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:

ICICI Personal Loan Interest Rates Details

Particulars Details
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
Tenure 5 Years
Processing Fees Up to 2.25% of loan amount plus service tax
Prepayment Charges ₹ 100/- per schedule plus service tax
Security Not required

Why choose ICICI Personal Loan?

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.

  • Customized Personal Loans: ICICI bank offers customized personal loans for every personal loan applicant. The bank provides the maximum loan amount up to ₹ 20 lakhs for a salaried person, up to ₹ 30 lakhs for self-employed professionals and up to ₹ 40 lakhs for doctors. A person can also choose the loan repayment option between 12-60 months as per their convenience.
  • Alluring Rate of Interest: On personal loans, ICICI Bank offers the interest rate starting from 11.59% onwards.
  • Quick Loan Approval: With the option to apply online, ICICI Bank facilitated fast loan approval and disbursal making it time-saving and convenient to the customer.
  • Minimal Documentation: The documentation process involved in personal loans of ICICI bank is easy and hassle-free.
  • Cover Loan Liability: ICICI bank offers the Personal Loan liability with 'All Safe' Insurance to a personal loan applicant.
  • Instant E-Approval: Now, a loan applicant can apply online for a personal loan also and get instant e-approval for the successful online personal loan applicants.
  • No Collateral Required: There is no collateral (security) required to get a personal loan from ICICI Bank.

ICICI Personal Loan Eligibility

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
  • The age of the loan applicant must be between 23 years and 58 years
  • Minimum Net Monthly Income of the applicant should be ₹ 17,500/-
  • For Delhi & Mumbai applicants the minimum Net Monthly Income ₹25,000/-
  • For Bangalore, Chennai, Hyderabad, Kolkata or Pune applicants the minimum monthly income of ₹20,000/-
  • Minimum 2 years of work experience with at least 1 year of work experience with the current employer
  • The age of the loan applicant must be between 28 years and 65 years (Minimum 25 years for Doctors)
  • Minimum turnover of the business of the applicant must be ₹40 lakhs in case of non-professionals
  • Minimum turnover of the business of the applicant must be ₹15 lakhs in case of professionals
  • Minimum profit must be ₹2 lakhs for self-employed individuals and proprietors (tax excluded)
  • Minimum profit must be ₹1 lakh for non-professionals (tax excluded)
  • Minimum 5 years experience in business (3 years for doctors)
  • The applicants should have a relationship with the ICICI bank for a minimum of 1 year like an account holder or an existing loan customer wherein the loan is either running or would end in the initial 36 months of the loan tenure

Documents Required for ICICI Personal Loan

A person who is looking for a personal loan from ICICI bank must have the below essentials:

For Salaried Applicants For Self-employed Applicants
  • Signed loan application form with photograph
  • Identity proof- Copy of Passport/Voter ID Card/Driving License
  • Processing fee cheque
  • Latest 3 months bank statement (where salary/income is credited)
  • Last 3 months salary slips
  • Signed loan application form with photograph
  • Identity proof- Copy of Passport/Voter ID Card/Driving License
  • Processing fee cheque
  • Latest 6 months bank statement
  • Income proof with last 2 years audited financials

How to Apply for ICICI Personal Loan

The process to apply for ICICI Bank personal loan is easy and quick with minimal documentation. Here are the steps to follow:

  1. Fill up the loan application form with correct personal details like the name of the applicant/s, the income of the person who wants to take the loan and the profession, etc.
  2. On the basis of the above data, compare the rates and loan amount for which he/she is eligible.
  3. Now submit the form along with the required documents and submit online or to the nearest bank branch.

ICICI Personal Loan EMI Calculator

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:

  1. Loan Amount
  2. Tenure
  3. Rate of Interest

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

Amortization Table

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 Personal Loan Interest Rate

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.

Features of ICICI Bank Personal Loan

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:

  • Higher Loan Amount: ICICI Bank offers one of the highest quantum of money for a personal loan with the maximum amount up to ₹ 20 lakhs for a salaried applicant, up to ₹ 30 lakhs for a self-employed applicant and up to ₹ 40 lakhs for doctors.
  • Attractive Rate of Interest: With one of the lowest personal loan interest rates in the market, ICICI Bank offers personal loan from as low as 11.59% per annum. However, the rates and other charges are a subject to revision by the bank from time to time.
  • Flexible Tenure: A person who is taking a personal loan from ICICI bank can choose the loan repayment option between 12-60 months depending upon their convenience.
  • Online Loan Option: Now that everything is just a click away, ICICI Bank has made it easier for a person to apply for a personal loan by giving an option to the loan seeker to apply online for a personal loan.
  • Low Processing Fees: ICICI bank charges the processing fee on a personal loan is one of the lowest in the market. The processing fee for a personal loan is up to 2.25% of the loan amount.
  • Low Prepayment Charges: The prepayment charges on ICICI personal loan are lowest out of all the private sectors banks.

ICICI Personal Loan Customer Care Number

ICICI Bank has a support helpline and a person with any loan related query can contact on this 24X7 helpline number: 1800 102 4242.