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ICICI BANK PERSONAL LOAN

ABOUT ICICI BANK PERSONAL LOAN :

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. 

BENEFITS OF ICICI BANK PERSONAL LOAN :

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.

 

TYPES OF ICICI BANK PERSONAL LOAN :

1. Wedding Loan

2. Top up Loan

3. Home Renovation Loan

4. Holiday Loan 

5. Fresher Funding 

 

DOCUMENTS REQUIRED FOR ICICI BANK PERSONAL LOAN :

CRITERIA 

FOR SALARIED

FOR SELF-EMPLOYED

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)

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

Age proof

Aadhar card

Birth certificate

Passport

Voter id 

Aadhar card

Birth certificate

Passport

Voter id 

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 

 

COMPARE OTHER BANK PERSONAL LOAN INTEREST RATE :

BANKS

INTEREST RATES

AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

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%

ICICI Bank Personal Loan

10.99% to 16.25%

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

 

ELIGIBILITY CRITERIA FOR ICICI BANK PERSONAL LOAN :

ELIGIBLE 

Salaried, self-employed, private sector employees, government employees, doctors, teachers, Employees of various public and private companies, local bodies.

AGE

Salaried = 23 to 65 years

Self employed = 28 to 65 years

INCOME

Minimum of 1 year with the current employer

Minimum Income Rs 15000  

 

FEE AND CHARGES OF ICICI BANK PERSONAL LOAN :

TYPE

CHARGES

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

 

HOW TO APPLY ONLINE FOR ICICI BANK PERSONAL LOAN ?

  • 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

 

HOW TO CALCULATE EMI OF ICICI BANK PERSONAL LOAN :

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. 

 

FREQUENTLY ASKED QUESTIONS :

1. What is the maximum tenure of personal loan in ICICI Bank?

The maximum tenure of personal loan in ICICI Bank is 5 years.

2. What is the loan amount of ICICI Bank personal loan ?

The minimum loan amount is Rs. 5 lakh and maximum is Rs 20 lakh of ICICI Bank personal loan.

3. Is age eligibility important to get a personal loan from ICICI Bank?

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.

4. What were the processing fees charged by ICICI Bank personal loan?

The processing fees charged by ICICI Bank personal loan is 0.75% (Minimum Rs.999).

5. What monthly income is needed in ICICI Bank personal loan?

The monthly income needed in ICICI Bank personal loan is Rs 15000 or more.

Last Updated on : 07/Sep/2020

Know More About

Icici Bank Personal Loan

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

Icici Bank Personal Loan Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959