide motor bike loans on competitive rates. However, before selecting any lender, you should research properly. You should compare every offer of motor bike loans on the basis of its annual percentage rate. From the loan quotes provided by the lender, you can understand the details of annual percentage rate. After getting all possible inputs regarding this annual percentage rate and other loan terms, you can choose the best offer.

Now, you can get motor bike loans both as secured and unsecured form. If you are ready to place your home or any related assets as security, you can get motor bike loans in secured form. Whereas, if you do not own any property or do not want to place any security for the loaned amount, you can avail these loans in unsecured form.

Two Wheeler Loan from ICICI Bank

Income Requirement
For Salaried
Minimum Age
21 yr.

Maximum Age
60 yr.

Income

For Loan amount less than equal to Rs. 60000

A category cities -
(Mumbai, Delhi, Calcutta, Hyderabad, Chennai and Bangalore)
two wheeler loans financial services, two wheeler loan repayment schemes     Minimum gross salary of Rs.5000/- per month for funding amount icici two wheeler loans, icici two wheeler finance     Minimum gross salary of Rs.6000/- per month for funding amount greater than or equal Rs.45000

For B Category cities-
(All other cities excluding "A" category cities)
two wheeler loans interest rate     Minimum gross salary of Rs.4000/- per month for funding less than Rs. 45000
low interest two wheeler loan     Minimum gross salary of Rs.5000/- per month for funding greater than or equal Rs.45000

For Loan amount greater than Rs. 60000

Gross salary to be Rs 7500 for all cities.

For Self Employed
Minimum Age
21 yr.

Maximum Age
65 yr.
For self employed/ proprietorship /partnership firm
For funding amount less than equal to Rs.50000, gross income (PBDT) of Rs.42k per annum as per ITR and computation
Tax Challans aggregating to greater than 15000(equivalent to declared annual income of Rs. 42000)
For funding amounts greater than Rs.50000, gross income (PBDT) of Rs.60000 per annum as per ITR and computation
For Partnership Firms:
Income is calculated as: Net Profit + remuneration to Partners + interest on partner’s capital + depreciation
Tax Challans aggregating to greater than 15000
For Private /Public ltd. Co’s:
Minimum PBDT of Rs.60000
PBDT shall be calculated as:
Net Profit + Depreciation + Tax
( In all cases of Partnerships or Pvt ltd. Companies the Partner/Director would mandatory be taken as a co applicant )

Sources : http://www.icicibank.com/

You are looking to borrow money then you will rather choose a personal
loan than any other type. Personal loan means standard types of borrowing
for example a loan you take for general purposes. The point with this
kind of loan is that you borrow money and you can use them as you want
without the lender be interested in what you need the money for. The only
thing that he/she will be interested is if you will repay the loan. Becareful
cause the personal loan is different from car loan or a home improvement
loan because these loans are the first for a car and the second to repair or
improve your house. But the majority of the personal loans work the same
way. You apply for a loan, get your money and then spend the money as you
want. No one will check you were you will spend the money. The only thing
you must do after is to make regular payment every month. You must repay
the loan and of course the interest you will be charged.

There is only one difference between personal loan and this is secured or
unsecured personal loans. Unsecured personal loans are given wihtout security
and of course they will have higher interest and that means more money you
have to pay back. On the other hands secured personal loans mean lower interest
but this kind of loan will use for security your property, your house or your
car. So if you are sure that you can pay each month the loan you use as
secure you home, if not dont choose this kind of personal loan.

Information about personal loan of ICICI Bank

Eligibility

Company    
It should be appearing in the bank’s list of approved companies

Experience    
A total work experience of minimum 4 to 5 years.

Designation   
You should be in the supervisor/managerial/officer cadre

Age
The minimum age is 22 years and maximum age is 55 years at time of applying for the loan.

Residence  
You need to reside within the city limits prescribed by the bank. You should also have a telephone at your place. This is a prerequisite.

