ICICI Bank Comes Up with Two New Loan Schemes

ICICI Bank, India’s largest loan providing private bank, reveals that its new low interest based loan scheme will help customers to pay out their loan in a more convenient manner.

ICICI Bank Managing Director and CEO Chanda Kochhar revealed that the loan scheme is not burdening. The new scheme provides with the choice to customer to access a specific interest rate for a year or two. The interest rates were quiet low in comparison of the floating rates in the market.

The bank had unveiled its 2 home loan schemes on August 19, which provides fixed interest rates to customers. With the completion of the period of one to two years, the interest rates will turn floating in the nature and will be in relation to the base rate of interest fixed by the bank.

Under the new scheme, a borrower is liable to pay an interest of 10.50 % for a home loan under Rs. 25 lakh for the first year, and the interest rate would be 10.75% in the next year, states a statement from the ICICI Bank.

The loan scheme launched by the bank this year is similar to the home loan teaser. The teaser rate is a scheme, in which a customer is offered concessional rate for a limited period of time in order to pull in customers.