Two private sector banks -- ICICI and Centurion -- on Tuesday announced a special pre-approved personal loan scheme for Global Trust Bank account holders.

Under the ICICI scheme, salaried customers of GTB can borrow up to five times their net monthly salary at an interest rate of 14 per cent. In normal circumstances personal loans carry an interest rate of 18-19 per cent.

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Centurion Bank has allowed a three-month moratorium on repayment for a similar loan. This loan would be like an overdraft for the first three months since no equated monthly instalments needs to be paid. At the end of three months, the customer can either choose to prepay the entire amount or convert it to a personal loan. The interest rate applicable for the first three months would be 12 per cent, thereafter interest would be charged at 16 per cent, which is the prevailing rate for unsecured personal loans.

ICICI Bank, too, has exempted the GTB customers from paying EMIs for two months. The bank said customers only needs to bring their salary statement and proof of holding a bank account with GTB. Loans up to Rs 100,000 would be processed without any major due diligence, processing fee or other accompanying documents. However, any amount above Rs 100,000, would attract some due diligence by the bank.

The bank clarified that the scheme does not apply to brokers or small and medium-sized enterprises or the self-employed.

However, these individuals are not entirely barred from applying for loans. For any loan application, they need to furnish a copy of their Income-Tax returns and GTB's statement of accounts.

Those applying for a loan to the Centurion Bank would need to submit a salary statement, three months statement of accounts from GTB and address proof. Self-employed individuals, in addition, would have to submit their I-T returns.

Although this is a limited-period offer available to all salaried, self-employed individuals and professionals, Centurion is yet to finalise a closing date for the scheme.

Commenting on the introduction of this offer Anil Jaggia, chief operating officer, Centurion Bank said, "With the announcement of a moratorium, customers of GTB would find themselves inconvenienced on their current obligations and financial requirements.

"We are hopeful that these customers would be able to tide over the interim period by availing the financial benefits of the scheme."