Documentation
Income Proof
# Salary Slips for last 2 months
# Form 16 of latest year
# Bank Statements of last 3 months

Proof of Residence
Any one of the following
# Passport
# Ration Card
# Utility Bill
# Voter’s ID
# L.I.C Policy Receipt
# Driving License
# Proof of Co-Provided Accommodation
(Letter from Employer)

Proof of Continuity in current job
# Form 16
# Company Appointment Letter

Proof of Identity/Residence
Any one of the following
# Passport
# PAN Card
# Ration Card
# Photo Credit Card
# Utility Bill
# Employee Card (Govt.Employees/Public Ltd.Co.)
# Voter’s ID
# Driving License

Signature Verification
# Passport copy
# Banker’s Verification

Loan Details

Loan Amount
Minimum loan amount of Rs 20,000 to maximum loan amount of Rs 1,000,000 depending upon your eligibility.

Interest Rate   
ICICI charges 21% rate of interest.

(The rate of interest mentioned above are the standard and average rates under standard income criteria for each class of borrowers and shall be higher/lower depending on the parameters which are met by the customers.)

Tenure
The tenure option provided is minimum 1 year to maximum 3 years. You have an option between 12 months, 18 months, 24 months, 30 months and 36 months
Processing Charges

2% of the loan amount as processing fees, which is deducted from the loan Amount and the balance, is remitted to you.
Processing time

Repayment
The repayment is through EMIs by post-dated cheques depending upon the tenure.
Prepayment Option
You have option of prepayment with no lock-in period. However you have to pay 2% of the outstanding loan amount (principal amount) as prepayment charges.

For More Information Log on to

http://www.icicibank.com/

Source : http://www.icicibank.com/

If you need some extra money, then borrowing from your bank might be the answer. If you use a bank simply for savings and a current account, then perhaps it is time to look at other financial products that your bank can offer. If you want to borrow from your bank, here are some of the possible options and benefits.

Why borrow money?

People borrow money for all sorts of reasons, and in all different ways. If you are finding it hard to make ends meet at the moment then getting a credit card or loan may help you out over the next few months. Also, if you need to make a large purchase but you need to spread the cost, then borrowing from your bank is a good option.

Credit cards

Perhaps the most common way to borrow from your bank is to get a credit card. A credit card gives you a certain amount of money or credit that you can spend, which you have to pay back with interest. Bills are paid monthly and you can choose to pay the full amount or just the minimum payment each month. Borrowing money on a credit card is expensive, but for short-term purchases they can be great if you pay the balance back in full each month.

Loans

Loans are another common way to borrow from your bank. Your bank is likely to have a variety of loans on offer, ranging from small personal loans to much larger loans for business or home improvements. If you need to pay off high interest debts or make a large purchase and pay it back slowly, then loans might be the right option for you.

Advantages of using your bank

The main advantage of using your bank to borrow money is that they know what sort of spending patterns you have, and if you have built a rapport with them they are likely to be more generous than other lending institutions. It may also be convenient to use the same bank that you do now, as all your accounts are in one place and you can manage your money more easily.

Disadvantages

There are also a number of disadvantages to using your own bank. Although your bank may give you a good deal, it may not be the best deal you can possibly find. Although speaking to your own bank is a good idea, you should shop around and look at other lenders in order to get the best possible terms. You should also make sure that borrowing money is right for you, and that you can make any repayments that are required.

A consumer commission has ordered ICICI Bank, the country’s largest private sector Bank, a whopping Rs.50 lakh for employing “goons” to recover loan.The client who defaulted on loan had approached the consumer affairs commission in Delhi complaining of use of force by the bank’s recovery agents.

The Delhi Consumer Commission also ordered the bank to pay the complainant, Tapan Bose, 500,000 rupees ($12,738.85) compensation. He alleged the recovery agents impounded his vehicle and beat a friend’s son with iron rods, mistaking him as the defaulter.

The commission has imposed punitive damages of Rs 55 lakh upon ICICI Bank. Of this amount, Rs 50 lakh is to be deposited in favour of the State Consumer Welfare Fund (for legal aid) and a compensation of Rs 5 lakh, including the margin money paid by the borrower towards the loan amount, has to be given to the complainant for the sufferings caused by the bank’s agents in a brutal and boorish manner because of which a youth was hospitalised for more than two weeks and received 17 stitches on his skull and back.
The Commission, also comprising Member Rumnita Mittal, issued notices to the Collection Manager of ICICI and the CEO of the recovery agency, seeking their explanations over blatant violation of the direction of the highest court of the nation.

