ICICI Bank offers a wide range of loans especially crafted for their customers. A personal loan from ICICI Bank can be used for multiple purposes. Being one of the largest financial institutions in India, it aims to provide financial solutions to loan-seekers instantly. The loans can also be availed without pledging any security against to the bank hence, are also known as unsecured personal loans.
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You can benefit from the attractive loan offers and several other products features at ICICI Bank. Here are a few reasons for choosing ICICI Bank for a personal loan.
Affordable and flexible interest rates
Fast loan approval
Easy Documentation Process & 100% Transparency
Maximum Loan up to Rs. 25 lakhs
Flexible Repayment options, ranging from 1 to 5 years
Zero Hidden Charges and Low Processing Fee
Fast disbursal with money in your account within 2 days
ICICI Bank Personal Loan Interest Rate
The rate of interest will range from 11.50% to 17.25% p.a. It will depend on the customer’s credit score, credit history and the relationship with the bank, and finally the bank’s internal policies.
SALARIED INDIVIDUALLoan Amount
Starting From Rs. 50,000 up to Rs. 25 lakhs
Interest Rate
11.50% to 17.25%
Processing Fee
From Rs. 999/- Up to 2.0% of the loan amount and applicable Service Tax
Loan Tenure
12-60 months
Age
23 years to 58 years
Locking Period
6 months
Prepayment/ Pre-closure charges
5% per annum of principal outstanding plus GST
ICICI Bank Personal Loan Features and Benefits
Multi-purpose loan
Be it a wedding, refinancing your home, paying your college fees or planning a holiday, a personal loan from ICICI bank can reconcile all your requirements. Personal loans are therefore also known as multi-purpose loans as they can be used for various purposes.
Loan Amount
ICICI personal loans are available for both, self-employed individuals and salaried working professionals. A salaried professional can avail a maximum limit of Rs. 20 lacs, Rs. 30 lacs for self-employed individuals and Rs. 40 lacs for doctors.
Flexible interest rate
The rate of interest is fixed, and is charged on monthly reducing basis. It is calculated on the overdue amount i.e., the amount to be repaid after the EMI and Interest paid.
Flexible tenures, EMI and Payment Options
ICICI bank offers personal loan at attractive interest rate with a loan tenure ranging between 12 months to up to 60 months. You can pay the loan in easy installments and can choose an EMI plan which best suits your current financial position.
Easy and Fast Personal loan
You can get a quick personal loan through a fast processing system. You can visit our website to check your eligibility and complete the documentation and other formalities. It is an easy and quick process.
Personal Loans Repayment Options:
1. Standing instructions for an auto-debit from your existing ICICI account
2. Via ECS (Electronic Clearing System)
3.PDC (Post-dated cheques)
Easy Documentation
Taking a personal loan from ICICI bank involves a simple and easy process. You can apply for a personal loan online and receive an easy personal loan approval as there is minimal paperwork involved during the process.
Affordable Interest Rates
ICICI Bank Personal Loan can be availed at an interest rate of 10.99% to 17.99% and can change at any time. However, the rate of interest can vary with each customer depending on his/her credit score, repayment history and the internal policies of the bank.
ICICI Bank Personal Loan Fees & Charges
Processing Fees
Up to 2.25% per annum of loan amount plus GST
Foreclosure Charges
In case you want to repay your entire loan amount before the loan period ends. ICICI Bank allows prepayment of personal loan after paying 6 EMI’s with 5% prepayment charges applicable.
ICICI Bank Personal Loan Eligibility Criteria
For Salaried Employees :
Age Requirement : Minimum 23 years of age and maximum 58 years of age.
Cities
Minimum Salary Requirement Per month
Applicants residing in Mumbai & Delhi
Rs. 25,000
Applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata
Rs. 20,000
Applicants residing in other cities
Rs. 18,000
Total years in Job/profession : 2 years
Total years in current residence : 1 year
ICICI Bank Personal Loans Documents Required
ICICI Bank requires a set of documents for authentication purposes for your personal loan.
1
Complete online Loan Application
Fill it up online within two minutes
2
Identity Proof
Voter Id Card/Passport/Driving License/Aadhar Card
Bank statement of last 3 months or bank passbook of 6 months
5
Salary Slip
Salary slip of the last 3 months with Form 16
Why Should You Apply for ICICI Personal Loans at IndiaLends?
ICICI Bank has collaborated exclusively with IndiaLends, an online marketplace which offers low-interest personal loans best suited for your needs. If you are seeking a Personal Loan with ICICI Bank, you can simply fill up an online loan application form after checking your ICICI Bank Personal Loan Eligibility. Moreover, you can use an online Personal Loan EMI calculator available at our website to calculate your affordability.
1
Personalised Loan Offers
At IndiaLends, you can receive personalised loan offers and best deals at the best rate of interest. This is due to a tie-up with ICICI Bank, which helps you get the best deal on your personal loan as per your profile.
2
Instant Approval
You will get an instant approval on your personal loan after you fill in an easy online application form.
3
Cash within 2 days
Soon after the loan is approved, the funds are transferred right into the borrower’s bank account within two working days. Thus, we need no room for delay.
