ICICI Personal Loan: Eligibility, Interest Rate & Apply Online

ICICI Personal Loan is an ideal financial solution for funding a planned expense or a financial emergency. ICICI Bank offers personal loans of up to Rs. 20 lakh, which can be easily availed with minimal documentation and quick disbursal. The interest rate for this loan remains the same throughout the tenure that ranges from 12 to 60 months.

Features of ICICI Personal Loan

• Quick Loan Disbursal: ICICI Bank promises to credit the desired loan amount in your account within a period as short as 3 seconds. This feature is available for select customers upon completion of online verification and acceptance of final offer
• Loan amount: ICICI Bank provides personal loans up to Rs. 20 lakh with flexible end-use. All one needs to do is apply online or visit any nearby branch to get their loan application processed
• Fixed Interest Rate: ICICI Bank personal loans feature fixed interest rate starting from 11.25% which remains constant over the loan tenure
• Minimal Documentation: ICICI Bank’s personal loan application process is hassle-free and requires minimal documentation, thus making it extremely easy and convenient for individuals who wish to apply
• Flexible Loan Tenure: The loan tenure ranges from 12 months to 60 months. Customers have the option to choose the loan tenure according to their feasibility
• Personal Loan Balance Transfer: With ICICI Bank, you can also opt for Personal Loan Balance Transfer whereby anyone can reduce their EMIs by transferring their existing high interest personal loan to ICICI at a lower rate

ICICI Personal Loan Interest Rates

ICICI Personal Loan interest rates ranging from 11.25% to 17.99% p.a. Special interest is applicable to personal loan for NRI which starts from 15.49% p.a. Specific interest rates applicable to an applicant are dependent upon multiple factors including but not limited to credit score, loan amount, customer segment and location.

Types of ICICI Personal Loan Products

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

a. Wedding Loan

Despite saving for years for your child’s wedding, there might be last minute requirement for 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 the necessary funds. While actual loan disbursal and interest rate may vary according to various criteria, some of the key features of ICICI Bank’s Wedding Loan are as follows:

• Wedding Loan interest rates start as low as 11.25% p.a.
• One can avail loan amount up to Rs. 20 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’s Home Renovation Loan starts at as low as 11.25%
• Individuals may be eligible for a 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
• The loan amount typically gets credited into the account within 72 hours once the bank approves your application

c. Holiday Loan 

A dream vacation is something we look forward to and ICICI Bank’s holiday loan can help make sure that you can make it a reality 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 11.25% p.a.
2. You can easily avail an amount of up to Rs 20 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’s Fresher Funding is different. This loan option from ICICI is a unique financial product designed to help a fresher i.e. a recent graduate seeking their first job. Some key features of ICICI Bank Fresher Funding personal loan are as follows:

• Freshers can avail a personal loan up to Rs 1.5 lakh under this scheme
• The applicant must to be at least 21 years old to 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/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. ICICI Bank 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 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 11.25% 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

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

For salaried professionals:

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 individuals:

Know More About ICICI Bank Personal Loan Eligibility

Documents required for Loan Application

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

For salaried professionals:

• 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
• 2 passport size photographs

For self- employed individuals

• KYC Documents: Proof of Identity, DOB proof, Address proof, etc.
• Proof of Residence: Rent Agreement / Utility Bill (less than 3 months old), etc. (any one)
• 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

How to Apply for ICICI Personal Loan with Paisabazaar?

The application process for ICICI Bank Personal Loan with Paisabazaar involves the following steps:

1. Visit Paisabazaar.com and fill out the online application form to check offers.

2. You will receive offers from several banks listed as per the chances of approval.

3. Choose a prospective lender from the list or contact Paisabazaar for assistance.

4. Complete and submit your loan application online.

Know more: How to Apply For ICICI Bank Personal Loan Online

Personal Loan Verification Process

The following are key steps of the personal loan verification process after online submission of your personal loan application on Paisabazaar.

Step1. Paisabazaar will forward your loan application to you chosen lender and typically within 48 hours you will receive a call from the lender’s representative.

Step2. The prospective lender will schedule pickup of your KYC, income, etc. documents or provide an option to upload them online. These documents will be used to verify your application.

Step3. Once the lender’s verification is completed and your loan is approved, you will receive another call to verify the loan offer and ask for your consent for disbursal.

Step4. After loan approval and successful verification, the loan is usually disbursed within 48 hours.

Note: The above mentioned turnaround time for personal loan verification/disbursal may vary based on lender’s internal requirements as well as other criteria.