The quasi-judicial ruling highlights a practice highly prevalent in India, in which recovery agents resort to thuggish behavior to get defaulting consumers to cough up money. Banks across the country hire these agents. Although there are strict guidelines from the Reserve bank regarding recovery methods, because the agencies are independent outfits and aren’t required to register with authorities.

This Judgement has came after a week,Last week RBI Governor Y V Reddy had warned banks about recovery agents using forceful means to collect dues.

While taking to task the leading bank, it vented its anger on ICICI for flouting the apex court’s direction that restrained all the financial institutions from employing musclemen to recover a loan amount or possession of a vehicle.

ICICI Bank is a leading private sector bank.ICICI Bank was eastablished in 1955 by the world Bank,the Government of India and the Indian Industry, for the promotion of industrial development in India by giving project and corporate finance to the industries in India.
ICICI Bank Fact Files Total assets : Rs.146,214 crore (December 31, 2004)
Network : 530 branches
ATMs : Over 1,880
Abaroad Subsidiaries : United Kingdom and Canada
Abroad branches : Singapore and Bahrain
Representative offices : United States, China, United Arab Emirates, Bangladesh and South Africa.

The Main Branches of ICICI Bank Ltd.
Bahrain Branch
ICICI Bank Ltd.
Manama Centre
Manama
Kingdom of Bahrain
Tel: + 973 17 576 161
Fax: + 973 17 221 200

Bangladesh Representative Office
ICICI Bank Ltd.
Suite 11-01, Level 11
Unique Trade Centre, 8 Panthapath
Kawran Bazar, Police Station
Tejgaon, Dhaka
Bangladesh
Tel: + 88 02 912 4985

Canada Subsidiary
ICICI Bank Canada
Exchange Tower,
130 King Street West, Suite 2130
Toronto ON M5X 1B1
Canada
Tel: + 1 416 360 0909
Fax: + 1 647 436 1178

China Representative Office
ICICI Bank Ltd.
2805-2806,Bank of China Towers
200 Yincheng(M) Road
Pudong
Shanghai 200 120
P.R. China
Tel: + 86 21 5888 2413
Fax: + 86 21 5888 2347

Dubai Representative Office
ICICI Bank Ltd.
Suite No. 404, The Business Centre Building
Khalid Bin Al Waleed Street
Near Burjuman
Dubai U.A.E.
Tel: + 971 4 396 5333
Fax: + 971 4 396 6994

Singapore Offshore Branch
ICICI Bank Ltd.
9 Raffles Place
# 50-01 Republic Plaza
Singapore- 048619
Tel: + 65 6723 9288
Fax: + 65 6723 9268

South Africa Branch
ICICI Bank Limited
Nelson Mandela Square
2nd Floor, West Tower
Maude Street, Sandown
PO Box No. 785553
Sandton 2146
Johannesburg
Tel: + 27 11 8815922 / 24
Fax: + 27 11 8815611

UK Subsidiary
ICICI Bank UK Ltd.
21 Knightsbridge
London SW1X 7LY
U.K.
Tel: + 44 207 201 1000
Fax: + 44 207 201 1046 / 1048

USA Representative Office*
ICICI Bank Ltd.
500 Fifth Avenue, Suite 2830
New York NY 10110
U.S.A.
Toll Free No.: 1 866 ICICI 4U

*Please Note: USA Representative office does not offer NRI services.This office will not accept documents pertaining to NRI Banking Services in India offered by ICICI Bank. For couriering documents related to such services, please use the following address.

NRI Services Center
ICICI Bank Ltd., INDIA
C/O G3 Worldwide
BLR/ FRG/ 24390/002
P.O. Box 9018
Jericho NY 11753-8918
Delhi Office :
ICICI Prudential Life Insurance Company
Videocon Towers
3rd Floor
Jhandewala Extension
Rani Jhansi Road
New Delhi 110055
Phone : +91-011-368 3694/ 368 3695

ICICI Bank Head Office :
ICICI Bank
9th Floor, South Towers
ICICI Towers
Bandra Kurla Complex
Bandra (E)
Mumbai
Phone : +91-022-653 7914
E-Mail: wecoveru@icici.com ; lifeline@icici.com