COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES
SEARCH REDIFF

ICICI enters personal finance segment

The Industrial Credit and Investment Corporation of India Limited today entered the home finance market and announced plans to launch credit cards in the near future.

The company has also lined up other products including professional loans and personal loans.

ICICI joint managing director Lalita Gupte said that the company would offer home loans against the general power of attorney, provided it is the ''first power of attorney''.

However, the company would facilitate the conversion from leasehold to freehold from the Delhi Development Authority and would also finance the conversion cost.

The loans would be available for purchase, construction and extension of residential premises and also the purchase of residential plots.

The interest rate for loan between Rs 100,000 and Rs 500,000 is 13.50 per cent and for loans above Rs 500,000, it will be 14.50 per cent.

The company would also launch its credit cards soon. It would use its existing branch and brokers network to market these cards. It is negotiating with both Visa and Mastercards for card launch. It has also tied up with marketing associates for marketing the personal finance products.

UNI

Business news