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% 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 traveling, foreign education, etc. To know more about the lucrative scheme of the ICICI personal loan, read below:
Table of Contents
- 1 ICICI Personal Loan Interest Rates Details
- 2 Why choose ICICI Personal Loan?
- 3 ICICI Personal Loan Eligibility
- 4 Documents Required for ICICI Personal Loan
- 5 How to Apply for ICICI Personal Loan
- 6 ICICI Personal Loan EMI Calculator
- 7 ICICI Personal Loan Interest Rate
- 8 Features of ICICI Bank Personal Loan
ICICI Personal Loan Interest Rates Details
|Interest Rate (Monthly reducing balance)||11.00% - 18.49%|
|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 the loan amount plus service tax|
|Prepayment Charges||₹ 100/- per schedule plus service tax|
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% 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:
- 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.
- On the basis of the above data, compare the rates and loan amount for which he/she is eligible.
- 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:
- Loan Amount
- Rate of Interest
Once the above details are mentioned in the calculator, a table showing the monthly installments, total interest outgo and total amount appear, 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 the loan amount at an interest of 11% p.a. 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 Showing Repayment of EMI, Interest Outgo and Total Outflow Over the Loan Term Amortization Schedule of Loan Repayment
Total Interest Amount
Table Showing Repayment of EMI, Interest Outgo and Total Outflow Over the Loan Term
Amortization Schedule of Loan Repayment
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 offers the lowest personal loan interest rates with the rates starting from 11% and goes upto 18.49% per annum.
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 quanta 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% 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 Bank Personal Loan Application Status
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.
ICICI Personal Loan Customer Care Number
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 anytime in order to be in touch with the bank, which basically helps in solving all your queries or concern for a personal loan. The bank executives are always there to help and guide you in the best way possible.
ICICI Bank Personal Loan Balance Transfer
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. By doing so, 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 11.29%, check out what would be your EMI and savings? EMI in the balance transfer option will come out to be ₹9,342 lower than ₹9,834 on the existing loan. The difference between the total interest outgo on the existing loan (Old) and after the balance transfer (New) will be:
Old Total Interest Outgo- New Total Interest Outgo= ₹1,90,029-₹24,347= ₹1,65,682
Turn Around Time
The turn around time for deciding a personal loan application in ICICI bank actually depends upon the profile of an 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.