ICICI BANK LAUNCHED HOME LOAN OVERDRAFT FACILITY
ICICI Bank limited has launch a cradit against home loans for salaried customer on november 2,2016.ICICI Bank is biggest private bank In the market.This “ICICI BANK LAUNCHED HOME LOAN OVERDRAFT FACILITY” wiil be enable customer to seek loans 1 corer for personal needs against property.According to a bank release ,customers will have the advantage of a term loan and an overdraft facility.
ICICI BANK DECLARE THERE FEATURES DETAILS
1.Amounts available :-Minimum 5 lakh and Meximum 1 crore.
2.Combination Of Term Loan and Overdraft Facility:-.Customer can avail minimum 10% of the total amount as term loan and maximum 90%ad overdraft.
3.Interest Charging Method:-For the term loan,equated Monthly installmant (EMI) will be applicable.for overdraft ,interest is change only on the utilised amount for the period the funds are used.
4.Sweep -in and Reverse Sweep Facility:-The overdraft account wiil be linked to the customer saving account.in the sweep-in facility ,money will be made available in the saving account from the overdraft account ,as and when the customer requires it.Similarly ,in the reverse sweep facility ,excess funds available in the saving account will be swept back in to the overdraft account.thus reducing the interest cost of the customer
5.Eligibility:-Salaried individules who have a home loan and salary account with ICICI Bank are eligibate to apply for the overdraft facility.Also salaried borrowers of preferred corporates who do not have home loans with ICICI Bank can transfer their home loans to the bank to avail this service.