ICICI Bank Personal Loan: Features, Eligibility and Interest Rates

ICICI Bank is a leading and popular private sector bank in India. It offers a wide range of banking products to its customers. It also offers various types of personal loans especially crafted for their customers. This post discusses everything you need to know about ICICI Bank Personal Loan apply.

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ICICI Bank Personal Loan

This loan helps you meet your different financial needs during an emergency. It is an unsecured loan. You can use it for marriage expenses, paying the medical bills, for a dream vacation, or renovating your home.

You can avail of a personal loan of up to Rs.20 lakh to meet personal exigencies that can crop up anytime in life. With the quick approval process, you can get the funds within 3 seconds.

Features and Benefits of ICICI Personal Loan

1. You can get loans of up to Rs.20 lakh.

2. The quick approval process with minimal documentation.

3. Loans disbursal within 3 seconds after approval.

4. ICICI personal loan interest rate will remain the same for the entire tenure of the loan.

5. The flexibility to choose the tenure from anywhere between 12 to 60 months.

6. You can keep track of your application status and get any assistance you want 24×7.

7. There is no need to provide any collateral or security.

8. Calculate your EMI payments and compound Interest using the EMI Calculator.

9. You can it for any purpose as per your particular need.

10. You can avail this loan at attractive rates of interest.

Types of ICICI Bank Personal Loan

The following types of personal loans are offered by ICICI Bank.

1. Wedding Loan

2. Holiday Loan

3. Home Renovation

4. Top Up Loan

5. Fresher Funding

Eligibility for ICICI Personal Loan apply

The eligibility criteria for availing it is as follows:

1. Salaried:

Criteria	Salaried
Age	23 years to 58 years
Net salary	Salaried individuals with minimum monthly income Rs.30,000
Total years in current residence	1 year
Total years in job/profession	2 years

2. Self Employed:

Criteria	Self Employed
Age	28 years (self-employed individuals) and 25 years (for doctors); Maximum age – 65 years
Minimum turnover	Rs.15 lakh for professionals; Rs.40 lakh for non-professionals; as per audited financials
Minimum profit after tax	Rs.1 lakh for non-professionals and Rs.2 lakh for Proprietorship Firm/Self-employed Individuals as per audited financials
Business stability	At least 5 years in current business and minimum 3 years for doctors
Existing relationship with ICICI Bank	Minimum 1-year liability relationship (current or savings account) or Asset relationship either live or closed in the last 3 years; repayment track as required

Documents required for ICICI Personal Loan apply

The following documents required for ICICI Bank personal loan apply:

Documents required for salaried applicants:

1. Proof of Identity – Passport / PAN Card / Driving License / Voters ID (anyone).

2. Proof of Residence – Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (anyone).

3. Latest three months bank statement (where salary or income is credited).

4. Salary slips for the last three months.

5. Two Passport Size photographs.

Documents required for Self-Employed:

1. KYC Documents – Proof of Identity; Address proof; DOB proof.

2. Proof of Residence – Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (anyone).

3. Income proof (audited financials for the last two years).

4. Latest 6 months bank statement.

5. Office address proof.

6. Proof of residence or office ownership.

7. Proof of continuity of business.

ICICI Personal Loan Interest Rate & Charges

1. The ICICI Bank personal loan interest rate is 11.25% to 21.00% per annum.

2. The processing charges / origination charges up to 2.25% of the amount plus GST.

3. Repayment charges are 5% on principal outstanding plus GST.

4. Additional Interest on late payment is 24% per annum.

5. Repayment mode swap charges are Rs.500/- per transaction plus GST.

6. Loan cancellation charges are Rs.3000/- plus GST.

7. EMI bounce charges are Rs. 400/- per bounce plus GST.

Note: The bank revises the rate of interest and processing fee from time to time, at its sole discretion. To check the latest ICICI Personal Loan interest rate and charges, please click here.

How to apply for ICICI Bank Personal Loan?

You can apply for it in any of the following ways:

1. Through online mode. Please click here if you want to apply.

2. Alternatively, you can visit the nearest bank branch. The forms are available at the branches. You can fill the form and submit the duly filled form at the branch.

Final Thoughts

I hope now you know how to get ICICI Personal Loan. You can get instant money for a wide range of your personal needs such as home renovation, marriage, vacation, medical expenses, or any other emergencies. The quick approval process and minimum documentation ensure you have an easy borrowing experience. Therefore, make life picture perfect with ICICI Bank Personal Loan.