Everything You Absolutely Must Know About ICICI Bank Personal Loans

ICICI bank happens to be one of the flourishing private sector banks in India. It has been providing quality service across many Indian cities and abroad. The key that has helped the bank grow since its inception is faster processing of loans and tailor-made plans. You can easily avail personal loan up to 20 Lakhs with minimalistic documentation. ICICI bank is one of the true destinations for fulfilling all your big dreams.

Top Highlights of ICICI Personal Loan

• Impressive rate of interest
• Faster processing of loan application
• Non-inclusion of any hidden costs
• Non-requirement of collaterals and guarantors
• Flexible repayment options starting from 12 months to 60 months.

Must Know Aspects of ICICI Personal Loan

• Rate of Interest: 11.59% to 17.50%
• Loan processing Charges: 1% to 2.5%. (999 on special occasions)
• Maximum loan amount: 20 Lakhs
• Minimum income amount: 20000 INR
• Charges applicable for foreclosure: 0 to 5%.

Interest Rates

• Salary above 75000: 16%
• Salary in the range 50000 – 750000: 16.5%
• Salary in the range 35000 – 50000: 17%
• Salary in the range 20000 – 35000: 17.5%
• Loans amount in the range 5 Lakhs to 20 Lakhs: 11% to 14.99%

Documents Required For Verification

1. Salaried individual

   1. Proof of identity
   2. Proof of residence
   3. Bank Statement for the last three months
   4. Salary Slips for the previous three months
   5. Two passport size photos

2. Self-employed Individual

   1. Proof of identity
   2. Proof of residence
   3. Income proof
   4. Bank statement for last six months
   5. Proof of residency or office ownership
   6. Evidence of business continuity

Eligibility Criteria For Applying For a Personal Loan

1. Salaried individual

   1. Age limit: 23 – 58 years
   2. Salary: 20000 INR for listed companies and 40000 INR for non-listed companies
   3. Relation with ICICI bank: Salary account holder, asset relationship, savings bank account holder or salaried professional
   4. Years in the job: 2 years

2. Self-employed individual

   1. Age Limit: 25 – 65 years
   2. Salary: 40 Lakhs for non-professionals and 15 Lakhs for professionals
   3. Profit after tax: 2 Lakhs for self-employed professionals and 1 Lakh for non-professionals
   4. Relation with ICICI: One-year liability relationship
   5. Years in the job: 3 years for doctors and five years for the rest.

Types of Personal Loans From ICICI Bank

• Wedding Loan
• Holiday loan
• Home renovation
• Top-up loan
• Fresher funding

How can you apply for a Personal Loan in ICICI Bank?

The process of application of the personal loan in ICICI bank is straightforward. You can apply for online personal loans from ICICI bank, or else you can visit ICICI branches nearby your place. After visiting the nearby office, you would need to fill the personal loan application appropriately and then submit it for further proceedings. If you have internet banking activated for your account, then applying for a personal loan is just a matter of some clicks. You can visit the portal and then click on check eligibility and then click on apply.

ICICI Personal Loan EMI Calculator

This user-friendly personal loan calculator tool can be used to calculate monthly EMI. You need to enter a few parameters, and then the tool will calculate the EMI that you would need to pay at the end of every month after availing the loan.

• Loan Amount
• Loan Interest Rate
• Tenure of Loan

Read Also: ICICI Home Loan Details; Features, Benefits, Current Interest Rate