Life’s uncertain situations can crop anytime and to meet the immediate monetary assistance, one can go for Personal loans. While you take care of your life’s unexpected demands, ICICI Bank Personal loans have your back.
Personal loan is most popular amongst masses, to avail immediate cash, in times of monetary shortfall. Personal loans have emerged as a great way, in the past decade to fund for urgencies, which otherwise becomes a challenge with regular income. ICICI Bank Personal loan Interest Rates are best in the market which offers user friendly EMI’s to its customers.
You can apply Personal loans from ICICI Bank upto Rs 20 lakh to meet your immediate financial requirements. All you have to do is either apply online or visit your nearest bank branch. You will have to fill up the application form, with all necessary documents in place.
You can also apply Personal Loan for fulfilling your other requirements, like home renovation, to plan a dream wedding, consolidate your credit card bills and other debts, traveling to places, fund for higher education, to expand your existing business, to pay medical bills, to provide for down payment etc. Personal loans have an added benefit of getting quick cash within a minimum time frame, with no collaterals to be put up as security.
Applying for Personal loan has become easy, with the launch of Online Services. The bank have made the process, simpler in terms of user accessibility. From the comfort of your home, you can apply the loan and even get the approval, if it meets the criteria. With just few clicks, even the first-time user can go ahead and upload the documents required for filing the application of loan.
You can click on the segment of Apply Personal Loan, on the website. Step by step, fill the details as demanded on the platform to derive the eligibility of your loan. Once all the details are filled, it will ask for uploading all the necessary documents. If it meets all the necessary requirements, the loan gets disbursed in 2-3days.
Features and Benefits of ICICI Bank Personal Loan
- After you apply for Personal loan with ICICI Bank and all documents are in place, it gets approved in three seconds.
- The interest rate of ICICI Bank Personal Loan, will remain same throughout for your chosen tenure of the loan.
- The entire loan application process is hassle free.
- You will have to provide minimum documentation to file your loan application.
- You have the option of choosing flexible repayment tenures.
Eligibility Criteria to Apply for Personal Loan
| Criteria | Salaried |
| Age of the Applicant | 23-58 years |
| Net Income | Minimum Rs 17,500.(Rs 25,000 for Mumbai and Delhi Applicants)(Rs 20,000 for Chennai, Hyderabad, Bangalore, Pune, and Kolkata Applicants) |
| Job Stability | 2 years |
| Years in Current Residence | 1year |
| Criteria | Self Employed |
| Age of the applicant | 28 years for Self Employed Individuals, 25 years for Doctors. The maximum age limit is 65years |
| Minimum Turnover | According to audited financials, Rs 40lac for non professionals, and Rs 15lac for Professionals |
| Minimum Profit after Tax | Rs 2laks for Self Employed individuals or Proprietorship firms(as per audited financial sheets), Rs 1 lakh for non professionals, |
| Business Stability | Minimum 3years for Doctors, and 5years for others. |
| Existing Relationship with ICICI Bank | Minimum 1year liability relationship (Savings or Current Account) or Asset Relationship either running or closed in last 36 months. Repayment track required. |
Interest Rates for ICICI Bank Personal Loans
| Type of Credit Facility | Rates and charges applicable |
| Interest Rates | 11.25% to 22% per annum |
| Processing Fee | The bank charges upto 2.25% of loan amount + GST as PF |
| Prepayment Charges | 5% of Outstanding Principal + GST |
| Late Payment Charges | 24% per annum |
| Repayment Mode Swap charges | The bank charges Rs 500 per transaction plus GST |
| Cancellation Charges | The bank charges Rs 3,000 + GST |
| EMI Bounce Charges | The bank charges Rs 400 per bounce + GST |
Documents for Salaried Individuals
- 2 Passport Sized Photograph
- Identity Proof
- Residence proof
- Salary Slips past 3months
- Bank Statement for last 3months
Documents for Self Employed Individuals
- 2 Passport sized photographs
- Identity Proof
- Residence Proof
- Income proof- Audited Financial statement for last 2 years
- Document proof for Office Address
- Bank statement for last six months
- Business Continuity Proof
Availing a Personal Loan can be a smart decision to meet financial commitments, during times of need. However, it is recommended to weigh the scenarios where you will apply for Personal loan only for the amount which you need most, and not for how much you are eligible.
You can check your eligibility for Personal loan by using the EMI Calculator. With the EMI Calculator, all you need to do is enter the loan amount, you are seeking for through Personal loan and the tenure. The EMI Calculator then calculates your EMI based on the applicable rate of interest. It will then display in front of you the instalment amount which you will be required to pay, if you apply for Personal loan. This will assist you in making an informed decision, for how much loan you will apply for, how much it would cost and the instalments you will be paying monthly apart from your other expenses ICICI bank personal loan interest rate is the most attractive interest rate, which they offer in the highly competitive market.
Benefits of availing Personal Loan
Easy to avail – To make it more accessible for users to avail the benefits of Personal loans, the eligibility requirements have fallen considerably. You will be eligible for loan, if you have a decent job and a stable income.
Multipurpose Loan – One of the biggest benefits of Personal loans is its multipurpose usage. It is one loan, that fits in many circumstances. You can utilize the funds, the way you want, which is unlikely the way in case of other loans. Whether it is for funding a higher education, to pay off consolidating debts, for remodelling your home, to expand your business, to visit exotic locations or to purchase your dream gadget, you can use it for any reason of your choice.
Repayment Flexibility – To make it more convenient for the borrower, Personal loan is now available at highly attractive interest rate and can be availed for upto 5 years. It gives you the flexibility to repay the loans with user friendly monthly instalments.