ICICI Bank Canada (Company Overview) - Canadian Mortgage Lenders
ICICI Bank Canada is a member of the CDIC, and is a full-service direct bank that offers both residential and business services. ICICI Bank Canada has branches in Alberta, British Columbia, and Ontario. It offers a wide variety of personal and business banking services, in addition to investments, credit services, commercial banking, and trade finance.
GICs and Term Deposits
ICICI Bank Canada offers redeemable GICs and term deposits for both personal and business customers, ranging from terms of 1 month to 5 years. GICs are transacted in Canadian dollars and the interest rates range from 0.50% to 2.75%. Term Deposits are completed in U.S. Dollars, and interest rates range from 0.50% to 2.25%. Also offered are tax-free savings accounts, tax-free GICs, and RSPs.
ICICI Bank Canada provides a variety of mortgages, including closed, fixed rate, variable rate, mortgages, as well as conventional and high ratio mortgages. Rates for closed term fixed rate mortgages range from 3.15% to 4.24%. Secured lines of credit can be obtained using cash collateral. Payments are made each month based on the interest charged. Secured Personal Loans are no longer offered by ICICI Bank Canada.
Lines of Credit
Offered to business customers, lines of credit can be accessed for unexpected business expenses or for investment opportunities. ICICI Bank Canada offers short-term financing, flexible repayment plans, daily interest rates, and easy access. Operating loans are secured loans established by ICICI Bank Canada for business customers that need working capital for both import and export.
ICICI Bank Canada offers term loans to businesses for refinancing existing debts, purchasing capital assets, or other business expenses. These loans are available in both Canadian and U.S. Dollars, are granted for a fixed amount of time, with a predetermined expiry date, and cannot be renewed once they have been repaid.
ICIC Bank Canada has services for business that import and export goods. They issue Import Letters of Credit, and offer pre-shipment financing on exports to provide instant cash flow to businesses.
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