ICICI Bank Personal Loan
Industrial Credit and Investment Corporation of India commonly known as ICICI Bank Limited is an Indian banking and financial company. Its headquarter is in Mumbai, Maharashtra and its registered office is located in Vadodara, Gujarat. ICICI Bank offers a huge varieties of financial services and banking products for both its retail and corporate customers. Based on the assets and market capitalization, ICICI Bank is the second largest bank in India. ICICI Bank has extended its specialization in areas like- life and non life insurance, investment banking, asset management and venture capital. Presently, the bank has around 4800 branches and 14,000 ATMs all over India.
To facilitate its customers with immediate financial aid, the bank provides personal loan. ICICI Bank provides personal loan with attractive interest rates and minimum documents.
Why choose ICICI Bank Personal Loan?
ICICI Bank Personal Loan is an unsecured loan to meet your financial needs. There is no pre-defined usage of ICICI personal loan. It is a multi-purpose loan. You can use the loan amount to meet any of your financial crisis. Also, you need not have to keep any kind of security or mortgage as a collateral to the ICICI Bank. You can easily apply for ICICI bank personal loan which involves minimum documentation and fixed interest rate. The processing of ICICI Personal loan is quite fast and the repayment tenure is from 12-60 months. Online apply for ICICI Personal Loan is also available.
ICICI Bank Personal Loan being a multi-purpose loan can be used for a number of purposes. Some of the usage of ICICI Personal Loan are-
- Any Medical Emergency
- Starting or expanding business
- Family Vacation
- Consolidation of debt
- Build or renovation of your house
- To buy any electronic gadget
- Financing education
- To finance any festival celebration
- Wedding purpose and much more
Here are some key points to choose ICICI Bank Personal Loan to meet a variety of your financial needs.
- ICICI Bank Personal Loan interest rate starts at 10.99%* which is quite low.
- There is no complicated paperwork. ICICI bank personal loan requires a minimum documentation.
- The process of online loan approval and disbursal is very fast for ICICI personal loan.
- No security or mortgage is required to apply for ICICI Bank personal loan.
- Also, you can apply online for ICICI personal loan.
- ICICI Bank personal loan provides flexible loan repayment tenure of 12-60 months.
Features of ICICI Bank Personal Loan
ICICI provides personal loan to salaried individuals to help them overcome their immediate financial crisis and fulfill your dream. Based on your loan repayment ability and credit history, the bank provides personal loan. As ICICI Personal loan is an unsecured loan, so the bank checks the eligibility criteria of the applicant before approving the personal loan.
Following are some of the unique features of ICICI Bank Personal Loan-
- You can easily apply online for ICICI personal loan.
- You can repay your loan through EMI or Equated Monthly Instalment.
- The interest rate of ICICI Personal loan is fixed and reduces on monthly basis.
- To avail the personal loan, you need not have to keep any security to the bank,
- ICICI Bank personal loan interest rate starts from 11.25%* which is quite low.
- A maximum loan amount of Rs. 40 lakhs can be availed to meet your financial need
- To get details on ICICI Bank personal loan eligibility and documents, you can check online.
- If you want to prepay your loan amount, then the lending institutions charge a prepayment charges. ICICI bank charges a minimum prepayment charges.
Types of ICICI Bank Personal Loan
Here are few types of ICICI Bank Personal Loan-
Medical Expense Loan
To meet any medical emergency, you can opt for personal loan. Medical Expenses are increasing rapidly today. To afford that cost, it might get very difficult for you. ICICI Bank personal loan helps you in this critical situation.
It requires a huge sum of money to start a new business or to expand the business. ICICI Bank makes it easy for you. With the help of their personal loan, you can use it to flourish your business.
You can opt for personal loan to finance your vacation without draining off your savings. In this way, your saving remains intact whereas you can easily finance your vacation.
To payoff your previous loan, you can easily go for ICICI Personal Loan.
Home Renovation Loan
To renovate and repair your home, you need to spend a lot of money. ICICI Bank Personal Loan helps you out in this matter. They provide loan with competitive interest rate.
Consumer Durable Loan
ICICI Personal loan helps you to stay updated by financing for your electronic gadget.
India celebrates several festivals round the year. To celebrate the festivals involves a good amount of monetary expenses. With the help of a personal loan of ICICI, you can easily celebrate the festivals without taking any monetary tension.
To carry out a wedding, usually a huge sum of money is needed. Instead of borrowing money from your relatives or friends, you can easily opt for ICICI Bank personal loan.
Eligibility Criteria to apply for ICICI Bank Personal Loan
To apply for ICICI Bank personal loan, you need to satisfy the eligibility criteria. You can check online for ICICI personal loan eligibility details.
Here, is the ICICI Bank Personal Loan eligibility criteria.
- To apply for ICICI personal loan, the minimum and maximum age limit must be 23 and 58 years respectively.
- Your minimum monthly income must be Rs. 20,000 per month and above.
- A salaried individual can apply for the personal loan.
- You must reside in the current address for a minimum of 1 year.
- You can apply for ICICI personal loan if you are a salary account holder of the bank or savings account holder. Moreover, if you have an asset relation with the bank for taking any home loan or car loan, you can easily apply for the personal loan.
