ICICI Personal Loan

Note: The above-mentioned interest rates may change and shall depend on the sole discretion of the ICICI bank and RBI. Interest rates are updated as on 25th Nov 2021.

ICICI Bank offers personal loans of up to Rs. 25 lakh, which can be availed with repayment that ranges between 12 months to 60 months. Depending upon your needs you can choose from various types of personal loans offered by ICICI Bank, including wedding loans, holiday loans, home renovation loans, fresh personal loans or fresher funding, and NRI personal loans. Read on to know about loan deals and related aspects.

Check Your Eligibility for ICICI Bank Personal Loan Check Now

Pre-approved Instant Personal Loan

ICICI Bank also offers pre-approved instant personal loans to its selected customers having good credit history or a clean track of loan or credit card repayment. Pre-approved instant personal loans are also offered to applicants without credit history on the basis of their income and saving history. The instant personal loans have quick processing, require minimal or no documentation, are disbursed within seconds, flexible repayment options, etc.

Features

• Fixed Interest Rate: ICICI Bank Personal Loan Interest rates start from 10.50% p.a.
• Loan amount: Maximum up to Rs. 25 lakh
• Repayment Tenure: From 12 months to 60 months
• Personal Loan Balance Transfer: You can also opt for a PLBT wherein you can reduce the EMIs by transferring your existing high-interest personal loan to ICICI bank at a lower rate

Also Know: How to transfer my personal loan to ICICI Bank? 

Check Your Eligibility for Pre-approved Personal Loan Offers Check Now

Determinants of Interest rates

Personal Loan Interest Rates offered by ICICI bank are majorly determined by your credit score, income, employment status, repayment and credit history, age, location and various other aspects.

Types of ICICI Bank Personal Loans

 Depending on the end-use, personal loans can belong to one of the following categories:

a. Wedding Loan

ICICI Bank Wedding Loan offers you the extra funds that you might need to deal with the last-minute urgent wedding expenses like venue booking, guest accommodation, catering, shopping, jewellery, invitation cards, etc. The application process is simple and requires minimal documentation. Some key features of ICICI Bank’s Wedding Loan are as follows:

• Wedding Loan interest rates start as low as 10.50% p.a.
• One can avail loan amount up to Rs. 25 Lakh
• The documentation process is easy and minimal so the loan application is processed quickly
• No collateral/security is required

b. Home Renovation Loan

ICICI Bank offers home renovation loan for individuals who wish to get their home renovated. This personal loan can fund vital repairs or help the applicant get new fittings, fixtures and furniture for their home. Some key features of ICICI Bank Home Renovation Loan are:

• Interest rate for ICICI Bank’s Home Renovation Loan starts at as low as 10.50%
• Individuals may be eligible for a loan amount up to Rs. 25 Lakh to get their home renovated
• Home renovation loan from ICICI Bank requires minimal documentation making the entire loan process hassle free
• The loan amount typically gets credited into the account within 72 hours once the bank approves your application

c. Holiday Loan 

ICICI Bank’s Holiday Loan can help you arrange for your dream vacation with minimal hassle. This personal loan from ICICI can fund a range of vacation-related expenses including flight ticket booking, hotel accommodations, guided tours, etc. Key features of ICICI’s Holiday Loan are:

1. Interest Rates for Holiday Loans start at 10.50% p.a.
2. You can easily avail an amount of up to Rs 25 Lakh so your dream vacation won’t be spoilt due to a financial crunch
3. Simplified and minimal documentation ensures that funding your vacation is simple and easy
4. Quick processing and disbursal of loan which is credited directly to your account 

d. Fresher Funding 

A majority of unsecured personal loans are targeted at individuals with a regular income however ICICI Bank’s Fresher Funding is different. This loan option from ICICI Bank is designed to help freshers i.e. a recent graduates seeking their first job. Some key features of ICICI Bank Fresher Funding personal loan are as follows:

