What is MCLR?
MCLR stands for Marginal Cost of Funds based Lending Rate.
MCLR is the benchmark rate below which the banks cannot provide loans to the customers who are availing loans linked to MCLR. This new benchmark rate is applicable for new loans sanctioned from April 1, 2016 onwards.
Currently, the Bank has published the following MCLR:
What is ICICI Bank MCLR rate?
Will MCLR be different between Banks?
What does periodicity of reset means?
What is the benchmark MCLR applicable for ICICI Mortgage Loans and what would be the reset period for ICICI Bank Mortgage Loans?
When will be the reset date decided for the loan? How will the reset impact the current rate of interest (ROI) in case the MCLR increases or decreases?
If a loan is partly disbursed and earlier rate is linked to I-Base, which benchmark (I-Base OR MCLR) would be applicable for subsequent disbursements?
Will ICICI Bank discontinue the current benchmark rates I-Base/FRR/PLR?
Will the existing customers linked to FRR//PLR/I-Base based benchmark rate be allowed to migrate to I-MCLR-1Y based pricing without change in effective rate of interest?
What is the process for changing from an existing benchmark rate of FRR/PLR/I-Base to I-MCLR-1Y benchmark rate?
Can I close my home loan? What are the charges for prepaying my loan?
The prepayment charges are as under:
*Current principal outstanding and all amounts tendered by the borrower towards prepayment of the Facility during the last one year from the date of final prepayment.
**Home Equity Loan/Home Equity Enhancement Loan, Office Premises Loan and Lease Rental Discounting Loan
Can I make a part pre-payment on my Home Loan Account through NEFT with ICICI Bank?
Yes, ICICI Bank accepts part pre- payment of your Home Loan through National Electronic Funds Transfer (NEFT).
In case you want to make part pre-payment on your Home Loan Account through NEFT, you need to visit the nearest ICICI Bank branch. For the list of Branches nearest to you please click here.
The Service Request number received during branch visit must be mentioned in the remarks column in the NEFT form while making part prepayment through NEFT. Please note that the transactions with invalid request numbers will be rejected.
NEFT is a nation-wide payment system facilitating one-to-one funds transfer. Individuals can electronically transfer funds across the country from one bank to another bank participating in the Scheme.
What is the minimum part pre-payment amount that I need to pay?
The minimum part pre-payment amount should be an amount equivalent to 1 EMI.
If I opt to increase my EMI, can I decrease the EMI in the future?
The EMI once increased will not be decreased at a later date except in case of Part Pre-payment/ Conversion.
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