ICICI Bank Personal Loan

ICICI Bank Personal Loan Highlights – Jan 2022

ICICI Bank Personal Loan Interest Rates

A Credit Score of 750 and above is favoured by most lenders Check Now

Comparison between ICICI Bank and other Banks/NBFCs

ICICI Bank Personal Loan Fees and Charges

Also Know About What are the pre-closure charges for an ICICI personal loan?

Types of ICICI Bank Personal Loans

Top-up Personal Loan

• Purpose: A top-up on the existing loan with quick processing and disbursal facilities, to fulfill the personal requirements of the applicants
• Loan Amount: Rs 50,000-Rs 25 lakh

Personal Loan Balance Transfer

• Purpose: Transfer of existing personal loan from other banks/NBFCs to ICICI Bank at lower interest rates

Fresher Funding

• Purpose: To finance the personal expenses of freshers and new employees
• Loan Amount: Up to Rs 1,50.000

FlexiCash

• Purpose: To offer short-term instant credit or overdraft facility to the ICICI Bank salary account holders to meet any sudden expenses.
• Processing Fee: From  Rs 1,999 + taxes

NRI Personal Loan

• Purpose: To meet the personal requirements of Non-Resident Indians
• Loan Amount: Up to Rs 10 lakh

Pre-Approved Personal Loan

• Purpose: Instant personal loan facility to select ICICI customers with loan disbursal within 3 seconds
• Loan Amount: Up to Rs 50 lakh
• Tenure: 1-5 years

Also Read about: ICICI Bank Instant Personal Loan

Pre-Qualified Loan

• Purpose: Online personal loan with simple application process and quick processing

Eligibility Criteria for ICICI Bank Personal Loan

To avail a personal loan from ICICI Bank, the following eligibility criteria need to be considered:

Eligibility Criteria For Salaried Individuals:

• Age: 23-58
• Minimum Monthly Income: Rs 30,000
• Total Work Experience: At least 2 years
• Total Years in Current Residence: At least 1 year

For Self-Employed

Age:

• For Self-Employed Individuals- 23-65years
• For Doctors- 25-65 years

Minimum Turnover:

• For Professionals: Rs 15 lakh
• For Non-Professionals: Rs 40 lakh
• (as per audited financials)

Minimum Profit after Tax:

• For Self-Employed Individuals/Proprietorship Firm: Rs 2 lakh
• For Non-Professionals: Rs 1 lakh
• (as per audited financials)

Business Stability:

• For Doctors: At least 3 years
• For Current Business: At least 5 years

Existing Relationship with ICICI Bank: At least 1 year liability relationship/asset relationship either running or closed in the last 3 years

Documents Required for ICICI Bank Personal Loan

The following documents are required to avail ICICI Bank Personal Loan:

For Salaried

• ID Proof (any 1): Driving License, Passport, PAN Card, Voter ID
• Address Proof (any 1): Passport, Utility Bill less than 3 months old, Leave and License Agreement
• 2 passport size photographs
• Bank Statement for last 3 months with salary and income credits
• Salary slips for last 3 months

For Self-Employed

• KYC Documents: ID Proof, Address Proof, Date of birth proof
• Residence Proof: Passport, Leave and License Agreement, Utility Bill not more than 3 months old
• Income Proof
• Proof of office address
• Bank Statement for last 6 months
• Residence Proof or Office ownership proof
• Proof of continuity of business

Apply for a Personal Loan Online with Minimal Documentation Apply Now

ICICI Bank Personal Loan EMI Calculator

ICICI Bank Customer Care

Customers can contact the ICICI Bank customer care via any of the following means:

• Toll-Free Number: 1860-120-7777
• Callback Request: You can also request a call back by visiting the bank’s website
• Online Chatbot: You can also get your queries answered by the iPal chatbot online

Know More: ICICI Bank Personal Loan Login: Registration Process & Services

FAQs

Q. Are foreclosure or full prepayment charges applicable to an ICICI Bank Personal Loan?

Foreclosure of personal loan is allowed by ICICI Bank only after the payment of 12 or more EMIs. On full prepayment i.e. foreclosure, pre-closure charges of 5% on principal amount prepaid + GST are applicable.

Q. How much time is taken for the Personal Loan to be approved?

After submitting the completed loan documents, loans are typically approved within 72 hours. The actual approval and disbursal time may differ subject to various factors.

Q. Is Balance Transfer Facility offered in Personal Loan?

Yes, Balance Transfer Facility on personal loan is offered when the loan applicant has paid at least 12 EMIs. Exact details regarding amount, interest rate and fees of the balance transfer offer vary according to individual applicant profile.

Q. How to repay the personal loan?

One can repay the loan in Equated Monthly Installments (EMIs). One can also get auto-debit mandate activated if they have an existing account with ICICI Bank. EMI payments from bank account held with other banks can be made through NACH (National Automated Clearing House).

Q. What documents do I need to submit to foreclose my personal loan from ICICI Bank?

For foreclosure of your personal loan, visit the nearest ICICI Bank branch with the following documents:

• Prepayment request letter signed by the Loan Applicant
• PAN Card (if the payment mode is cash and the amount is Rs 50,000 or more)

Also, the payments can be made through Cheque, Demand Draft or Cash. No part prepayment is allowed on Personal Loan for ICICI Bank i.e. only complete pre-payment i.e. foreclosure of loans is allowed by ICICI.

Q How can I update my mailing address, e-mail ID or mobile number registered under my loan account?

You can update your mailing address, e-mail ID or mobile number by visiting any ICICI Bank loan branch along with a valid photo ID proof. All you need to do is to submit an application along with supporting documents to get the information updated on the bank’s records.