Check ICICI Personal Loan Application Status

The process to check ICICI Personal Loan Application Status includes the following steps:

1. Visit the official website of ICICI bank, Click on ‘Products’ and select ‘Personal Loans’.

2. On next page that open hereafter, click on ‘More’ and select ‘Check Loan Application Status’.

3. Next, you can check your application status by entering details like your mobile number, date of birth and by either entering the OTP that you receive on your mobile number or via your application number.

Fees and other Charges

 The following are some of the key fees and charges associated with an ICICI Bank Personal Loan:

How to Login on ICICI Bank Portal 

1. Visit the official website of ICICI Bank.
2. On the top right corner of the page click on ‘Login’.
3. Login using your User ID and Password or your registered mobile number

Know More About ICICI Personal Loan Login

ICICI Personal Loan Statement

Customers can download the bank’s personal loan statement by following the steps given below:

1. Visit the official website of the bank.
2. Click on ‘Get in Touch’ and select ‘Service Requests’ from the drop down list.
3. On the subsequent page that opens, under the ‘Loans’ menu, select ‘Personal Loan Related’.
4. Next, click on ‘Request for Statement of Loan Account’.
5. Login using your User ID and password or using your registered mobile number and OTP to avail the bank’s personal loan statement.

EMI Calculation

The rate of interest for ICICI Bank Personal Loan varies between 11.25% to 22% p.a. The table below depicts a sample of loan amounts against different loan tenures and interest rates along with monthly EMIs.

ICICI Personal Loan Top Up

ICICI Bank offers top-up loan 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 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 interest rate and tenure are similar to the features of an ICICI Bank Personal Loan.

Comparison of ICICI Personal Loan vs. Other Lenders

ICICI Bank Customer Care

Customers can contact the company’s customer care via any of the following means:

• By Phone: You can call ICICI Bank on 1860-120-7777 (toll free)
• 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 branch to get your queries

Find all details of ICICI Bank Personal Loan Customer Care

Benefits of Applying a Personal Loan at Paisabazaar.com

 There are several advantages of applying for a personal loan on Paisabazaar.com:

• Paisabazaar.com helps you compare key personal loan features such as interest rate, processing fees, foreclosure charges of various personal loan providers on a single platform
• You can automatically compare the EMI of different personal loan options to help you decide the most suitable option
• The completely online platform eliminates the need to physically visit the prospective lender’s branch office
• Customers can access the Paisabazaar website anytime and anywhere at their own convenience
• Once customers have applied for a personal loan through the company’s website they can track their loan status online using the application number provided

Important Aspects 

• Different interest rates and features/charges should be compared before applying for a personal loan to avail the best deal
• Don’t apply for a personal loan with multiple lenders simultaneously. This may lead to an increase the number of hard inquiries for your credit report and may adversely affect your chances of approval
• Evaluate the complete cost of the loan. Interest is not the only cost that you need to pay. Other charges like processing fee, prepayment fee and late payment fee might also be considered while deciding upon a particular personal loan
• Borrow only what you need and can pay back. Don’t borrow simply because you are eligible to borrow a higher amount
• Check your credit score before applying for a loan. It is one of the first things that lenders consider before lending money to a person. Low credit score might lead to the rejection of your loan application or an increase in the interest rate charged by the bank

Know More About ICICI Bank Personal Loan Preclosure Charges

FAQs

Q1. What is the maximum personal loan amount that can be sanctioned by ICICI Bank?

ICICI Bank offers personal loans up to Rs. 20 Lakh for various requirements.

Q2. Are foreclosure or full prepayment charges applicable for ICICI Personal Loan?

Foreclosure of personal loan from ICICI Bank is allowed only after the payment of 12 or more EMIs any time during the tenure of the loan. On full prepayment, standard pre-closure charges of 5% on principal amount prepaid +GST are applicable. 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.

Q3. Does the bank offer pre-approved personal loans?

Yes, ICICI Bank does offer pre-approved personal loans to select customers. These are limited time offers and usually feature predefined loan amounts and limits.

Q4. How much time is taken for the Personal Loan to be approved?

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

Q5. 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:

Customer Care: One can contact the customer care for top up related questions (8:00 am to 8:00 pm) on toll free number 1860 120 7777

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

ICICI Bank Branch: You can also visit the nearest ICICI Bank branch along with applicable KYC and income proof documents to apply for a top-up personal loan

Q6. 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.

Q7. What is the Loan Repayment Tenure?

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 tenure range.

Q8. 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).

Q9. Do I have to pay additional charges for an ICICI Bank personal loan?

Yes. ICICI Bank charges processing fees in addition to interest rate charges when you avail a personal loan.

Q10. 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.