ICICI Bank

ICICI BANK PERSONAL LOAN

Years

Apply ICICI Bank Personal Loan @ 11.25%
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Interest Rate

11.25%-18%

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Processing fee

Upto 2999

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Loan Tenure upto

5 years

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EMI per Lakh

2,187

ICICI Bank Personal Loan Interest Rates

ICICI Bank is one of India's largest private sector banks in India. The Mumbai based bank provides a Personal Loan Disbursal within 3 Sec. ICICI Personal Loan is easily available without any security or collateral to ensure repayment of the loan amount. It is available in diverse variants and a hassle-free process. 

Interest Rates   11.25% - 22%
Loan Amount Upto 40 Lakhs
Tenure 1 Year to 5 Years
Loan Processing Fee Up to 2.55%% of the Loan amount
EMI Bounce Charges  400+ GST
Prepayment Charges 5% on principal outstanding + GST
EMI  2187 Per Lakh
 

Why ICICI Bank Personal Loan?

  • Attractive Interest Rate: ICICI Bank offers Personal Loans at an attractive rate of interest, starting from as low as 11.25% p.a.
  • Multipurpose Loan: With ICICI Bank, an applicant can use the Personal Loan amount to serve any purpose depending upon their needs.
  • Flexible Loan Tenure: Applicant can even get flexible loan tenure from 12 months to 60 months,  select loan tenure depending upon the loan amount and their repayment capacity.
  • Fixed Rate of Interest: ICICI bank provides for a fixed rate of interest throughout the loan period. This means that the applicant should not worry about the fluctuating interest rates and changes in the financial position of the economy. Fixed rate of interest will be charged on a monthly reducing basis.
  • Easy Repayment Structure: Applicants can repay their loan easily by setting up ECS, PDC or auto-debit for automatic repayment of equated monthly installment (EMI) every month.
  • Minimal Documentation: ICICI Personal Loan documentation process is minimal, easy and hassle free which reduces the processing time and enables them to disburse loan quickly.
  • Instant E-approval: ICICI Personal Loan is directly credited to the applicant's account through Fund Transfer.

Features and Benefits of ICICI Bank Personal Loan

  • Disbursal in 3 Sec: an applicant can get funds in their account in 3 seconds upon completion of online verification and acceptance of the final offer.

  • No Collateral Required: ICICI Bank Personal Loan can be availed easily without the need of any collateral or security deposit against the loan amount.

  • NO Prepayment Charge: Prepayment charges will be waived off if the prepayment against the loan is made after paying off 12 EMIs.

  • 24x7 Online Support

  • Simple documentation

ICICI Bank Personal Loan Processing Fees and Other Charges

Description  Charges applicable

Non-Refundable Loan Processing Fee/ Origination Charges

Upto 2.25% of loan amount + GST

Prepayment Charges

5% of principal outstanding + GST

Additional Interest on late payment

24% pa

Repayment Mode Swap Charges

500 per transaction plus GST

Amortisation Schedule Charges

200 per transaction plus GST

Statement of Account Charges

200 per transaction plus GST

Prepayment/ForeclosureStatement Charges

100 per schedule plus GST

Duplicate No Objection Certificate/ No Due Certificate

500 per NOC plus GST/ 200 per NDC plus GST

Prepayment/Foreclosure Statement Charges

200 per schedule plus GST

Duplicate Prepayment/Foreclosure Statement Charges

400 per bounce plus GST

Legal & Incidental Charges

At actual

ICICI Bank Personal Loan Eligibility Criteria

ICICI Bank offers Personal Loans to every applicant who fulfills the following basic eligibility criteria.

Eligibility Criteria for Salaried Individuals

Age

23 years - 58 years

Minimum Net Monthly Income*

  • 25,000 for Applicants Living in Mumbai & Delhi. 
  • 20,000 for Applicants Living in Chennai, Hyderabad, Bangalore, Pune & Kolkata. 
  • 17,500 for Applicants living in Other cities.

