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ICICI Bank Loan Against Securities | Interest Rates | Documents | Services

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Loan Against Securities of ICICI Bank: Get Details on Loan Against Securities features, Eligibility, Interest Rates, Documents and Various Services offered by ICICI Bank Online.

Loan Against Securities offers you instant liquidity.

Eligibility:

Demat Shares

  • Only Individuals can apply. [Hindu Undivided Families (HUFs), Companies, Partnerships, Sole Proprietors are specifically excluded.]
  • Loans are granted only against the list of approved scripts, as determined by ICICI Bank.

Mutual Fund Units

  • For Equity oriented funds – Only Individuals can apply. [Hindu Undivided Families (HUFs), Companies, Partnerships, Sole Proprietors are specifically excluded.]
  • For Debt Funds/FMP/ETF – Individuals, Hindu Undivided Families (HUFs), Companies, Partnerships and Sole Proprietors can apply.
  • Loans are granted only against the list of approved Mutual Funds/ schemes, as determined by ICICI Bank.

Life Insurance Policies

  • For insurance policies, Individuals, Companies, Partnerships, Sole proprietorships, Hindu Undivided families (HUFs) can apply.
  • Loans are granted only against the list of approved insurance policies, as determined by ICICI Bank.

GOI Bonds

  • Individuals and Hindu Undivided Families (HUFs) can apply.

NSC/KVP

  • Individuals, Hindu Undivided Families (HUFs), Companies and Partnerships can apply.

For all of the above

  • The applicant should be between 21 and 75 years of age.
  • The applicant should be a subscriber to a telephone (landline) either at residence or office.

You don’t have to sell your securities. All you have to do is pledge your securities in favour of ICICI Bank. We will then grant you an overdraft facility up to a value determined on the basis of the securities pledged by you. A current account will be opened and you can withdraw money as and when you require. Interest will be charged only on the amount withdrawn and for the time span utilised.

This facility is available against the following securities

  • Demat Shares
  • Mutual Funds Units
  • Fixed Maturity Plans (FMP)
  • Exchange Traded Funds (ETF)
  • Insurance Policies
  • Savings Bonds
  • NSC/KVP (Demat form)

*Applicable Service Tax shall be levied in accordance with the Finance (No.2) Act 2004.

Service Charges:

Service Charges
Interest is charged only on the amount drawn and for the period for which it is utilized. Interest is calculated on a daily basis and debited to your current account on the last day of every month. The amount debited has to be paid back by you into the current account to regularize it. Stamp duty varies from state to state.
Description of Charges Loan Against Securities
Non Refundable Loan Processing charge CALAS Cases : Rs. 3500 plus applicable service tax.
CARLB Cases : 0.25% of the loan amount subject to a minimum of Rs. 5000 plus applicable service tax.
Non Refundable Renewal charge Rs. 2500/- p.a. plus service tax on renewal at the end of each year.
Pre-payment charge Nil
Solvency certificate N.A.
Further Interest on Overdrawn amount Applicable Rate + 6% + applicable taxes or other statutory levies, if any
Charge for changing from fixed rate of interest to floating rate of interest N.A.
Charges for changing from floating rate of interest to fixed rate of interest N.A.
Cheque Swap charge N.A.
Document Retrieval charge N.A.
Cheque return charge Rs. 250 per instance
Charges for Interim Valuation Report (IVR) Rs 50/- per IVR

Service Tax and other Government taxes, levies, etc. applicable as per the prevailing rates will be charged in addition to these charges.

Source: ICICI Bank Webiste

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