ICICI Personal Loan

• Multipurpose: ICICI personal loan can be used for various purposes as per the need. Personal Loan would suffice any urgent requirement or financial problem be it applying for higher education or any medical emergency.
• Fixed Rate of Interest: ICICI Bank provides a fixed rate of interest throughout the loan tenure. This way, the customer need not worry about the change in interest rate. Interest will be charged on monthly reducing basis.Important Link: Compare ICICI Bank with other Bank’s Personal Loan Interest Rate

• Loan Up to Rs 20 Lakh: 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 and apply for the loan to get the loan approval process started.

• 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.

Quick Loan Disbursal:

Personal Loan from ICICI Bank promises the desired Loan Amount in 3* seconds, but applicable for selected customers upon completion of the online verification and the acceptance of final offer.

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 therefore, customers can choose the tenure according to their feasibility overcoming any financial difficulty.

ICICI Bank offers different types of Personal Loans catering different purposes so one can easily decide the need and opt for the Loan that suits their purpose.

1. Wedding Loan: It goes without saying the amount of work that takes place to plan a marriage. Despite all the planning, there might be a requirement of extra funds. With ICICI Bank, one can easily apply for a Wedding Loan and get funded in a matter of hours.Some of the features of Wedding Loan:
   • Wedding Loan interest rates start as low as 10.99% p.a. (Terms and Conditions apply)
   • One can avail loan amount up to Rs 20 Lakh
   • The documentation process is easy and minimal. So one can expect to apply for a wedding loan from ICICI Bank, receive a decision from the bank’s end and get funded with the desired loan amount if approved.
   • ICICI Bank does not require any security or collateral in order to apply for a personal loan from ICICI Bank.
2. 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 their homes beautiful all over again. Some features of ICICI Bank Home Renovation Loan:
   • Personal Loan rate of interest for Home Renovation Loan starts as low as 10.99% (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)
3. Holiday Loan: A dream vacation is something we look forward to at some point or the other. ICICI Bank makes sure we don’t just dream for it but also make it happen. Benefits of a Holiday Loan:
   • Interest Rates of Holiday Loans starting as low as 10.99% 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
   • No security or collateral is required to apply for a Holiday Loan with quick processing and disbursal
4. NRI Personal Loan: Personal Loan for NRI is also offered by ICICI Bank, some of its features include:
   • Rate of interest of NRI Personal Loan starts from 15.49% p.a. (Terms and Conditions Apply)
   • NRI can avail Personal Loan up to Rs 10 Lakh
   • Loan Tenure for NRI Personal Loan is up till 36 months
5. 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 like:
   • 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.
6. 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 individuals face 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.

With EMI Calculator, you can easily check the monthly instalments that will debit from your bank account. One easy and accountable way of doing it is checking the EMI through Paisabazaar.com personal loan EMI calculator. All you need to do is to fill in the required fields and in minutes you can get to know the EMI you will be paying every month.

You can start saving on your EMIs through the personal loan balance transfer facility. One can easily transfer their existing personal loan with high rate of interest to ICICI Bank and avail exciting benefits on the balance transfer facility.

Key features and benefits of ICICI Bank Personal Loan Balance Transfer:

1. ICICI Bank offers attractive rate of interest on Personal Loan Balance Transfer
2. There is an option of increasing Loan Tenure in Balance Transfer Facility.

Documents required for Personal Loan Balance Transfer:

1. Recent Loan Statement
2. Last 6 months Bank Statement along with Repayment schedule
3. Salary Slip of the last 6 months
4. KYC Documents

ICICI Bank has a set of eligibility criteria for individuals who wish to apply for a Personal Loan with the Bank. They are as follows:

1. AGE:

The Salaried and Self Employed individuals can avail Personal Loan from ICICI bank. However, the bank specifies the age limit for both salaried as well as self-employed individuals. Salaried employees between the age group of 23-58 years can apply for a personal loan whereas Self Employed individuals between the age group of 28-65 years can apply for the same. However, the minimum age of applying for an ICICI Bank personal loan for a doctor is 25 years.

2. INCOME:

ICICI Bank offers personal loan to salaried as well as self-employed individuals.

Salaried Individuals with minimum monthly income of Rs 17,500 in non-metro cities can apply for the loan. For professionals residing in Delhi and Mumbai, the minimum salary required is Rs 25,000 and Rs 20,000 for applicants residing in Chennai, Hyderabad, Bengaluru, Pune and Kolkata. (The minimum salary requirement will differ on the profile of the applicant like the credit history, relationship with ICICI Bank of the customer etc.)

For self-employed Individuals, the minimum income for non-professionals should be Rs 40 Lakh and Rs 15 Lakh for professionals, as per audited financials.

3. YEARS IN PROFESSION:

For salaried professionals, it is important to have spent at least 2 years in the respective job while a self-employed individual needs to be in the current business for 5 years and 3 years for Doctors.

 

1. Proof of Identity: Passport / Driving License / Voters ID or PAN Card (any one of these)
2. Residence Proof Leave and License Agreement / Utility Bill (not more than 3 months old) or Passport (any one)
3. Latest 3 months Bank statement where the income is credited and 6 month bank statement for self-employed individuals.
4. Office address proof for self-employed individuals.
5. Proof of office ownership and continuity of business
6. 2 Passport size photographs

Q. What is the loan amount that can be sanctioned?

A. ICICI Bank presents Personal Loan up to Rs 20 Lakh for various requirements.

Q: Is foreclosure or prepayment applicable for Personal Loan?

A. 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.

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

A: After submitting the complete Loan Documents, the Loans are approved within 72 hours.

Q: Are there any top up offer on the existing Personal Loan?

A: 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

1. Main Page
2. Select Loans options in My Accounts
3. Go to Apply for Loans
4. Under Personal Loan option – Click on Apply Now
5. 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.

Q: What are the Interest Rates offered by the ICICI Bank for the Personal Loan?

A: Personal Loan rates vary from 10.99% to 22.00% per annum, depending on the Loan Applicant’s profile, credit score and history, repayment capability etc.

Q: Is Balance Transfer Facility offered in Personal Loan?

A: 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.

Q: What is the Loan Repayment Tenure?

A: 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.

Q: How can the Personal Loan be repaid?

A: One can repay the Loan in Equated Monthly Instalments (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).