Minimum years in job/profession

2 Years

Minimum years in current residence

1 Year

*The minimum salary requirement differs depending on the profile (Type of employer, having a relationship with ICICI Bank etc.) of the customer.

Eligibility Criteria for Self Employed

Age

  • 28 years - 65 years
  • Minimum Age for Doctors - 25 years

Minimum Turnover

  • 40 Lakhs for Non-Professionals
  • 15 Lakhs for Professionals

Minimum Profit After Tax

  • 2 Lakhs (Proprietorship Firm/Self-employed Individuals)
  • 1 Lakhs (Non-professionals)

Business Stability

  • 5 Years (Current Business)
  • 3 Years (For Doctors)

Existing Relationship with ICICI Bank

  • 1 Year (Current Account/Savings Account)
  • Asset relationship (loan) either live or closed in the last 36 months

*T&C apply.

Documents Required for ICICI Bank Personal Loan

Type of Documents Salaried Individuals

Identity Proof

Any one of:

  • Passport
  • Voter ID
  • PAN Card (Mandatory)
  • Aadhaar Card (Mandatory)
  • Driving License

Residence Proof

Any one of:

  • Leave & License Agreement

  • Utility Bills (not more than 3 months old)

  • Passport

Income Proof

  • Latest 3 months' Bank Statement (where salary/income is credited)

  • Salary Slips for the last 3 months

Photographs

  • 2 Passport Size Photographs

Type of Documents Self-Employed Individuals

KYC Documents

  • Proof of Identity
  • Address Proof
  • Date of Birth Proof

Residence Proof

Any one of:

  • Leave & License Agreement

  • Utility Bills (not more than 3 months old)

  • Passport

Income Proof

  • Income proof (audited financials for the last two years)

  • Latest 6 months Bank statement

Other Documents

  • Office Address Proof

  • Proof of Continuity of Business

Types of ICICI Personal Loans

ICICI Bank provides different types of Personal Loans to cater to diverse requirements of customers and fulfil their needs. ICICI Bank provides a Personal Loan after taking into consideration the CIBIL score and several other factors. Listed below are the types of ICICI Bank Personal Loans:Benefits of ICICI Bank Personal Loan (Wedding / Marriage Loan)

Top-Up Loan

Customers who have already availed a Personal Loan from ICICI Bank can opt for a top up loan from the bank to meet their incremental financial needs.

Interest rates starting from 11.25% p.a.*

Simplified documentation

No security / collateral required

Quick processing and disbursal

*T&C apply.

Fresher Funding

With ICICI Bank Fresher Funding, any fresher can avail a Personal Loan up to 1.5 Lakhs on the basis of the first salary without any hassles. This loan is best for catering to an urgent small financial need.

Interest rates starting from 11.25% p.a.*

Avail loan of an amount up to 1.5Lakhs

Simplified documentation

No security / collateral required

Quick processing and disbursal

Can be availed by anyone from the age of 21 years

*T&C apply.

NRI Personal Loan

ICICI Bank brings Personal Loan exclusively for Non-resident Indian (NRI). NRI Personal Loan from ICICI Bank enables to fulfil all the needs, be it a dream wedding or renovating home.

  • Interest rates starting from 15.49% p.a.*
  • Avail loan of an amount up to 10 Lakhs
  • Simplified documentation
  • No security / collateral required
  • Quick processing and disbursal
  • Tenure up to 36 months
  • Applicant to be a resident Indian and the co-applicant NRI to be a close relative

How to Calculate ICICI Bank Personal Loan EMI?

MyMoneyMantra offers a unique and easy to use EMI Calculation Tool, which helps to calculate and analyse the Equated Monthly Instalments (EMIs) for all loans. It helps all the applicants to understand and compare the cost of loans offered by different banks and how ICICI Bank surpasses them all. EMI Calculator also helps to estimate the cost of ICICI Personal Loan and plan the budget accordingly.With this EMI Calculator available at MyMoneyMantra, an applicant is required to enter the amount and tenure they wish to apply for. The Calculator then calculates the EMI based on the applicable rate of interest and displays the EMI liability for the loan.

