ICICI's special home loan offer

ICICI's special home loan offer

Under the new offer, interest rates for up to Rs 20 lakh is 8.75 per cent, an ICICI Bank spokesperson told PTI, adding the schemes are effective from August 20 2009.

For loans between Rs 20 to Rs 50 lakh, the new interest rate is 9.25 per cent. Borrowing above Rs 50 lakh attracts 9.75 per cent interest rate, the spokesperson said.

Except for the special offer, ICICI Bank’s interest rates were in the range of 9.25 to 11 per cent. Unsatiated by trebling of its share price to Rs 750 since March, ICICI Bank has embarked on an ambitious plan to double return for investors in three years and be counted among the country’s top five valuable entities, CEO and Managing Director Chanda Kochhar has said.

“The biggest thing I want to do for the investors is to double our return on equity in three years time,” she told PTI, but with a caveat that it was not a forward looking statement but a target she had set for herself and her team after taking over from K V Kamath as ICICI Bank chief in May. For achieving this target, she said, she has identified six areas that need improvement, including taking the Bank’s profitability to industry average level and expand the branch network by over a third without spending a single rupee on it.

“Doubling the return in three years’ time is quite a stretched target. That means that every year you have to grow and improve the ROE substantially, ” she said. To double the return for investors in three years, the bank would focus on “each and every item of the balance sheet and the Profit & Loss Account” in the first year to see how it could be improved, Kochhar explained

Press Trust of India

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