ICICI Bank Personal Loan

ICICI Bank Personal Loan : A Review



By Saral Credit  September 01 2022

ICICI Bank which is India’s second largest private bank grants a Personal Loan for salaried or self-employed professionals up to Rs 50 Lakh at attractive and competitive interest rates to meet personal financial urgencies that can arise anytime and anywhere in life

The ICICI bank personal loan approval process is quick and it ensures you an easy borrowing experience

With their instant personal loan digital services, the approved amount is likely to be disbursed in a few seconds And the money borrowed by you can be easily repaid on time due to their efficient services

Benefits of ICICI Bank Instant Personal Loan

No restriction on personal loan usage- You can use it for any lawful or legal purpose, there is no restriction for final usage

Immediate assistance- After applying online you will get quick assistance from their team for your loan application processes

Lower interest rates- They provide personal loans at attractive ROI starting from 10 75% per annum

Range of loan amount - You have the flexibility to choose a loan amount starting from Rs 50,000 to Rs 50 Lakhs

Tenure options are flexible- You can opt for a required loan tenure ranging from 12 months to 72 months

Low EMIs- Equated monthly installments are very low and tenure is high there is a low burden for the borrower

Collateral is not required- For your instant personal loan application, you do not need to provide any collateral or any security

Quick disbursal- Once your personal loan amount is approved, the fund will be transferred to your account within a few seconds

Completely digital process- You can apply online and will enjoy completely digital and less time-consuming application processes

Multi-purpose personal loan- You can get a multipurpose loan from ICICI bank Like: - loans for medical emergencies, loans for marriage expenses, loans for travel, etc

Recent Uploads

5 Reasons to Choose an Overdraft Facility Over a Personal Loan

March 02, 2023

Best Personal Loan Apps in India

November 02, 2022

What is the list of Fake Personal Loan Apps?

October 22, 2022

Learn How to Get an Instant Cash Loan in 1 hour

October 19, 2022

How to Get an Instant loan without documents?

October 15, 2022

Are Instant Loan Apps Safe?

October 14 2022

Personal loan vs Credit Card

October 13, 2022

List of Top Banks

Offering Personal Loans

October 10, 2022

Top Banks for Personal Loans in India

October 09, 2022

Review of HDFC Bank Personal Loan

October 04, 2022

ICICI Bank Eligibility Criteria for Personal Loan

If you’re going to avail personal loan from ICICI Bank, you need to fulfill the following eligibility parameter mentioned below for salaried and self-employed professionals

Salaried Individuals

Current residence (in years) – 1 year

Individual should be a resident of India

Having a good CIBIL score

Have a Savings Account in India with any of the banks

Self-Employed Professionals

Minimum Profit after Tax must be Rs 2 lakhs for Proprietorship

firms/Self-employed Individuals and Rs1 lakh for non-professionals as per the audited financials

Current relationship with ICICI Bank- Minimum 1 year liability relationship (Current or Savings Account) or Asset relationship (loan) either live or closed in the last 36 months, repayment track record as required

Criteria

Age Limit

Age-23 years Maximum Age-58 years

Monthly Salary/Turnover Rs 30,000 and above (will differ depending on the profile of the customer)

Minimum Age- 28 years (for self-employed individuals) and 25 years (for doctors) Maximum Age – 65 years

Rs40 Lakhs for nonprofessionals and Rs15 Lakhs for professionals; as per audited financials

Work Experience/ Business Stability 2 years 5 years minimum stability for the current business and minimum 3 years for doctors

Documents Required for ICICI Personal Loan

Documents required to avail of an Instant Personal Loan with ICICI Bank depend on your existing occupation; you need to submit the following documents before availing loan from ICICI Bank

Documents required for Salaried Individuals:

Identity proof- Passport or Driving License or Voters ID or PAN Card (anyone)

Proof of Residence- Leave and License Agreement or Utility Bill (not more than 3 months old or Passport (anyone)

Latest 3 months Bank Statement (Salary account)

Salary slips for the 3 previous months

2 Passport size photographs

Documents required for Self-Employed professionals:

Submit KYC Documents: Proof of identity, Proof of address proof, and

Date of birth proof

Proof of Residence: Leave and License Agreement or Utility Bill (not more than 3 months old) or Passport (any one of them)

Proof of income/profit (audited financials for the last two years)

Latest 6 Months Bank Statement

Proof of office address

Proof of residence or business ownership

ICICI Bank Personal Loan- Interest

Rate, Loan Amount, Loan Tenure, Processing Fees, and Other Charges

Check below for details of ICICI Bank interest rates and other fees and charges with applicable loan amount and tenure

Personal loans provided by the ICICI Bank are available for salaried individuals working in a government or private sector, and selfemployed professionals within the age group of 23-65 years They can avail of a loan amount of Rs 50,000 to 50 lakhs for a tenure of 1 year to 6 years

Loan Amount Rs 50,000-Rs 50,00,000

Loan Tenure 12 months-72 months

Interest Rates 10 75% per annum to 19% per annum

Processing Fees (NonRefundable) Up to 2 50% of loan amount + applicable taxes

Prepayment charges For salaried customers- 3% plus applicable taxes on the principal outstanding amount after payment of 1st EMI, Nil if 12 or more EMIs are paid

For MSE classified customers- Charges are Nil after payment of the 1st EMI for amounts up to 50 lakhs

Late payment charges 24% per annum

Repayment Mode Swap Charges Rs 500/- per transaction (plus applicable taxes)

Loan Cancellation Charges Rs 3000/- + applicable taxes

EMI Bounce Charges Rs 400/- per bounce + applicable taxes

Illustration- If Priya avails a personal loan amount of Rs 5 Lakhs, tenure- 24 months, Interest rate- 10 75%, what is the monthly EMI amount payable, and total interest payable?

