ICICI Bank FlexiCash Personal Loan – Interest Rates, Repayments
FlexiCash is a facility offered to ICICI Bank Salary Account customers, whereby they can avail a line of credit/ overdraft facility to meet unplanned or recurring expenses.
Check your pre-approved Insta Flexicash offer on your net banking.
| Features | Benefits |
|---|---|
| Pay only for what you use | Pay interest on the amount you use and for the period you use it for |
| Flexible Repayment | Flexibility to clear the outstanding limit at your convenience, only the interest due to be paid every month |
| Digital process for pre-approved customers | Avail of facility instantly by applying online with no documentation |
| Auto sweep-in facility | Reduced interest burden due to the auto sweep facility from the Salary Account to the overdraft account |
| Auto-enhancement and auto-renewal | Automated process of enhancement and renewal of overdraft limit |
| Pre-closure facility | Repay the amount whenever you want without any pre-closure charges |
How do I repay the FlexiCash?
The amount payable will be auto-swept as and when sufficient balance is available in your Salary Account.
Do I have to pay any additional charges for FlexiCash?
A processing fee is levied on the overdraft limit, basis the defined pricing matrix followed by the Bank. An amount equal to processing fee will be due in the first month.
What are the tenure options for FlexiCash?
FlexiCash can be availed for a period of 12 months, post which the facility will be auto renewed if it meets Bank’s norms, unless the customer gives closure request.
- Processing fee: Starting at Rs 1,999 + Goods and Services Tax (GST)
- Renewal fee: Flat Rs 1,999 + GST
- ROI: Between 12% and 14% per year
For Example: If you have a FlexiCash limit of Rs 1,00,000 with ROI of 12.20% and you use Rs 10,000 for an urgent expense, you will have Rs 90,000 left for other purposes. If you repay Rs 10,000 after 15 days and have not used any more of the FlexiCash funds, your interest payable will be Rs 50.14.
