ICICI Bank is one of the largest private sector banks in India with a wide range of products and customer-friendly services. ICICI Bank also facilitates personal loans for self-employed as well as salaried individuals. Any individual who is looking for an immediate finance and needs huge loan amount, ICICI personal loan is the best option that he/she can get. The bank gives personal loans with maximum loan amount up to ₹40 lakhs which is one of the highest loan amount available in the market today.
ICICI personal loans can be taken by both salaried as well as self-employed individuals and working professionals. With the flexible repayment option up to 60 months and low-interest rates starting from 11.59% p.a.and higher loan amount facility, a personal loan from ICICI bank is all that a personal loan seeker would want in a personal loan scheme. ICICI Bank Personal Loan scheme is here for times when there is an urgent need of money, be it a personal or professional one, like the business extension, family function, abroad travelling, foreign education, etc.
To know more about the lucrative scheme of the ICICI personal loan, read below:
|Interest Rate (Monthly reducing balance)||11.59%-22.00%|
|Loan Amount||For Salaried: Up to ₹ 20 lakhs. For Self-employed: Up to ₹ 30 lakhs For Doctors: Up to ₹ 40 lakhs|
|Processing Fees||Up to 2.25% of loan amount plus service tax|
|Prepayment Charges||₹ 100/- per schedule plus service tax|
A personal loan can be taken for any purpose be it a personal or a professional loan. However, it is very important to know the uniqueness of the personal loan offer. So, here are some of the main factors that make ICICI personal loan a unique one.
For personal loans, ICICI bank has set an eligibility criterion and the loan seekers who cover all these parameters can only eligible for a personal loan from the bank. For instance, the bank has different criteria for a salaried person and a different for a self-employed person. So, the eligibility criteria for ICICI personal loan is as follows:
|Salaried Individuals||Self-employed Individuals and Working Professionals|
A person who is looking for a personal loan from ICICI bank must have the below essentials:
|For Salaried Applicants||For Self-employed Applicants|
The process to apply for ICICI Bank personal loan is easy and quick with minimal documentation. Here are the steps to follow:
An EMI calculator is the tool which tells the monthly installment that a loan borrower is liable to pay to the corresponding loan provider institution. EMI is a fixed payment amount that a person is liable to pay to the lender every month. Equated monthly installments are used to pay off bot the sum of the interest and principal each month. In an EMI calculator, the below are details are mandatory to be filled:
Once the above details are mentioned in the calculator, a table showing the monthly installments, total interest outgo and total amount appears, similar to the example given below.
For eg., if a person is looking for a personal loan for ₹2 lakhs and has chosen the repayment period of 5 years, ICICI bank offered him at 11.59%-22.00% interest rate. Now, the below table shows how much is this person going to pay to the bank in the form of EMI and the total interest outgo for the loan amount he has taken.
Table for EMI per month, Total Interest Outgo and Total Amount
|Loan Amount (in ₹)||Interest Rate (p.a)||Tenure (in Years)||EMI (in ₹)||Total Interest Outgo (in ₹)||Total Amount (Principal + Interest) (in ₹)|
|2,00,000||11.59% - 22.00%||1||17731 - 18719||12777 - 24627||2,12,777 - 2,24,627|
|2,00,000||11.59% - 22.00%||2||9376 - 10376||25035 - 49015||2,25,035 - 2,49,015|
|2,00,000||11.59% - 22.00%||3||6604 - 7638||37736 - 74971||2,37,736 - 2,74,971|
|2,00,000||11.59% - 22.00%||4||5227 - 6301||50877 - 1,02,458||2,50,877 - 3,02,458|
|2,00,000||11.59% - 22.00%||5||4408 - 5524||64454 - 1,31,427||2,64,454 - 3,31,427|
|Year||Principal (in ₹)||Interest Outgo (in ₹)||Balance Amount (in ₹)|
|1||31344 - 24676||21552 - 41612||168656 - 175324|
|2||35177 - 30690||17719 - 35598||133479 - 144634|
|3||39479 - 38167||13417 - 28121||94000 - 106467|
|4||44305 - 47463||8591 - 18825||49695 - 59004|
|5||49737 - 59103||3175 - 7263||0 - 0|
The above table is the amortization table which shows the principal, interest outgo and balance amount for the last year of the tenure.
ICICI Bank calculates the final interest rate on the basis of MCLR and Base Rate. Presently, the present 1 Year MCLR rate of ICICI Bank is 8.95%. ICICI Personal Loan Interest Rates are one of the lowest personal loan interest rates in India with the rates from 11.59% per annum onwards.
Personal loans are unsecured loans i.e., there is no collateral required. The loan amount that is offered can be used for any legitimate purpose. Having such privileges makes a personal loan the most opted and beneficial one. ICICI Bank offers customized personal loans for self-employed as well as salaried keeping in mind the requirement of the customer.
Here are some of the features and benefits of taking a personal loan from ICICI Bank:
Now you can easily track the application status of your personal loan online. Yes, with ICICI Bank, you can anytime know the current status of your personal loan by just following a simple process online. All you need to do is just visit the site online, then enter your mobile number, followed by either date of birth or application number. Thus, with the help of doing so, you can track your loan application status within few minutes.
In case, you have any queries related to your personal loan, feel free to get in touch with the bank through its toll-free customer care number-1800 102 4242 between 9 am to 6 pm from Monday to Friday. You can dial this toll-free number any time in order to be in touch with bank, which basically helps in solving all your queries or concern for personal loan. The bank executives are always there to help and guide you in the best way possible.
Now you can easily transfer your outstanding balance in ICICI bank and avail plenty of other benefits. The bank comes to you with balance transfer facility, wherein you can anytime transfer your remaining outstanding balance to ICICI Bank, if you have paid 12 EMIs in your existing bank. Through this way, you can avail low interest rates on the same. While availing this facility, you can do a lot of savings as it allows you to enjoy low interest rate.
Well, to understand this thing in detail, let's take a look at an example below:
Suppose that you have borrowed a loan of ₹ 4,00,000 at the rate of 16.50% for 5 years. You paid EMIs (inclusive of interest) in that bank for 3 years. After that, you found a bank offering you the balance transfer option of the remaining outstanding amount at an interest rate of 11.49%, check out what would be your EMI and savings? EMI in the balance transfer option will come out to be ₹19,479, lower than ₹20,315 on the existing loan. Taking the EMIs into account, the balance transfer will yield a saving of ₹10,032 over the existing loan.
The turn around time for deciding a personal loan application in Axis bank actually depends upon the profile of individual. Yes, if your profile suits the bank, and your documents are complete, your loan can be approved within 72 hours after the submission of documents. But, for that make sure your application should be complete in all aspects and include all the necessary, right documents so that it will help you with the speedy approval of the loan.
ICICI Bank personal loan comes to you with certain fee and charges that you need to pay while availing the loan. There are various kinds of charges and fees that you need to pay to the bank, because then only the bank would be able to give you the required loan amount. For your reference, below is the table showing description of applicable charges.