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If you are planning an overseas vacation or out of town vacation, then you might want to start planning early. ICICI Bank offers personal loans , under which you can take ICICI Bank Holiday Loan which can be a lifesaver when it comes to finances related to the vacation. Through this loan, you can keep your savings untouched and at the same time, you can still enjoy the fun-filled holidays.
A holiday loan is a type of personal loan. These loans come handy when you plan for a vacation without using your savings. Since these loans are unsecured loans, you will have to return the money in instalments. These loans are of great help when you plan to take a loan for a short period. Before you apply for the holiday loan, it is advised that you create an estimate of the expenses you have to bear such as flight expenses, accommodation, transportation, etc. Once you make the estimate, you can apply for a bank loan. The bank will decide the repayment period of the loan irrespective of the amount you have applied for. A holiday loan is a great way to keep your savings and at the same time, you can provide a fun-filled holiday to your family and friends. If you are capable to repay the loan before the period given by the bank, then it will also create a good track record for you.
Interest Rates: One of the major highlights of ICICI Bank Holiday Loan is the interest rates. The rate of interest is quite affordable when compared to other major loans such as car loans, housing loans, etc.
One of the best ways to get a great credit score is to repay the loan instalments on time and without any missing any payment. ICICI Bank Holiday Loan is a short term loan and if you can repay it before the repayment period, then it will surely make a difference in your credit score which is important for you to get future loans.
Fast Processing: When you apply for a loan, all you want is to get the loan sanctioned as soon as possible. The processing of ICICI Bank Holiday Loan happens quite fast once the documents submitted has been verified thoroughly. Sometimes, the bank will credit the loan amount to the account on the same day.
Interest Rate: When you plan to take a loan, the first thing that comes to mind is the interest rate one has to pay. ICICI Bank Holiday Loan interest rate starts from 11.25 % which is quite affordable for everyone. However, this interest rate can differ if you do not have a good credit rating or if you have a history of non-payment of loans.
Security: ICICI Bank Holiday Loans are unsecured loans. For such loans, banks do not ask for any pledge or security or collateral security. Since there is no security required, the procedures for processing the loan happens without any difficulties.
Simple Procedure: ICICI Bank is one of those banks which has simple Holiday Loan procedure. You can fill out the application and update the documents online. ICICI Bank accepts the application for Holiday Loan via their official site, the banking app, SMS, iMobile, and through their branches.
EMI: ICICI Bank Holiday Loan EMI starts from Rs 2187 per one lakh. This does not mean that you cannot pay more than the EMI amount. If you have the capability of repaying the loan well before the completion of the repayment period, the bank will allow doing so. This will help you to increase your credit score which is quite important if you apply for any future loans.
Fast Processing and Disbursal: The procedures for ICICI Bank Holiday Loan happens quickly once the bank verifies all the documents submitted by the borrower. If the document verification is successful, then the bank will work quickly to sanction the loan and they might credit your account within 24 hours. The maximum time the bank can take to sanction the loan is 72 hours.
Loan Amount: The maximum amount the bank can allow under ICICI Bank Holiday Loan is Rs 20 lakhs. The bank gives a repayment period of 12 to 60 months, however, you can repay the loan before the repayment period.
The eligibility criteria of ICICI Bank Holiday Loan depends on the applicant’s age, salary, etc
There are 4 ways to apply for ICICI Bank Holiday Loan. They are
iMobile: One of the fastest and easiest ways to apply for a loan from wherever you are is through the banking app. The iMobile app helps you in applying for the loan without any difficulties.
Branch Visit: If you have an ICICI Bank branch near you, then you can just walk in and check for the procedures to apply for the holiday loan. The customer service associates in the branch will help you understand the features and also explain the benefits of the holiday loan.
Internet Banking or Official Website: When you plan for a vacation, you will have to move things fast and one of them is to apply for the holiday loan as soon as you can. So when you decide to apply for ICICI Bank Holiday Loan, you can apply for the same via the official website without wasting any time. If you are already a customer, then your details will be available in the bank database. If not, you might have to fill in the details they ask for so that the bank can check your eligibility. Once the bank confirms that you are eligible to take the holiday loan, then the next step would be submitting the documents for further process.
SMS: If you want a call from the bank to answer your queries, then you can send an SMS to the bank in the format PL to 5676766. When a customer service associate gets this text they will call back to assist you in clearing your queries.
When you plan to apply for ICICI Bank Holiday Loan, then you might have to submit certain documentation. The bank will sanction the loan only after verifying these documents. To apply for the ICICI Bank Holiday Loan, the bank will need the following documents
Proof of age such as
Proof of Identity such as
Proof of address such as
In the case of salaried employees, the bank will need the bank statement for the last 6 months and a salary certificate from the employer.
1. Is there a fixed monthly instalment amount I need to pay if I take ICICI Bank Holiday Loan?
The EMI for ICICI Bank Holiday Loan starts from Rs 2187. However, there is no hard and fast rule that you cannot pay more than that amount. If you can, you can very well pay more than EMI.
2. What is the procedure to apply for ICICI Bank Holiday Loan?
The procedure for applying ICICI Bank Holiday Loan is as below
3. How can I improve my credit score by paying ICICI Bank Holiday Loan?
When you take ICICI Bank Holiday Loan, you are getting into an agreement with the bank that you will repay the loan amount within the stipulated period mentioned by the bank. When you stick to the repayment criteria and pay off the loan amount on time, the bank will have a good track record about your business.
4. How long will it take for the bank to approve ICICI Bank Holiday Loan?
If the borrower successfully submitted the documents and the bank verifies the same then the processing and approval will be done in 72 hours.
5. What is the repayment tenure for ICICI Bank Holiday Loan?
The borrower can repay ICICI Bank Holiday Loan within 12 to 60 months.
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