ICICI Personal Loan

Highlights

  • Avail ICICI Personal Loan at Lowest Interest Rate Starting @ 10.75%*

  • Get Flexible Tenures to Repay Your Loan Easily

Being one of the Big Four Banks of India, ICICI Bank offers you a personal loan at interest rates as low as 10.75%. Having its presence in 17 countries and more than 5000 branches across India, it enables you to avail loan from the comfort of your home and office. And, when you get the freedom of flexible tenure options, your job would only double. Read the page below to know more features and benefits.

Personal Loan

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    ICICI Personal Loan Interest Rates October 2020

    Applying for a personal loan is easy but you should always know the interest rates that ICICI Bank offers on your personal loan before you apply for it. The reason being the rate sets the tone of your loan repayment. Currently, the lender is offering personal loans at an interest rate of 10.75% - 18.49% per annum to eligible applicants. The rates are pretty low, thereby enabling repayment in pocket-friendly EMIs.

    ParticularsDetails
    Interest Rate10.75% - 18.49%
    Loan AmountUp to INR 40 Lakh
    Loan Tenure5 Years
    Processing FeeINR 1,999 - 2.25% of the loan amount+ GST
    Prepayment Charges5% of principal outstanding + GST
    SecurityNot required

    Why Choose ICICI Personal Loan?

    A personal loan can be taken for any purpose, be it the wedding, education, medical treatment or even the business needs. A personal loan from ICICI bank helps you meet your diverse financial needs and the quick approval process ensures you have an easy borrowing experience 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 loans stand out.

    • Customized Personal Loans: ICICI Bank offers customized personal loans for every applicant. The bank provides a maximum loan amount up to INR 40 lakh. You can also choose the loan repayment option between 12-60 months as per your convenience.
    • Attractive Rate of Interest: ICICI Bank offers personal loans at interest rates starting from 10.75% onwards.
    • Quick Loan Approval: The online application ensures the loan gets approved and disbursed quickly on to the account of individuals. This minimizes the time and effort of individuals while they apply for the loan.
    • Minimal Documentation: The documentation process 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 for a personal loan online and get an instant e-approval.
    • No Collateral Required: There is no collateral (security) required to get a personal loan from ICICI Bank.

    ICICI Personal Loan Top-up

    In case you are in need of more money apart from your existing personal loan, you can easily opt for a top-up on ICICI Personal loan. The ICICI personal loan top-up interest rate starts from 11.25% per annum. For this facility, you don’t need to submit any security or collateral. You can easily apply for it with minimal documentation.

    To get the top-up on your existing personal loan, you can either opt for a new loan that will cover both your current loan amount and the new fund needs or a new loan just for your new requirement. While repaying the loan amount, you will need to pay one full EMI for the total loan amount in the first case, there will be separate EMIs for existing and new loan if you opt for the second case. You can apply through Internet Banking, Mobile App, SMS banking. You can even visit the bank branch to apply for the said loan.

    ICICI Personal Loan Calculator

    Want to know the exact calculations of your EMI and that too in the least time frame? Consider using the ICICI personal loan EMI Calculator online. The smart algorithms of this magical tool allows you to know the exact EMI in a hassle-free manner. All you need to do is just enter the Loan Amount, Tenure and Interest Rate in the device, and within a few seconds, it will fetch the accurate EMI as well as the overall interest outgo.

    For a better understanding on ICICI Bank Personal Loan EMI Calculator Online , below is a table showing the calculations of INR 5 Lakh loan taken at an interest rate of 10.99% for 5 years.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 5,00,00010.99%1₹ 44,188₹ 30,262₹ 5,30,262
    ₹ 5,00,00010.99%2₹ 23,302₹ 59,238₹ 5,59,238
    ₹ 5,00,00010.99%3₹ 16,367₹ 89,212₹ 5,89,212
    ₹ 5,00,00010.99%4₹ 12,920₹ 1,20,176₹ 6,20,176
    ₹ 5,00,00010.99%5₹ 10,869₹ 1,52,123₹ 6,52,123

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 79,394₹ 51,030₹ 4,20,605
    2₹ 88,573₹ 41,851₹ 3,32,031
    3₹ 98,813₹ 31,611₹ 2,33,218
    4₹ 1,10,237₹ 20,188₹ 1,22,981
    5₹ 1,23,079₹ 7443₹ 0

    ICICI Personal Loan Eligibility Criteria October 2020

    For personal loans, ICICI Bank has set an eligibility criterion which one has to meet. For instance, the bank has different criteria for salaried and self-employed individuals. So, before you apply for this credit facility, it is better that you should know the same. You can also check your personal loan eligibility online. You can check the eligibility criteria of ICICI personal loan below.