Priya needs to repay the Monthly EMI of Rs 23246, the total Interest charged by the is Rs 57902, and the total payable amount is Rs 5,57,902

Personal Loan Application Process of

ICICI

Bank

Internet banking

Check your pre-approved loan offer here-If you already have a preapproved loan, you can avail of it If you don’t, not to worry you will an get offer at the time of filling out the application form

Fill in your basic details and submit your Loan application and check your eligibility- After filling in all your basic details you can select the loan amount and tenure that meet your immediate requirement

Check personal loan current approval status- Your approved personal loan amount will be disbursed in your given savings account within less time

Visit the ICICI bank branch

Please visit the nearest ICICI Bank Asset Servicing Branch (visit maps icicibank com/mobile) along with your valid ID proof, proof of address; 3 months bank statements (salary account), last 3 months' salary slips, and Form -16 for the current or previous financial year

Personal Loan Comparison Chart:

ICICI Bank with Other Banks

To get the best offers to meet your requirement you need to compare all personal loan providers Check the below table for a better comparison

Types of Multi-Purpose Personal Loan Scheme of ICICI Bank

ICICI Bank offers different varieties of personal loan schemes for specific customer segments Some of the most popular product with their general features is as follows

Multi-purpose personal loan- Home renovation, loan for appliances and gadgets, loan for travel, loan for online courses, financial crunch, loan for a medical emergency, loan for marriage expenses

Other types of personal loans- Top-up personal loans fresher funding Flexi cash, NRI personal loan, pre-qualified personal loan, etc

Types Of Personal Loans

Loan for appliances and gadgets

Loan for online courses

Personal Loan Details

Upgrade your home with the latest gadgets and appliances, without the burden of extensive upfront costs by applying for a personal loan

If you don’t have the required funds for your childs enrollment in an online course, you can opt for a personal loan to pay the course fees

Top-up on a personal loan If you need more funds Their top-up product on a personal loan provides a flexible option to meet your incremental financial needs. You can easily opt for a new loan that covers both the existing loan amount and the new loan amount

Fresher funding Looking for a Personal Loan immediately, just after your first salary Looking for eligibility and applying for a loan

NRI personal loan ICICI Bank offers a personal Loan for NRI to fulfill all your personal financial needs

FlexiCash (InstantFlexiCash is a facility offered to ICICI Bank Salary

Facility

Salary) Account customers, where they can avail of a line of credit or overdraft facility to meet all recurring expenditures

Personal loan on credit cards Personal Loan on Credit Card is a service through which ICICI Bank offered Loans to selected ICICI Bank Credit Card customers depending on their spending, transaction pattern , and complete payment history

Marriage loan Most of the time marriage expenses cross the estimates even after proper planning Apply for a personal loan to meet such unexpected needs

FAQs for ICICI Bank Personal Loan

1 How much time ICICI Bank will take for approval of a personal loan?

The personal loan approval process at ICICI Bank is quick or instant and depends upon your profile’s strength. Once your amount gets approved it takes only a few seconds for the disbursement

2 What is the procedure to prepay my ICICI Bank personal loan?

For prepayment of the loan, you need to visit the nearest ICICI Bank Asset Servicing Branch with the following documents

Request Letter signed by the loan applicant PAN Card (if the mode of payment is in cash and the amount is more than Rs 50,000)

Payment can be made via cash, cheque, or demand draft If you’re unable to visit a branch, you can send your representative anytime along with an authority letter duly signed by the loan applicant

Also Read- Review of HDFC Bank Personal Loan

3 Can I foreclose my personal loan with ICICI Bank?

The Personal Loan foreclosure facility is for all customers availing of a personal loan from ICICI Bank If the applicable loan is closed within 12 EMIs, you need to pay foreclosure charges of 3% of the outstanding principal (plus GST) Zero foreclosure charges are applicable after repayment of 12 EMIs

4. Is ICICI Bank offers a Balance Transfer facility for Personal Loan? Yes, ICICI Bank offers a personal loan balance transfer facility if you have already repaid 12 EMIs The existing borrowers of other banks or NBFCs can transfer their personal loan accounts to ICICI Bank at lower interest rates You can also contact your nearest branch or their call center for more details

5 What interest rate is charged by the ICICI Bank for a personal loan?

Interest rates charged by the Bank for a personal loan are defined as per the customer’s profile, and the interest rate may vary between 10 75% to 19% per annum

ICICI Bank Customer Care Contact Details

All India personal banking- 1860-120-7777

Alternative Contact Numbers- Chennai: 044-33667777, Kolkata- 03333667777, Mumbai-022-33667777, Delhi-011-33667777

You may register your concern by dialing their number 1800 200 3344 between 9 a m to 6 p m (Monday to Friday)

You can directly contact us through a mobile App

To Conclude: - ICICI bank provides decent multi-purpose personal loans to salaried (government or private) and self-employed professionals at attractive interest rates, loan tenure, and a good loan amount range to its customers

Need a Personal Loan?