4
Real Time Tracking Facility
After submission of your loan application at IndiaLends, you can track your application online and moreover, will receive updates of your submitted application form using both email and SMS.
5
Dedicated Customer Support
IndiaLends has a dedicated customer support team and helpline which is always ready to help with any grievances or questions from loan applicants.
How to Apply for ICICI Personal Loans at IndiaLends?
At IndiaLends, applying for a ICICI Personal Loan is a simple process.
1
Registration
Fill up an online loan application form
2
Quick Verification
We will review your application and give you a decision within minutes
3
Loan Disbursal
You will be receiving your cash within two days
We will forward your loan application to your nearest ICICI Bank branch. You can also check the status of your loan application through SMS alerts as well as emails.
How to calculate EMI for ICICI Bank Personal Loans?
IndiaLends provides an easy and simple personal loan EMI calculator to calculate the EMI on ICICI Bank personal loan. It’s easy to calculate and 100% accurate. Moreover, personal loan EMI calculator helps you calculate the amount you need to pay as EMIs and can plan your budget and spending accordingly.
The EMI’s and repayment period shares an indirect relationship with each other i.e longer your tenure, the lower is your EMI and vice-versa. While calculating the EMI on a personal loan, keep these things in mind-
Personal Loan Amount – The Rupee value of the loan that you take Personal Loan Interest Rate – The interest rate that the bank will charge for the Personal Loan Tenure of Personal Loan – The period for which you take the Personal Loan
For instance, Mr. Sharma wants to go on a foreign trip to Bali with his family during the summer holidays. He contacts a tour operator and the tour operator gives him a figure close to Rs 5 lakhs. Mr. Sharma seeks out for an ICICI Bank personal loan. As per his financial ability, he believes that he will be able to repay the loan in 5 years. He then calculates his EMIs which comes at Rs 10,869 at an interest rate of 10.99% p.a.
Types of personal loan offered by ICICI Bank
ICICI Bank personal loan balance transfer ICICI bank provides balance transfer facility on personal loans to help you reduce your burden of existing loan. You can reduce your EMIs through balance transfer and avail additional benefits. The key features of an ICICI Bank personal loan balance transfer are-
Attractive interest rates
Top-up loan facility
Hassle-free process with minimum documentation.
Increase tenure.
The documents required for an ICICI bank personal loan balance transfer are-
Most recent loan statement
Bank statement for the last 6 months with a repayment schedule
Salary slip
KYC
Top - up loan ICICI bank also provides top-up loan facilities to help its customers meet their financial needs. An individual can opt for a new loan to cover her / his existing loan or new financial requirements.In such cases, a person can separate EMIs for both, existing and personal loan.Key features for availing a top - up loan -
Collateral is not needed
Minimum documentation is required
Attractive interest rates starting at 10.99%
Quick processing
Prepayment of ICICI personal loan
An individual can prepay the entire loan amount anytime after paying 6 EMI’s. Prepayment charges would be levied on the outstanding loan amount, and no part-payment is allowed.The prepayment charges are 5% p.a of the principal outstanding + GST included on the ICICI personal loan.You can visit your nearest ICICI bank branch for prepayment of the loan.You just need to carry the documents Request letter signed by the loan applicant. PAN card(if the mode of payment is cash and the amount exceeds Rs 50,000) Payment can be made through cash, cheque or demand draft
ICICI personal loan status
The foremost step is to submit all your documents with the bank and fill up the application form with correct information. Once the ICICI bank receives the application form, it determines if a person is eligible for a personal loan or not. If a person is found eligible, they will get approved of the maximum loan amount based on their eligibility criteria. A person can check the status of her/his application form on the official website of ICICI bank, or they can contact the customer care for help with tracking the application.
Some frequently asked questions(FAQs) regarding ICICI bank personal loan
Q. Can I track my loan application?
A. Yes, you can track your loan application. ICICI bank provides a loan application tracking options to its customers. You just need to fill up a form seeking your details and track your loan application. You can also check the loan application status via IndiaLends App/web using “Track My Application.”
Q. What are the minimum and maximum loan amounts?
A. You can avail loans ranging from Rs. 50,000 to Rs. 40,00,000. The approval of the loan amount depends on various parameters like your income, credit history, repayment patterns and capacity, your eligibility among various other factors.
Q. What is the average processing time for ICICI personal loan?
ICICI bank offers easy and quick approvals on its personal loan. The process won’t take much time of the customers. ICICI bank offers instant approvals on personal loan at attractive interest rates.
Q. What is the importance of credit score in ICICI personal loan application?
A. A good credit score plays an integral role for loan applications approvals and also determines a person’s ability to repay the loan. If you have a good credit score i.e above 750, chances are your personal loan application would be approved easily. While other factors are just as important, lenders also look for a person’s credit score and credit report before availing a loan. A person with a good credit score can expect to have a lower interest rate on their personal loan and vice-versa. It’s always advisable to maintain a healthy credit score.
Q. What are the minimum and maximum tenure of repayment?
A.The minimum tenure for loan repayment is 12 months and the maximum tenure is 60 months for the repayment of the loan.