    Salaried IndividualsSelf-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 INR 17,500 and above
    • 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 INR 40 lakhs in case of non-professionals
    • Minimum turnover of the business of the applicant must be INR 15 lakhs in case of professionals
    • Minimum profit must be INR 2 lakhs for self-employed individuals and proprietors (tax excluded)
    • Minimum profit must be INR 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

    How to Apply Online for ICICI Personal Loan

    Want to apply for an ICICI personal loan online but don’t know how to do so? Well, nothing to worry as all you need to do is simply read this. An online application process is very simple & quick and allows you to get the required funds instantly to meet your various needs.

    Step 1: Check Eligibility

    Use the EMI loan calculator to decide how much loan amount you are looking for and how much amount of you can afford to pay.

    Step 2: Provide basic details

    Next thing is to provide your basic details to check the available offer as per your profile.

    Step 3: Offer for you

    Basis you details bank will provide you an exclusive offer available for you with the complete details of loan amount, interest rate and tenure.

    Step 4: Application form

    Now you need to complete your application form by visiting the website and fill in you personal and professional details and submit the form.

    Step 5: Upload documents

    Now you just need to upload the documents as per requirement of the bank and you will receive the loan amount in your account.

    Here is the list of the documents you need to upload –

    For Salaried ApplicantsFor 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

    Can You Get a Top-up Loan on Your ICICI Personal Loan?

    Yes, you can. All you need to do is apply for a top-up loan at ICICI Bank. You will get the loan on your existing outstanding loan balance. The bank will consolidate the total loan by adding the top-up portion with the outstanding balance. It will thus charge interest on the consolidated loan amount.

    ICICI Personal Loan Login

    You can login to your ICICI account anytime using your credentials. Yes, with the help of your login credentials such as ID and password, it becomes easy for you to check out all the activities of your account on the go.

    ICICI Personal Loan Status

    Now you can easily track the application status of your personal loan online by just following a simple process. All you need to do is just visit the site, enter your mobile number, followed by either date of birth or the application number. After that, you can know whether your application has been approved, pending or rejected. Sounds great, isn’t it? And, it is that simple and easy.

    ICICI Bank Personal Loan Balance Transfer

    You can easily transfer your 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 save a lot as the low rates results in reduced EMI. This ultimately reduces your overall loan burden. So what are you waiting for? Use the ICICI Personal Loan Balance Transfer and minimize your loan burden.

    Instant Approval

    The approval for a personal loan application depends upon the profile of an individual. If your profile suits the bank and your documents are complete, you can get instant approval within 72 hours of submitting the documents. Yes, getting instant approval is that simple and a hassle-free process. With the help of availing the same, you can fulfill your varied personal needs instantly.

    Get Instant Personal Loan Up to INR 15 Lakh Through ICICI Bank ATMs

    ICICI Bank is now giving instant disbursal of personal loans up to INR 15 Lakh for a fixed tenure of 60 months through ATMs. Yes, that’s right! The existing salaried customers of the bank can get the personal loan amount directly in their account in a fully digital and paperless manner through ATMs. This facility enables the customers to get pre-qualified personal loan offers in their savings account immediately. By introducing this service, the main endeavor of the bank is to offer an improved customer experience decked with plenty of unique features such as smooth application in easy steps, based on pre-checked CIBIL score, plenty of loan amount options up to INR 15 Lakh and instant fund transfer to the customer’s account.

    Customers, after completing the transaction for a balance inquiry or cash withdrawal, can see the option of personal loan. They can visit any ICICI Bank ATM and follow the below steps to avail this credit facility.

    • Choose the required pre-approved offer. Varied loan amount options will flash on the screen, based on your eligibility.
    • Accept the auto-generated interest rate, processing fee and EMI amount
    • Confirm the displayed terms and conditions
    • Submit the debit card PIN

    After completing this process, you can get the loan amount on your account. However, you can also apply for an ICICI Personal Loan on the bank’s website, iMobile as well as its branches.

    ICICI Bank Moratorium Process

    You may apply for a moratorium process on your personal loans with ICICI Bank. ICICI bank has announced a moratorium on all personal loans for upto 6 months of EMIs to provide relief to customers in COVID 19 crisis. Please note that it is optional for the customers if you can continue to pay your loan EMI as normal if your funds allow you to do so.

    Below are the steps to follow if you want to opt for moratorium process –

    • Visit the ICICI Bank website or use the mobile app
    • Click on “choose your option” link and follow the subsequent steps.
    • On the application page, mention your registered mobile number.
    • After that enter your other details like date of birth, type of loan, your loan number and mention your EMI amount
    • Then make a decision and choose a suitable service
    • Click on the EMI deferment option that says I agree to pay the accrued interest on the outstanding balance
    • Click on the ‘Submit’ button
    • The bank will check the details thoroughly and process your moratorium request
    • You’ll be given a reference upon the successful completion of the process.on your registered mobile number and email address

    Please note that the interest (on the outstanding principal and interest thereon) will continue to accrue during the moratorium period and the tenure of the loan will increase. We suggest taking the decision after considering all the options you have. If you are in a position to pay the EMIs then keep paying on your due dates.

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