Get Rs.10000 Personal Loan for 45 Days @ZERO Interest from ICICI Bank
- Minimum loan amount: Rs. 3,000
- Maximum loan amount (digital credit): Rs. 10,000
- Interest rate: ZERO interest for 45 days
- No documentation
- Instant approval
- No processing, pre-closure charges
What if repayment is not done within 45 days?The penalty is very small i.e. a late fee of Rs. 50 will be charged and interest rate of 3% will be applied. Repayment can be done through Paytm wallet, debit card, or internet banking of third party bank.
Eligibility criteria but not limited to:
- He/she should be ICICI Bank Customer
- Must be using Paytm App for shopping
- Paytm app should be linked to ICICI Bank account
- Should have good credit score
Where can you use the money?There is no condition on the using the credit money. Borrower is free to use money for any purpose such as making bill payments, flight booking, buying movie ticket, and so on.
Who should use such credit facility, if eligible?
- First time applicants with no credit history
- This is best recommended for individuals (especially salaried) who want to pay their utility bill in the first 5 days of the month but are receiving salary late. Once they receive the salary, repay the loan.
- Small business owner or self-employed: There are many businesses in India which still run on credit mode i.e. date of receiving money is not fixed. However such individuals have to pay various bills in the first week of the month in order to keep the business running. So for such individuals, this zero interest loan is worth recommended.
- It is also ideal for shoppers who want to earn cashbacks
How to avail more credit?It’s simple. Make repayment on time and fully and you can avail loan amount of upto Rs. 20, 000. In case of default, the loss would be for the ICICI bank and not Paytm.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries.
He has authored many articles on this site (allonmoney.com).