A financial emergency can come up at any point in your life and ICICI Bank Personal Loan is a perfect rescuer from any such situation ICICI Bank offers a personal loan of upto Rs. 20 lakh, which can be easily applied online or by visiting the nearest branch. The interest rate for this loan remains same throughout the tenure that varies from 12 to 60 months.
ICICI Bank Personal Loan - Features and Benefits
- Quick Loan Disbursal: Personal loan from ICICI Bank promises the desired loan amount in your account in 3 seconds. This feature is available for selected customers that also depends upon completion of online verification and acceptance of final offer
- Loan amount: ICICI Bank provides personal loan up to Rs 20 Lakh for any requirement. All one need to do is apply online or visit any nearby branch to process your loan application
- Fixed Interest Rate: ICICI Bank offers fixed interest rate on the personal loan which remains constant throughout the tenure and does not fluctuate as per changing interest rates in the market
- Minimal Documentation: ICICI Bank’s personal loan application process is hassle-free, thus making it extremely easy and convenient for individuals who wish to apply for the same
- Flexible Loan Tenure: The loan tenure ranges from 12 months to 60 months. Hence, customers can choose the tenure according to their feasibility overcoming any financial difficulty
- Personal Loan Balance Transfer: With ICICI Bank, one can also opt for Personal Loan Balance Transfer whereby anyone can reduce their EMIs by transferring the existing personal loan and avail extra funds for all the requirements at lower interest rate with additional benefits
ICICI Bank Personal Loan - Interest Rate, Fees and Charges
|Personal Loan Interest rate||11.50% to 19.25% p.a.|
|Prepayment Charges||5% per annum of principal outstanding plus GST|
|Loan Processing Charges||Up to 2.25% per annum of Loan Amount plus GST|
|Loan Cancellation Charges||Rs 3000/- plus GST|
|EMI Bounce Charges||Rs 400/- per bounce plus GST|
|Repayment Mode Swap Charges||Rs 500/- per transaction plus GST|
|Additional Interest on Late Payment||24% per annum|
ICICI Bank - Types of Personal Loan
- Wedding Loan: Despite saving for years for your child’s wedding, there might be a requirement of extra funds to deal with expenses like venue booking, guest accommodation, catering, shopping, jewellery, invitation cards, etc. With ICICI Bank, one can easily apply for a Wedding Loan and get funded to stay away from any inconvenience while making arrangements for the most important day. Some of the features of Wedding Loan are:
- Wedding Loan interest rates start as low as 11.50% p.a. (Terms and Conditions apply)
- One can avail loan amount up to Rs 20 Lakh
- The documentation process is easy and minimal so the loan application is processed quickly and approved without any further delay if you meet the eligibility criteria and submit the necessary documents
- Home Renovation Loan:ICICI Bank offers home renovation loan for individuals who wish to get their home renovated for any occasion. With some extra funds, one can make his home new all over again by vital repairs or getting new fittings and fixtures and furniture. Some features of ICICI Bank Home Renovation Loan:
- Personal Loan rate of interest for Home Renovation Loan starts as low as 11.50% (Terms and conditions apply)
- Individuals can get loan amount up to Rs 20 Lakh to get their home renovated
- Home Renovation Loan from ICICI Bank requires minimal documentation making the entire loan process hassle free and easy for new customers
- The loan amount gets credited into the account in 72 hours (Terms and Conditions apply)
- Holiday Loan:A dream vacation is something we look forward to at some point or the other. ICICI Bank makes sure you don’t just dream for it but also make your dream holiday happen. Benefits of a Holiday Loan:
- Interest Rates of Holiday Loans starting as low as 11.50% p.a. (Terms and Conditions apply)
- One can avail Loan Amount up to Rs 20 Lakh so a dream vacation is not spoiled due to financial crunch
- ICICI Bank offers simplified and minimal documentation for Holiday Loan
- The bank ensures quick processing and disbursal of loan amount in your account
- Fresher Funding:ICICI Bank understands the struggle of a fresher and the hunt for their first job. Keeping in mind the difficulty of the situation of a fresher, ICICI Bank offers Fresher Funding with features that include the following:
- Freshers can avail fresher funding personal loan up to Rs 1,50,000
- Freshers at 21 year of age can avail Fresher Funding Personal Loan from ICICI Bank
- The rate of interest for Fresher Funding depends on the profile of the loan applicant, the credit history, CIBIL Score, age and location of the applicant
ICICI Bank Personal Loan - Eligibility Criteria
For salaried professionals:
- He should be at least 23 years old
- His maximum age should be 58 years
- His minimum salary should be Rs. 17,500. If he is residing in Delhi or Mumbai then his minimum income should be Rs. 25,000 and if he is residing in Chennai, Bangalore, Hyderabad, Kolkata or Pune, the minimum income should be Rs. 20,000.
- He should have a total working experience of minimum 2 years.
- He should be living in the current residence for at least a year.
For self- employed individuals:
- He should be at least 28 years old
- His maximum age should be 65 years. If he is a doctor then his minimum age should be 25 years.