• Loan amount up to Rs 1.5 lakh
• Applicant must to be at least 21 years old
• The rate of interest for Fresher Funding depends on the profile of the loan applicant, the credit history/score, age and location of the applicant 

e. NRI Personal Loan

Understanding the needs and dreams of NRIs, ICICI Bank offers a personal loan specifically for NRIs. The primary loan applicant needs to be an Indian resident and the co-applicant NRI must be a close relative. Personal Loan for NRIs includes the following features

• ICICI Bank offers NRIs personal loans up to Rs. 10 lakh with flexible end-use
• The interest rates for NRI Personal Loan start at 15.49% p.a.
• The loan features a tenure of up to 36 months 

f.  Top-up Loan

ICICI Bank offers top-up loan on existing personal loans to help individuals meet their incremental financial requirements. There are two top up loan options offered by ICICI Bank to an applicant. You can either choose to get a new loan in addition to your existing personal loan to meet a new financial requirement or get a top-up on your existing personal loan. In case you opt for two separate loans, you will need to pay separate EMIs – one for the existing loan and another for the new loan. However, if you opt for a top-up on the existing loan amount you pay a single consolidated EMI on the entire loan amount. A Top up Loan includes the following features:

• The interest rates start at as low as 10.50% p.a.
• These loans do not require any collateral/security
• The documentation involved is minimal hence processing and disbursal are quick

Also Read: ICICI Bank Instant Personal Loan

Eligibility Criteria

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

For Salaried Individuals:

Note: The criteria mentioned above may change periodically based on ICICI Bank’s internal criteria. The minimum salary requirement may differ based on the profile of the customer (relationship with the bank, type of employer, etc.)

For Self-employed Professionals:

Note: The criteria mentioned above may change periodically based on ICICI Bank’s internal criteria. The minimum business annual turnover requirement may differ based on the profile of the customer (relationship with the bank, nature of business, etc.)

Documents required

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

For Salaried Individuals:

• Duly filled application form with passport-sized photographs
• Identity Proof: PAN/Aadhaar/Passport/Voter ID/Driving License, etc. (any one)
• Residence Proof: Utility Bill (less than 3 months old)/Valid Rent Agreement, etc. (any one)
• Salary slips for last 3 months
• Latest 3 months bank statement of salary account
• Any other document required by ICICI bank

For self-employed Professionals:

• KYC Documents: Proof of Identity, DOB proof, Address proof, etc.
• Proof of Residence: Rent Agreement / Utility Bill (less than 3 months old), etc. (anyone)
• Income proof (audited financial report for the past two years)
• Proof of office address
• Bank statement of the previous 6 months
• Proof of business continuity
• Proof of residence/office ownership
• Any other document required by ICICI bank

Apply for a Personal Loan Online with Minimal Documentation Apply Now

Comparison between ICICI Bank and other Banks/NBFCs

Know more about ICICI Bank Personal Loan EMI Calculation

Fees & Charges

 The following are some of the key fees and charges associated with a personal loan from ICICI Bank:

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

Top-Up Loan from ICICI Bank 

ICICI Bank offers top-up loans where one can opt for a top-up on their existing personal loan or an altogether fresh loan in case of additional financial requirement. In the case of a top-up loan, you can get a consolidated EMI for the existing loan plus the top-up loan amount. The key features of a top-up loan including the interest rate and tenure are similar to the features of an ICICI Bank Personal Loan.

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

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
• Branch Visit: You can visit the nearby ICICI Bank branch to get your queries

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. Are there any top-up offers on the existing Personal Loan?

Top up facility is offered to existing personal loan borrowers who have paid at least 12 EMIs of their current personal Loan. One can submit a request for a top up on their existing personal loan through the following mediums:

Internet Banking: Log in to www.icicibank.com with your User ID and Password. Go to the Main Page>>Select Loans options in My Accounts>>Click on Apply for Loans>>Under Personal Loan>>Click on Apply now>>Check your Eligibility and Click on Apply Now

Secondly, you can call their toll-free number or visit ICICI Bank Branch.

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.