Why Apply for ICICI Bank Personal Loan on MyMoneyMantra?

Users can now apply online for ICICI Personal Loan through MyMoneyMantra. All you need to do is visit the Personal Loan section on the website, enter and submit a few required details, and choose ICICI Bank as your lending partner. Applying for a Personal Loan through us has following features and benefits for the customers:

Instant Eligibility Check Facility: The Loan EMI Calculator tool helps you check your Personal Loan eligibility within a few seconds. The tool gives you an accurate idea about what would be your estimated EMI.

Customized Quotes: The eligible loan applicants are offered instant quotes customized as per their CIBIL Score and with a discounted interest rate.

E-Approval Facility: The applicant gets an instant e-approval after successfully submitting their loan application and passing the eligibility criteria.

Hassle-free Documentation: MyMoneyMantra provides easy and hassle-free doorstep documentation pickup process which reduces the total turnaround time and helps customers to avail loan instantly.

Assured Privacy: We assure complete privacy for all ICICI Personal Loan applications made through us. We receive and send applications electronically to the concerned loan provider. Your information is always secure with us.

ICICI Bank Personal Loan Customer Care

ICICI Bank houses a reliable customer care facility for their customers. The customer care comes with high efficiency to answer Personal Loan related queries 24x7. Applicants can even get in touch with the zonal heads of different zonal offices and express the concern regarding ICICI Personal Loan. Alternatively, visit the ICICI Bank branch and sent an email to the bank with your query or complaint details.For any unresolved query, you may dial 1800 200 3344 between 9 a.m. to 6 p.m. from Monday to Friday.

ICICI Bank Latest News

ICICI Bank Extends Loan EMI Moratorium for One Month

Following RBI's directive on extending Covid-19 EMI Moratorium relief on term loans and credit facilities, ICICI Bank has today announced its decision to extend repayment deferment through its website. The bank has notified customers to opt for extension of EMI moratorium for one more month, i.e. up till 30 June. Read More

ICICI Bank Asks Customers to Opt for Moratorium Online

ICICI Bank has sent online messages to its retail loans and credit cards' customers to choose an option of EMI moratorium/ postponement for repayments falling due between March 1 to May 31, 2020.Read More

FAQs

How much time does ICICI Bank usually take to approve a Personal Loan?ICICI Bank provides approval within 72 hours which begins from the submission of complete documentation.

Can I foreclose my ICICI Personal Loan?

Yes, you can foreclose your ICICI Personal Loan by making a full prepayment of your Personal Loan after your 1st instalment. But, you will be required to pay standard pre-closure charges of 5% + GST.Part prepayment in case of ICICI Bank is not allowed. You can also visit ICICI Bank branch for prepayment of your Personal Loan.

What are the prepayment charges for ICICI Personal Loan?

The prepayment charges for ICICI Personal Loan is 5 % annual of the amount of principal outstanding loan + GST.

What are the Personal Loan processing fees charged by ICICI Bank?

ICICI Bank charges up to 2.25 % annually of the amount of the loan + GST as processing fee for its Personal Loan.

What are the interest rates levied by ICICI bank on Personal Loans?

ICICI Bank Personal Loan interest rates vary from 10.99% to 22% per annum. Interest rates tend to vary depending upon several factors like CIBIL Score, monthly income, age, and so on.

What is and maximum Personal Loan amount offered by ICICI Bank?

ICICI Personal Loan ranging from 50,000 to 40 Lakhs. Bank approve Personal Loan amount on the basis of your income, credit history, repayment history.

What are the minimum and maximum tenure available to repay ICICI Bank Personal Loan?

ICICI Personal Loan tenures ranging from 12 months to 60 months

Is any collateral or security required to avail ICICI Personal Loan?

No collateral or security required to avail ICICI Bank Personal Loan

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

Yes, The top up Personal Loan can be easily availed any time after the repayments of the first 12 EMIs. Top up Personal Loans are available with minimal formalities.

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