- Also, if you have no relation with the ICICI Bank, then also you can apply for the personal loan.
- Your minimum job experience must be at least 2 years.
- Your CIBIL Score must be above 750.
ICICI Bank Personal Loan eligibility is summarized in the tabular format.
|Minimum Salary||Rs. 20,000|
|Current Residence||1 year|
|Job Experience||Minimum 2 years|
|CIBIL Score||750 or above|
Documents Required for ICICI Bank Personal Loan
To apply for ICICI Personal loan online, you need to submit a list of essential documents. Here is the list of ICICI Bank personal loan documents.
- Complete the loan application form.
- Passport size photograph (at least 2)
- ID Proof- PAN Card, AADHAR Card, Voter Card, Passport. (you can submit any one of the above-mentioned documents)
- Residential Proof- Any kind of Utility Bill like Electricity or Gas bill of not more than 3 months old, Passport, Leave and License Agreement. (you can submit any one of the above-mentioned documents)
- Salary slip of last 3 months.
- Bank Account Statement of last 3 months(where monthly income is credited)
- Form 16 of last 2 years.
ICICI Bank Personal Loan Interest Rates
ICICI Bank offers personal loan at attractive interest rates. To avail more details on ICICI Bank Personal loan rate, you can check online.
ICICI Bank Personal Loan Details-
|Rate Of Interest||11.25%*|
|Loan Amount||Rs. 50,000- Rs. 40 lakhs|
|Loan Tenure||12-60 months|
|Processing Fees||Up to 2.25%|
ICICI Bank personal interest rate gets affected by your net income, credit history, your repayment capability to approve for personal loan. Apart from these, there are other important factors that determine the interest rate.
The following important factors that affect ICICI bank personal loan rate-
Customers with a stable job are considered to be capable of secured repayment. So, as a result, the bank charges a low-interest rate on the personal loan.
Amount of Loan
Usually, ICICI charges a low-interest rate against the higher loan amount.
Tenure of Loan
You can repay your loan amount from a time period of 12-60 months. The loan repayment tenure affects the interest rate.
Mode of Salary
In order to apply online for the personal loan, your monthly salary must be credited to your bank account. But if you receive your salary by cash or by cheque, then you are not eligible and can’t apply for a personal loan.
The interest rate of the bank varies according to your monthly salary. If you have a high salary, then ICICI offers a low-interest rate on your loan amount.
ICICI Bank has categorized companies depending on the company ’s reputation, size of the company and the company’s present relationship with the bank. The bank charges a low-interest rate if you belong to the higher company category.
Relation with the bank
If you have an account in ICICI, or have previously taken any loan and repaid it successfully, then ICICI Bank charges a low-interest rate.
Your CIBIL score helps the bank to track your repayment track for any previous loan and your credit card bill payments. A high CIBIL score helps in securing a low-interest rate for your personal loan.
Types of Charges for ICICI Bank Personal Loan
Apart from ICICI Bank personal loan rate, the bank charges some other charges which you can check online. Here, is the list of charges for ICICI Personal loan.
|Types of Charges||Amount Charged|
|Processing Fee||Usually ranges from 0.99% to 2.25% per annum of the loan amount plus GST.|
|Part-Payment Charges||No such fee is charged|
|Prepayment Charges||Up to 5% per annum of outstanding principal plus GST|
|EMI Bounce Charges||Rs. 400 per EMI bounce plus GST|
|Late Payment Charges||24% per annum plus GST|
|Loan Cancellation Charges||Rs. 3000 plus the GST|
|Charges for Repayment Mode Swap||Rs. 500 per transaction plus the GST|
ICICI Bank Personal Loan EMI Calculator
You can easily evaluate your EMI online that you need to pay for your loan repayment with the help of Personal Loan EMI calculator. The EMI Calculator gives you the details of your monthly installments in future.
For evaluating the EMI online for the personal loan, you need to provide ICICI personal loan rate, ICICI Bank personal loan amount and ICICI Bank personal loan tenure.
Benefits of ICICI Bank Personal Loan
Here are some of the benefits of ICICI Bank Personal Loan-
- You can apply online for ICICI personal loan.
- There is no hidden charges for ICICI Personal loan.
- There is no need to keep any security as collateral to the bank against your personal loan.
- Many times you don’t opt for a personal loan because of huge paperwork. But with ICICI Bank, minimum documents are required to apply for the loan.
- ICICI Bank personal loan interest rate is fixed from the start of the loan tenure. So, the interest rates don’t change. So, your future monthly instalments do not vary and remain fixed.
- To help you with your loan repayment, ICICI Bank offers EMI facility. EMI is nothing but Equated Monthly Instalments. With the online EMI facility, you can easily repay your loan by paying a certain amount monthly.
- Those days were gone where you have to wait long for your loan disbursal. ICICI Bank disburses your loan very quickly.
- ICICI Bank personal offers 1 to 5 years to repay your loan. So, you can choose your loan repayment tenure as per your convenience.
- You can use a personal loan to satisfy any of your financial need. There is no pre-defined use of personal loan unlike car loan or home loan. So, in short ICICI Personal loan is a multi-purpose loan.