- If he is a non- professional, his minimum turnover should be Rs. 40 lakh and if he is a professional, his minimum turnover should be Rs. 15 lakh.
- His minimum profit after tax should be Rs. 2 lakh if he is a proprietorship firm/self-employed individual and Rs. 1 lakh if he is a non- professional.
- He should be in his current business for at least 5 years and should be in practice for minimum 3 years if he is a doctor.
- He should have minimum 1 year liability relationship with ICICI Bank (either savings or current account) or Asset relationship (loan) either live or closed in the last 36 months.
- His repayment track (if any) should be as required by the bank.
ICICI Bank Personal Loan - Documents Required
For salaried professionals:
- Proof of Identity:Passport/ Voters ID/Driving License/ PAN Card (any one)
- Proof of Residence:Utility Bill (not more than 3 months old)/Leave and License Agreement/Passport (any one)
- Salary slips for last 3 months
- Latest 3 months Bank Statement (where salary/income is credited)
- 2 Passport Size photographs
For self- employed individuals
- KYC Documents:Proof of Identity, Address proof, DOB proof
- Proof of Residence:Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one)
- Income proof (audited financials for the last two years).
- Office address proof
- Latest 6 months Bank statement
- Proof of continuity of business
- Proof of residence or office ownership
ICICI Bank Personal Loan - EMI Calculator
While you apply for a personal loan, it is important to know how much EMI you would be paying each month to repay the loan. Paisabazaar’s online EMI calculator is an easy to use tool that allows you to check your EMI so that you don’t borrow more than you can repay.
- Go to the EMI Calculator
- Scroll the bar to your desired loan amount, tenure and interest rate
- Know your EMI within seconds
ICICI Bank Personal Loan VS Personal Loan Offers from Other Lenders
|Particulars||ICICI Bank||Citi Bank||Axis Bank||HDFC Bank||Bajaj Finserv|
|Interest Rate||11.50% to 19.25%||Starting from 10.99%||15.75% to 24%||11.25% to 21.50%||Starting from 12.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 20 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 40 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto 2.25% of loan amount plus GST||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.50% of the loan amount||Up to 3.99% of the loan amount|
ICICI Bank Personal Loan - Top- Up Loan
ICICI Bank offers Top Up Loan where one can opt for a top-up on their existing loan or an altogether fresh loan in case of new requirement. The bank understands the financial crunch an individual faces and has just the right product for them. In case of Top up Loan, one can get a consolidated EMI covering the entire value. There is also an option of paying separate EMIs for both, the existing as well as a new top up loan.
Ques. What is the loan amount that can be sanctioned?
Ans. ICICI Bank presents Personal Loan up to Rs 20 Lakh for various requirements.
Ques: Is foreclosure or prepayment applicable for Personal Loan?
Ans. Yes, prepayment is possible with ICICI Bank only after the first instalment, subject to payment of standard pre-closure charges of 5% +GST. For pre-payment, 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
Also, the payments can be made through Cheque, Demand Draft or Cash. No part Pre-Payment is allowed on Personal Loan for ICICI Bank.
Ques: How much time is taken for the Personal Loan to be approved?
Ans: After submitting the complete loan documents, the loans are approved within 72 hours.
Ques: Are there any top up offers on the existing Personal Loan?
Ans: Top up facility is offered if one has paid 12 EMIs on the existing Personal Loan. One can place the top up on Existing Personal Loan through the following mediums:
Customer Care: One can contact the customer care for top up related questions (8:00 am to 8:00 pm) on toll free number 1800-103-8181.
Internet Banking: Log in to www.icicibank.com with the User ID and Password
Official website: Select Loans options in My Accounts <Go to Apply for Loans <Under Personal Loan option – Click on ‘Apply Now’ <Check Eligibility and Click on Apply Now
ICICI Bank Branch: One can also visit the nearest ICICI Bank branch along with the valid documents like ID proof, Address Proof, 3 months Bank statement where the salary has been credited, latest 3 months salary slips and Form 16 for the current/ previous financial year.
Ques: Is Balance Transfer Facility offered in Personal Loan?
Ans: Balance Transfer Facility is offered when the loan applicant has paid 12 EMIs. For more details on this, one can contact the ICICI Bank for information on the same.
Ques: What is the Loan Repayment Tenure?
Ans: The Personal Loan from ICICI Bank can be repaid within 12 to 60 months. One can choose any repayment tenure as long as it is within its available range of tenure.
Ques: How to repay the personal loan?
Ans: 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 and if there is an alternate Bank Account then the payment can be made through NACH (National Automated Clearing House).
Ques: Can I have a co- applicant for a personal loan?
Ans: Yes, you can have a co- application for a personal loan.
- Proprietorship Firm/ Self-employed Individual: Son, Daughter
- Partnership Firm/ LLP: Partners with at least 51% Stake to be taken co-applicant
- Private Ltd Company: Director(s) with at least 51% stake to be taken co-applicant
- Public Ltd Company: One director to be taken co-applicant
Ques: How can I update my mailing address, e-mail ID or mobile number registered under my loan account?
Ans: 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 to get the information changed.