ICICI Bank is a leading private sector bank in India. It offers a wide range of banking and financial services to corporate and retail customers. ICICI Bank personal loans also known as unsecured loans and helps to meet financial needs during emergencies.
1. Fast approval process :
The processing fees of ICICI Bank personal loan is 0.75% of the loan amount (Minimum Rs.999). ICICI Bank processes the loan approval in a very quick and easy way.
2. No requirement of security and guarantor :
ICICI Bank is an unsecured loan that's why it does not required any security and guarantor for personal loan
3. Minimum documentation :
ICICI Bank required less documentation for the processing of personal loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form.
4. Flexibility of loan tenure :
The ICICI Bank personal loans are taken to meet their sudden needs of the customers. It provides a flexible loan tenure period of minimum 1 year and maximum 5 years and with this you can easily repay your loan
5. Amount credited within 3 seconds :
The ICICI Bank credited the amount to your account within 3 seconds. Once your application is approved, the funds are credited to your account within three seconds.
6. Affordable interest rate :
The interest rate of ICICI Bank personal loans starts from 10.99% to 16.25%. It offered the best and attractive interest rate for the existing customers of ICICI Bank.
1. Wedding Loan
2. Top up Loan
3. Home Renovation Loan
4. Holiday Loan
5. Fresher Funding
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CRITERIA |
FOR SALARIED |
FOR SELF-EMPLOYED |
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Id Proof |
Photographs Passport Driving license Voter id Aadhar card
National Population Register (containing details of name and address) |
Photographs Passport Driving license Voter id Aadhar card National Population Register (containing details of name and address) |
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Address proof |
Passport Driving license Voter id card Ration card Utility bills Property registration documents/rental agreement |
Passport Driving license Voter id card Ration card Utility bills Property registration documents/rental agreement |
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Age proof |
Aadhar card Birth certificate Passport Voter id |
Aadhar card Birth certificate Passport Voter id |
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Income proof |
Salary slip for last 3 months Bnak statement for last 3 months |
Audited financial statement for last 2 years Bank statement for last 6 months and proof of continuity of business |
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BANKS |
INTEREST RATES |
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12% to 24% |
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11.30% to 16.40% |
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12.15% to 15.15% |
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11.50% to 12% |
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10.75% to 21.50% |
|
|
10.50% to 16.99% |
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20.00% to 22.00% |
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10.50% to 17.99% |
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10.99% to 16.25% |
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11.00% to 19.20% |
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|
12.00% to 14.00% |
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|
14.00% to 23.00% |
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10.75% to 17.84% |
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11.00% to 16.75% |
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|
7.65% to 12.65% |
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12.15% to 14.15% |
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12.05% onwards |
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ELIGIBLE |
Salaried, self-employed, private sector employees, government employees, doctors, teachers, Employees of various public and private companies, local bodies. |
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AGE |
Salaried = 23 to 65 years Self employed = 28 to 65 years |
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INCOME |
Minimum of 1 year with the current employer Minimum Income Rs 15000 |
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TYPE |
CHARGES |
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Processing fee |
From 0.75% (Minimum Rs 999) |
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Prepayment charge |
5% on principal outstanding |
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Cheque bounce charge |
Rs.400 per bounce + GST |
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Cheque swap charge |
Rs. 500 per transaction + GST |
Visit to ICICI bank portal
Now go to “Product” section
Now go to “Personal” menu and click on “Loans”
Now select “Personal Loan”
Complete the registration form and attached all required documents
After that submit your application form
The following formula is used to calculate EMI of ICICI Bank personal loan :
P*r* (1+r)^n/([(1+r)^n]-1)
Where;
P = Loan amount.
R = Rate of interest per month.
N = tenure in month.
The maximum tenure of personal loan in ICICI Bank is 5 years.
The minimum loan amount is Rs. 5 lakh and maximum is Rs 20 lakh of ICICI Bank personal loan.
Yes, age eligibility is important to get a personal loan from ICICI Bank. The age should be 23 years to 65 years for salaried employees and 28 years to 65 years for self employed professionals.
The processing fees charged by ICICI Bank personal loan is 0.75% (Minimum Rs.999).
The monthly income needed in ICICI Bank personal loan is Rs 15000 or more.
Last Updated on : 07/Sep/2020Know 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% |
| Processing Fees | 0.75% (Minimum Rs. 999) |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Personal Loans EMI Calculator