i-Lens
Adani Power settles a tad above
Adani Power settled at Rs 100.05 on BSE, at almost the same level as the initial public offer
Do you have shares in your demat account and yet worrying about meeting your expenses? Explore the potential of your investment and apply for Insta Loan against Securities (Shares) from the comfort of your home!
Login to www.icicidirect.com to check loan eligibility
Navigate to ICICI Bank to select and Pledge Shares
Navigated to NSDL for final
confirmation and loan
disbursement
| Description Of Charges | Insta Loan against Securities (Shares) |
|---|---|
| Loan Processing charge (Non Refundable) | Rs. 500 plus applicable GST |
| Renewal charge (Non Refundable) | Rs. 2500 plus applicable GST on renewal at the end of each year |
| Pre-payment charge | Nil |
| Penal interest on amount drawn in excess of the drawing power | Applicable Rate + 6% p.a. + applicable taxes or other statutory levies, if any |
| Sale of security in the event of default | The brokerage and other charges as per actuals |
| Pledge Creation/Closure charges | As per your Demat charges |
GST applicable as per the prevailing rates will be charged in addition to the charges.
Insta Loan Against Shares (LAS) is a complete digital and paperless process by which you can pledge your shares online to avail of an instant credit limit in your account. The funds are available for use immediately. At present, only equity shares can be pledged under Insta LAS.
ICICI Bank has launched the Insta LAS facility with the following propositions:
This facility is currently available for a set of ‘pre-qualified’ individual customers who have been maintaining a National Securities Depository Limited (NSDL) Demat Account as well as a Savings Account with ICICI Bank, and more importantly, those enjoying a past relationship with ICICI Bank.
Some other criteria include updated Know Your Customer (KYC) for Demat and Savings Accounts, singly held Demat Account, Demat Account with shares of the approved share scrips, etc.
This facility has been launched only for Resident Indian customers. Non-Resident Indians (NRIs) are currently not eligible for this loan.
To avail of this facility, log into Retail Internet Banking> Investment and Insurance> Demat, you will find the ‘Loan Against Securities’ option. Only eligible customers will be able to view this option which has been exclusively made available for pre-qualified customers.
The minimum amount is Rs.25000/- and the maximum can go up to Rs.20,00,000/-.
The LAS Account will be opened in the same ICICI Bank branch where you have your existing Savings Account. But you can operate the facility from any of our branches under the Anywhere Banking facility.
Presently, the Insta LAS facility is available for a set of ‘pre-qualified’ individual customers who have been maintaining an NSDL Demat Account as well as a Savings Account with ICICI Bank.
Since Insta LAS is a complete digital and paperless process, your LAS Account will be opened and it will be functional within a few minutes. The facility shall be available during:
Monday to Friday: 9:00 a.m. to 6:00 p.m.*
1st and 3rd Saturdays: 9:00 a.m. to 2:00 p.m *
*The facility shall not be available on public holidays and bank holidays for Mumbai, Maharashtra Region, as declared by the Bank on its website.
The entire process gets completed in four easy steps in a few minutes.
You can call our Customer Care in case you faced an issue while opening the account through Insta LAS.
The account will have the communication address and contact details which are already registered in your existing linked Savings Account. Post account opening, you may visit the nearest ICICI Bank branch and update the new communication address.
The Limit Enhancement feature is currently not available online. You may visit the nearest ICICI Bank branch for enhancing the limit.
