Consolidation Loan Schemes from ICICI Bank
A look at the loans from ICICI Bank you can use to pay off your debt
Debt Consolidation Loans from ICICI Bank
Established by the Industrial Credit and Investment Corporation of India (ICICI), ICICI Bank is one of the biggest private sector banks in the country. The bank offers a wide array of financial products in various categories including investment banking; life and non-life insurance; venture capital and asset management. Consolidation loan is one of the loan schemes offered by the bank to its retail customers.
Please note that ICICI bank, like other Indian banks, does not label loan schemes as a “consolidation loans”. And yet, many of them can be used for debt consolidation.
Let’s now take a look at a few of the popular loan schemes offered by ICICI Bank that can be repurposed into consolidation loans.
ICICI Bank Personal Loan
Salaried employees of government organisation, public sector units, and recognised private sector companies and institutions can get the ICICI Bank Personal Loan to meet their personal financial needs right from travel expenses to medical expenses. This is an unsecured loan that can also be availed of for debt consolidation. Self-employed individuals are also eligible for this loan. The best part is that the bank also offers a top-up on this loan to eligible borrowers.
ICICI Bank Gold Loan
If you want to pare down your debt, you can use your precious metal assets (gold jewellery/ornaments and gold coins) as collateral to get the ICICI Bank Gold Loan. You can use the loan to pay for wedding expenses, medical exigencies, travel expenses or debt consolidation depending on your needs. The maximum loan amount sanctioned by the bank under this loan is Rs. 15 lakh.
ICICI Bank Loan Against Securities
You can get funds to consolidate your debts or meet other financial needs by pledging your securities such as mutual fund units, Demat shares, bonds, life insurance policies, etc. to ICICI Bank under the ICICI Bank Loan Against Securities. You can avail of this as a demand loan or overdraft facility. The maximum loan amount offered by the bank under this loan scheme depends on the Net Asset Value (NAV) of the securities as well as the repayment capacity of the borrower.
ICICI Bank Loan Against Property
This loan helps borrowers to get funds by mortgaging their property to meet personal expenses related to a wedding, medical emergency, travel or debt consolidation. This is a secured loan. The maximum loan amount offered by the bank under this loan scheme is Rs. 5 crore.
A Final word
In addition to these loans, you can also avail of the balance transfer facility on home loans to transfer your home loan to ICICI Bank. ICICI Bank home loan borrowers are also eligible to get a top-up loan on home loans to meet their financial needs (including debt consolidation). This may seem to be a longer process but if the interest you are paying right now seems exorbitant, talking to ICICI Bank may give you some options to think through.
If you are interested in learning more about debt consolidation, you can check out our consolidation loans page. We cover the consolidation loan schemes offered by other major Indian banks. This will help you find the best debt consolidation options available to you.