ICICI Bank Personal Loan

Note: Rates as of 28th September 2023

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ICICI Bank Personal Loan Interest Rates

ICICI Bank Personal Loan interest rates vary on the basis of the personal loan subtypes. However, ICICI Bank has not disclosed its personal loan interest rate matrix based on credit score, minimum monthly income, occupation profile, employers’ profiles, etc. of its personal loan applicants, as many lenders have done. 

Comparison of Personal Loan Interest Rates with Top Banks/NBFCs

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ICICI Bank Personal Loan Processing Fees and Charges

Also Read: Personal Loan Processing Fee charged by other banks and NBFCs

Types of ICICI Bank Personal Loans

ICICI Bank FlexiCash

• Purpose: ICICI Flexicash is a short-term instant credit personal loan overdraft facility offered to ICICI Bank salary account holders to meet their personal expenses.
• Processing Fee: From  Rs 1,999 + taxes

ICICI Bank Personal Loan for NRI

• Purpose: ICICI Bank offers NRI Personal Loans to meet the personal requirements of Non-Resident Indians
• Loan Amount: Up to Rs 10 lakh

ICICI Bank Pre-Approved Personal Loan

• Purpose: ICICI Bank offers Pre-approved Instant Personal Loans to its select existing customers with loan disbursal within 3 seconds
• Loan Amount: Up to Rs 50 lakh
• Tenure: 1-5 years

ICICI Bank Pre-Qualified Loan

• Purpose: ICICI Bank offers ICICI Pre-qualified Personal Loans to its select existing customers with simple application process and quick processing

ICICI Bank Top-up Personal Loan

• Purpose: ICICI Bank offers Personal loan top-up facility 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

ICICI Bank Personal Loan Balance Transfer

• Purpose: ICICI Bank Personal loan balance transfer facility allows existing personal loan borrowers of other banks/NBFCs to transfer their personal loans to ICICI Bank at lower interest rates

ICICI Bank Fresher Funding

• Purpose: Freshers and new employees can avail ICICI Bank Fresher Funding Scheme to finance their personal expenses
• Loan Amount: Up to Rs 1.5 lakh

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Eligibility Criteria for ICICI Bank Personal Loan

ICICI Bank has set its personal loan eligibility criteria based on the job profile, age, minimum monthly income, total work experience, business vintage (incase of self-employed individuals) of its personal loan applicants. Below mentioned are the ICICI Bank Personal Loan eligibility criteria set by ICICI bank.

For Salaried Individuals

• Minimum age of the applicant should be 23 years at the time of loan application and maximum age should be 58 years at the time of loan maturity
• Minimum monthly income requirement for ICICI Bank Personal Loan is Rs 30,000
• Applicants having a minimum work experience of at least 2 years are eligible for availing personal loan from ICICI Bank
• Applicant applying for personal loan should have stayed in the current residence for at least 1 year

Also Read: Personal Loan for salaried

For Self-Employed Individuals

• Self-employed individuals should be at least 28 years old at the time of loan application and 65 years at the time of loan maturity. However, the minimum age requirement for doctors applying for ICICI Bank Personal Loan is 25 years.
• Minimum turnover eligibility requirement is Rs 40 lakh for non-professionals and Rs 15 lakh for professionals, as per audited financials.
• Minimum profit earned after tax deduction should be at least Rs 2 lakh for proprietorship firm or self-employed individuals and Rs 1 lakh for non-professionals, as per audited financials.
• Applicant should have been in the current business for at least 5 years. Doctors applying for personal loans should have a stable business for at least 3 years.
• Applicant should have at least 1 year liability relationship/asset relationship with the bank either existing or closed in the last 3 years

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Documents Required for 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

Also Read: Personal Loans for Self-employed individuals

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ICICI Bank Personal Loan EMI Calculator

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ICICI Bank Customer Care

• Toll-Free Number: 1860-120-7777
• Alternate Numbers: Chennai: 044-33667777 Kolkata: 033-33667777 Mumbai: 022-33667777 Delhi: 011-33667777
• For unresolved queries you can register your grievance by dialing to ICICI Bank customer care at 1800 200 3344

FAQs

1. What is the total time taken for the disbursal of an ICICI Bank personal loan?

Ans. ICICI Bank claims to approve personal loan within 72 hours of submitting all documents. It also claims to disburse the loan amount to the applicant’s account within 3 seconds of loan approval.  ICICI Bank also offers pre-approved instant personal loans to select customers with quick processing and disbursal in 3 seconds.

2. What is the eligibility criteria to avail pre-approved personal loans?

Ans. ICICI Bank provides pre-approved offers to personal loan applicants with a clean repayment track record and good credit history. Applicants having no credit history are also provided with pre-approved personal loan offers based on their savings history and income.

3. Is Personal Loan Balance Transfer facility provided by ICICI Bank?

Ans. Yes, ICICI Bank offers Personal Loan Balance Transfer facility wherein, the existing personal loan borrowers of other banks/NBFCs can transfer their personal loan accounts to ICICI Bank at lower interest rates.

4. Are there any restrictions on prepaying ICICI Bank Personal Loan?

Ans. ICICI Bank allows borrowers to prepay their personal loan only after the repayment of 12 monthly instalments. However, the bank does not allow part-prepayment of personal loan. The bank charges prepayment fee of 5% of the outstanding principal.

5. At what minimum credit score can I avail ICICI Bank Personal Loan?

Ans. ICICI Bank has not specified the cut-off credit score for its personal loan applicants. However, credit scores of 750 and above usually increase the chances of availing personal loan at lower interest rates.