ICICI bank personal loan helps you get things under control when a multitude of financial requirements are hovering around you. The ICICI bank personal loan is there with tailored financial solutions to help you reach your personal needs (or wants) sooner than later. Personal loan is an incredible way to fund different types of personal purposes. ICICI bank brings you that at reasonable rates and smooth options for repayment. Are you fretting over the impending expenses and unable to pave any easiest way out? If yes, then check out this section where you will find how ICICI personal loan is one of the best solutions for you.
|Loan Amount||Up to Rs 30 lakh|
|Interest Charges||Ranges from 10.5% to 19%|
|Processing Fees||2.25% of the loan amount + GST|
|Tenure||Up to 72 months|
|Prepayment Charges||5% of the loan amount|
These features and benefits of ICICI personal loan are perfect reasons why you should consider the ICICI bank personal loan:
1. Types of Personal Loans : Since the purposes of availing the personal loan vary from customer to customer, the ICICI bank brings a set of different personal loans that are designed to suit specific needs of the customer. The types of ICICI bank personal loan are: Wedding loan, Travel loan, Home Renovation, Fresher loan and Top Up loan.
2. Loan Amount : The loan amount you avail depends on your requirements, income, credit history and many other factors. ICICI bank offers the personal loan amount of up to Rs 30 lakh.
3. Interest Rates : The ICICI bank personal loan interest rates vary from 10.5% to 19%. However, the interest charges are affected by various factors including your credit score, loan amount and repayment tenure.
4. Repayment Tenure : ICICI bank personal loan tenure brings you the option to choose the repayment period. You can choose to repay the loan amount within the repayment tenure ranging from 12 to 72 months.
5. Prepayment : The bank allows you to make prepayments for your personal loan amount. The bank charges 5% of the loan amount for prepayment/foreclosure fees. You can get a waiver on the preclosure of the loan amount if you prepay the loan after paying off 12 EMIs.
6. Personal Loan Balance Transfer : You can easily transfer your personal loan EMIs to ICICI bank with the ICICI bank personal loan balance transfer facility. Doing this can get you to save up on loan interest rates.
7. Fast Disbursement : ICICI bank personal loan is proceeded quickly and demands minimal documentation. Once your loan is approved, the bank takes no time to make the loan disbursement.
|Processing fee||From 0.75% (Minimum Rs 999)|
|Prepayment charge||5% on principal outstanding|
|Cheque bounce charge||Rs.400 per bounce + GST|
|Cheque swap charge||Rs. 500 per transaction + GST|
There are some ICICI personal loan eligibility requirements which you are required to pass in order to avail the loan. From your income to your age, there are multiple factors that affect your eligibility for ICICI bank personal loan. Therefore, there is no harm in looking at the eligibility criteria before you jump to the application stage.
Here is the eligibility criteria for ICICI bank personal loan:
Apart from the requirements mentioned above, the bank also determines the existing loan an applicant has.
ICICI bank requires you to submit a set of documents that help move the loan application further. On failing the documentation, you will not be able to avail the personal loan from ICICI bank. You need to make sure that the necessary documents required for ICICI bank personal loan are ready to be submitted with the application.
Here are the documents required for ICICI personal loan:
|Documents||Salaried Individuals||Self Employed Individuals|
|Identity Proof||Aadhar Card, Passport, Driving Licence, Voter ID Card||Aadhar Card, Passport, Driving Licence, Voter ID Card|
|Address Proof||Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill||Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill|
|Income Proof||Salary Slips, Bank Statement, Form 16, Salary Certificate||IT returns, Bank Statements, Balance Sheet and Profit & Loss Account, Challans Showing Payment of Advance Income Tax|
|Other Documents||Passport-size Photographs, Application Form||Passport-size Photographs, Application Form|
COMPARE OTHER BANK PERSONAL LOAN INTEREST RATE:
|AXIS Bank Personal Loan||12% to 24%|
|SBI Personal Loan||11.30% to 16.40%|
|HDFC Bank Personal loan||10.75% to 21.50%|
|Kotak Mahindra Bank Personal Loan||10.50% to 16.99%|
|Yes Bank Personal Loan||20.00% to 22.00%|
|Citi Bank Personal Loan||10.50% to 17.99%|
|Standard Chartered Bank Personal Loan||11.00% to 19.20%|
|IDBI Bank Personal Loan||12.00% to 14.00%|
|RBL Bank Personal Loan||14.00% to 23.00%|
|HSBC Bank Personal Loan||10.75% to 17.84%|
|IndusInd Bank Personal Loan||11.00% to 16.75%|
|Bank of Baroda Personal Loan||7.65% to 12.65%|
|Bank of India Personal Loan||12.15% to 14.15%|
|Canara Bank Personal Loan||12.05% onwards|
You can calculate the EMI you will have to pay for the repayment of your ICICI bank personal loan and manage your budget accordingly. Knowing the EMI will also help you reconsider the repayment period you have chosen.
Here is how to calculate the EMI with the ICICI bank personal loan EMI calculator:
You can now view the Monthly EMI amount.
You can visit the nearest branch of ICICI bank personal loan offline by visiting the nearest branch of ICICI bank. Remember to carry the documents that are required for the personal loan application procedure. You can seek assistance from the bank official with the application process.
If you wish to apply for the ICICI bank personal loan online, then you need to go through the following steps:
You can also contact the bank’s customer service to know more about the ICICI bank personal loan.
For more information or any query, grievances or complaints regarding the ICICI bank personal loan, you can contact the customer service of ICICI bank.
1860 120 7777
No. ICICI bank does not allow borrowers to make part-prepayment for personal loans. However, you can choose to prepay the loan amount in full and foreclose the loan. If you make prepayment before 12 EMIs, you will be charged 5% prepayment fee of the loan amount.
If you pay your ICICI bank personal loan EMI late, then you will be charged 2% per late EMI payment.
You can visit the official website of ICICI bank to apply for the personal loan balance transfer. You can also contact the customer service and enquire about the eligibility and rates.
The monthly income needed in ICICI Bank personal loan is Rs 15000 or more.
The maximum tenure of personal loan in ICICI Bank is 5 years.Last Updated on : 26/Mar/2021
Know More About
You're eligible for a Icici Bank Personal Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
|Icici Bank Personal Loan Details|
|Interest Rate (Monthly reducing balance)||10.99% - 16.25%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Personal Loans EMI Calculator