ICICI Bank Personal Loan: Interest Rates, Eligibility, How to Apply

ICICI Bank Personal Loan Kaise Le: Sometimes, you need some extra money to make life easier. You can make your dream come true with ICICI Bank Personal Loan. Travel expenses, gadget buying, lavish weddings, even emergency cash funds are now at your fingertips with ICICI Personal Loan. ICICI Bank offers a personal loan of up to Rs 20 lakh for the salaried people and Rs 30 lakh for the self-employed.

Features and Benefits of ICICI Bank Personal Loan

Loan can be taken for any purpose: ICICI Bank personal loan can be taken for any purpose, there is no restriction on where you can use your loan amount. ICICI Personal Loan can be used for home improvement or renovation, travel, purchase of electronics, your children’s education, your child’s wedding, capital for your business, a medical emergency, or any other reason.

Loan Amount: ICICI Bank offers loans up to Rs 20 lakh for salaried professionals, Rs 30 lakh for self-employed professionals and Rs 40 lakh for doctors.

Interest Rate: The interest rate is fixed, and starts from 11.49%

Flexible Tenure, EMI and Payment Options: Tenures from 12 months to 60 months can be chosen. You can repay the loan in easy installments. You can choose from several easy repayment options:-

  • You can set up auto-debit from your existing ICICI account.
  • Through ECS (Electronic Clearing System)
  • Through PDC (Post Dated Cheque)

No Guarantor Required: There is no guarantee or pledge required to avail ICICI Personal Loan.

Minimum Documentation: Less documentation is required.

Get loan amount in 72 hours: Personal loan can give you much needed relief from financial crunch. In such cases, there should be prompt disbursement of the loan amount. The loan amount is disbursed within 72 hours of submission of documents, subject to terms and conditions.

Online Application Facility: You can apply online from your home. You can use ICICI Bank’s EMI calculator to plan your finances more easily and check what type of loan you can avail. You can also use the eligibility calculator to determine whether you are eligible for an ICICI Bank personal loan or not. To check eligibility, fill your details by opening the page icicibank.com/Personal-Banking/loans/personal-loan/eligibility.page.

Interest Rate: The interest rates on your personal loan start from 11.49%. Interest rates are subject to change at any time and may vary with each customer based on his/her credit score and repayment history and the internal policies of the bank.

ICICI Personal Loan Eligibility Criteria

for salaried employees

Age Requirement : Minimum 23 Years & Maximum Age 58 Years.

minimum monthly income

  • For applicants residing in Mumbai and Delhi – Rs 25,000
  • For applicants residing in Chennai, Hyderabad, Bangalore, Pune and Kolkata – Rs 20,000
  • Minimum monthly income Rs 17,500 for applicants residing in other cities
  • Total 2 years experience in the job
  • Total 1 year experience in current job

for self employed people

  • Age: Minimum 28 years (25 years for doctors) and maximum 65 years of age.
  • Minimum profit after tax: Rs.2 lakh for proprietorship firms/self-employed individuals and Rs.1 lakh for non-professionals as per the latest audited financials.
  • Occupation Stability: At least 5 years in current occupation (minimum 3 years for doctors).

Documents Required for ICICI Personal Loan

for salaried

  • Proof of Identity: Aadhar Card / Passport / Driving License / Voter ID / PAN Card (Any one must be submitted)
  • Proof of Residence: Rent Agreement / Utility Bill (not more than 3 months old) / Passport (Any one has to be submitted)
  • Bank statement of last 3 months
  • Salary slip of last 3 months
  • At least 2 passport size photographs

for self employed

  • Proof of Identity: Aadhar Card / Passport / Driving License / Voter ID / PAN Card (Any one must be submitted)
  • Proof of Residence: Rent Agreement / Utility Bill (not more than 3 months old) / Passport
  • Income Proof: (Audited Financials for the last two years)
  • Latest 6 Months Bank Statement
  • office address proof
  • Proof of ownership of residence or office
  • proof of business continuity

ICICI Personal Loan Interest Rate & Other Charges

Interest Rate: The interest rates vary from 11.49 to 22% p.a. depending on the customer’s credit score, credit history, relationship with the bank and internal policies of the bank. Interest rates are subject to change at any time.

Processing Fee: Up to 2.50% of the loan amount is charged as processing fee, which is non-refundable.

Prepayment Fee : 5% of the principal outstanding + Tax.

Late payment fee: 24% p.a. + tax.

EMI bounce charges: Rs 400 per bounce + service tax.

Loan prepayment is possible only on payment of minimum 6 EMIs of the existing loan. The prepayment fee is 5% of the outstanding loan. Part prepayment facility is not available.

What is the ICICI Personal Loan minimum and maximum loan amount?

You can take a loan of Rs 50,000 to 40,00,000. The loan amount sanctioned depends on various factors like your income, credit history, repayment capacity, your eligibility.

How long does it take for loan from ICICI to get approved?

If you are eligible, the loan amount will be credited to the account within 72 hours of submission of complete application along with required documents.

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