ICICI PERSONAL LOAN

ICICI Personal Loan

ICICI Bank offers customers with the facility to avail Personal Loan easily without any security or collateral to ensure repayment of the Loan amount. The loan offered by the bank is regarded favorable in the market because of low interest rates and hassle free application process.

  • 1. Attractive Interest Rate starting from as low as 11.25% p.a.
  • 2. Multipurpose in nature as it can be used for various purposes as per the need
  • 3. Flexible loan tenure of up to 60 months.
  • 4. Instant E-approval
  • 5. Minimal Documentation

Types of Personal Loans by ICICI Bank

Rising expenses and increasing needs of an individual’s ICICI Bank provides varied Personal Loans for multipurpose personal finances.

  • 1. Personal Loan for Wedding
  • 2. Personal Loan for Education
  • 3. Personal Loan for Travel
  • 4. Personal Loan for Home Renovation
  • 5. Personal loan for debt consolidation & other purposes

Fees and Charges

The fees and charges are levied on an individual who is seeking to avail Personal Loan from ICICI Bank.
Salaried IndividualsSelf-Employed
Applicant must be at least 21 years old at the time of loan applicationApplicant must be at least 21 years old at the time of loan application
Applicant must be not more than 58 years at the time of loan maturityApplicant must be not more than 65 years at the time of loan maturity
Minimum employment tenure must be of 6 monthsMinimum employment tenure must be of 2 years in same business
Minimum annual income must be Rs. 1,00,000

Advantages of ICICI Personal Loan

You can avail Personal Loan from ICICI Bank to meet unexpected expenses, a dream vacation, wedding expenditure, or even purchase of consumer durables. Let’s go through some exciting opportunities offered by ICICI Personal Loan option:

  •       Quick Loan Disbursal – Get funds in your account in 3 seconds.
  •       Fixed Interest Rate – Interest rate remains constant throughout the tenure.
  •       Flexible tenure period – Ranging from 12 to 60 months
  •       No collateral or security – Avail loan easily without any need of collateral or security deposit against the loan amount.
  •       Minimal Documentation – Application process is hassle-free as it is online and extremely easy to apply.

Eligibility Criteria for applying for ICICI Personal loan

Availing a personal loan from ICICI Bank is quite easy and fast process if you meet the required eligibility criteria for approval of Personal Loan:

FactorRemarks
AgeMin. 21 and Max. 65 years
Business Statusi. Self-employed individual
ii. Limited or Private Limited Firm
iii. Manufacturer or Service Provider
Business ProfitabilityApplicant must be in business for at least 3 consecutive years
Company FinancialsComplete financials including Balance sheet and Profit & Loss statement for latest 2 years, Tax audit reports.
Credit ScoreGood credit score of 650 or above
Business TurnoverMust be at least 50 lakhs per annum with minimum 2 lakhs of profit

Essential Documents required

Check out the required documents before applying for ICICI Personal Loan, so that you can keep the documents handy for instant approval

FactorDocument
Identity ProofID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/Utility bills/ Bank Statements.
Proof of businessShop and Establishment Certificate/ Vat Registration Certificate/ Service Tax Certificate.
Business ProfileName of the company on the letterhead
Company FinancialsLast 3 years IT tax returns with profit and loss account and balance sheet duly audited by CA.
ChequeCheque of Processing Fee.

Procedure for applying for ICICI Bank Personal Loan Online

In order to apply for a loan through our website, you have to follow a few simple steps:
First, register with us by providing the following details:

  •    Your gender
  •    Name, phone number, and email ID.
  •    Nature of your current occupation
  •    Details of your current employer
  •    Loan amount required

Know more about ICICI Personal Loans – FAQs

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

A. ICICI Bank sanctions the loan amount till Rs. 20 Lakhs.

Q. How much time does ICICI Bank usually take to approve a Personal Loan?

A. Within 72 hour’s approval is provided subject to the time of submission of complete documentation.

Q. When applying for Personal Loan is foreclosure or prepayment applicable?

A. Yes, prepayment is possible, only after first installment subject to payment of standard pre-closure charges of 5% +GST. Carry the below stated documents to the nearest ICICI Bank branch

  • 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
Q. Is there a top-up loan option available under the ICICI Bank Personal Loan?

A. Yes. Top up Personal Loan can be easily availed any time after the repayments of the first 12 EMIs.

Q. How can the Personal Loan be repaid?

A. You can easily repay the Loan in Equated Monthly Installments (EMIs). Get auto debit mandate activated if you 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).

Q. Does the bank require a guarantor or security for personal loans?

A. No, you can avail a personal loan without having to pledge any security or signing up a guarantor.

Q. Does the bank offer the balance transfer facility?

A. Yes, customers who have made at least 12 EMI payments are eligible for the balance transfer facility.

Q. How can I repay my ICICI Bank personal loan?

A. The repayment of your ICICI Bank personal loan can be done through Equated Monthly Installments (EMIs). Customers who have an account with ICICI Bank can repay the loan using the direct debit facility. Customers of other banks can repay their loans through NACH mandate.

QUICK OVERVIEW
Interest rate between 11.25% – 18%
Loan amount till Rs. 40 Lakhs
Lowest EMI of Rs. 2,187 Per Lakh
Processing charges 2% of loan sanctioned + Taxes
Loan turn around period is 1-7 days