The following are some of the key features of a personal loan of Rs. 5 lakh from ICICI Bank:
ICICI Bank 5 Lakh Personal Loan
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How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
Features of 5 Lakh ICICI Bank Personal Loan
Interest Rates for 5 Lakh ICICI Bank Personal Loan
ICICI Bank personal loan interest rate starts at 11% p.a. for applicants availing a loan amount of Rs. 5 lakh. However, the personal interest rate may go up to 13% p.a. and may vary based on the credit and job profile of the applicant, monthly income, EMI/NMI ratio, etc.
Eligibility Criteria for 5 Lakh ICICI Bank Personal Loan
Given below is the key eligibility criteria that needs to be taken into consideration when applying for a personal loan of Rs. 5 lakh from ICICI Bank:
Documents Required for ICICI Bank Personal Loan of 5 Lakh
Given below are the key documents required to avail a personal loan of Rs. 5 lakh from ICICI Bank:
| Salaried Individuals | Self Employed Individuals |
|---|---|
| Proof of Address and Proof of Identity | Proof of Address and Proof of Identity |
| Last 3 months' bank statement (where the salary is credited) | Proof of Income (audited financials for past 2 years) |
| Last 3 months’ salary slips | Latest 6 months’ bank statement |
| PAN Card | Proof of Office Address |
| Aadhaar Card | Proof of Residence or Office Ownership |
| Proof of business continuity |
Fees and Charges for 5 Lakh ICICI Bank Personal Loan
Given below are the key fees and charges associated with a personal loan of Rs. 5 lakh from ICICI Bank:
| Charge Type | Applicable Amount |
|---|---|
| Loan Processing Charges (non-refundable) | Up to 2% of the loan amount |
| Repayment Mode Swap Charges | Rs. 500 |
| Loan Cancellation Charges | Nil - If loan is cancelled within the free look/cooling off period (i.e. 15 days from date of disbursement).
Rs. 2,500 - If loan is cancelled after the cooling off period |
| Prepayment Charges/Foreclosure Charges | 3% of the outstanding principal amount
Nil after payment of 12 EMIs |
| Part Payment Charges | 3% + GST on the part payment amount being paid for the loan seasoning period of up to 24 months
Nil for a loan seasoning period of above 24 months |
| Cash Transaction Charges | Rs. 100 at the branch |
| Duplicate NOC (No Objection Certificate) /NDC (No Dues Certificate) Charges | Rs. 250 for physical printout at branch |
| Prepayment Statement Charges | Rs. 200 for physical printout at branch |
| Amortisation Schedule Charges | Rs. 200 for physical printout at branch |
| Auto Debit/Cheque/Electronic Clearing Service Bounce Charges (Late payment fee) | Rs. 500 |
| Late Payment Charges | 5% p.a. will be charged on the overdue EMI until repayment |
| Non Maintenance of Mode of Payment Charges (NMMP) | Rs. 800 |
| Charge for Unpaid Interest Amount/ Overdrawn Amount | 5% p.a. will be charged on the unpaid interest amount/ on overdrawn amount |
How to Apply for Personal Loan through Paisabazaar
You can apply for a personal loan online, by following the steps mentioned below:
- Visit the Paisabazaar app or website
- Enter your mobile number
- Fill in the necessary information
- Enter the OTP that you receive on your mobile number
- Browse through different offers available and select the one that suits you best
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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FAQs
What is the total interest cost of Rs. 5 lakh personal loan at 11% p.a. and tenure of 1 year from ICICI Bank?
The total interest cost of Rs.5 lakh personal loan at 11% p.a. for a tenure of 1 year is Rs. 30,290.
What is the interest rate of ICICI Bank Rs. 5 lakh personal loan?
At present, a personal loan of Rs. 5 lakh from ICICI is offered at an interest rate starting from 11% p.a. However, the interest rate can go up to 13% p.a. and may vary based on the credit profile of the applicant.
What are the tenure options available to applicants wanting a personal loan of Rs. 5 lakh from ICICI Bank?
You can avail a personal loan of Rs. 5 lakh from ICICI bank for a tenure ranging between 12 months to 60 months.
Do I have to pay any additional charges for Rs. 5 lakh personal loan from ICICI Bank?
You have to pay a processing fee on your ICICI Bank personal loan. This fee will be deducted from the disbursal amount payable to you.
Do I need to provide any security to get a personal loan of Rs. 5 lakh from ICICI Bank?
No, since personal loans are unsecured loans, you don’t need to provide any collateral or security to get a personal loan of Rs. 5 lakh from ICICI Bank.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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