ICICI Personal Loan

Highlights

  • Avail ICICI Personal Loan at An Attractive Interest Rate of 10.99%
  • Get Flexible Tenures to Repay Your Loan Easily

Imagine a bank offering you personal loan interest rates as low as 10.99%. And, as far as loan repayment is concerned, enjoy the freedom of flexible tenure options that reduce your loan burden. Well, we are talking about an ICICI Personal Loan that can be availed by you in the simplest and fastest manner? Read the page below to know more features and benefits.

Personal Loan

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    ICICI Personal Loan Interest Rate October 2018

    If you are interested in availing a personal loan from ICICI Bank, it is important that you should know the interest rates offered by the bank. Currently, the lender is offering the personal credit facility at an interest rate of 10.99%-18.49% per annum to one and all. The rates offered by the bank are lowest, hence allow you to enjoy the pocket-friendly EMIs, which ultimately helps in reducing your loan burden.

    ParticularsDetails
    Interest Rate (Monthly reducing balance)10.99% - 18.49%
    Loan AmountUp to ₹ 40 Lakh
    Tenure5 Years
    Processing Fee₹999 -2.25% of the loan amount+ GST
    Prepayment Charges5% of principal outstanding + GST
    SecurityNot required

    ICICI Special Rates for Salaried Corporates

    If you are a salaried individual working in a top-notch company, you would be glad to know that the bank offers the special rates for you. Yes, salaried corporates can enjoy the attractive personal loan interest rates and list of other lucrative offers. Feel free to know more about corporate rates of ICICI Bank.

    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 lakh. 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 10.99% 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 Calculator 2018

    Want to know the exact calculations of your EMI and that too in the least time frame? Try using ICICI personal loan EMI Calculator online. This magical tool with its smart algorithms allows you to know the exact and accurate calculations of your EMI in a hassle-free manner. All you need to do is just enter-Loan Amount, Tenure and Interest Rate into the device and within few seconds it will fetch the accurate values by not only letting you know the EMIs but Interest Outgo as well.

    For your better understanding on ICICI Bank Personal Loan EMI Calculator Online below is a table showing the calculations of ₹5 Lakh 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

    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, 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. So, the eligibility criteria for ICICI personal loan is as follows:

    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 ₹ 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

    How to Apply

    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.

    Documents Required

    If a person wants to apply for a personal loan from ICICI bank, he/she must have the below essentials:

    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

    ICICI Personal Loan Apply Online

    Want to apply for an ICICI personal loan online but don’t know how? Well, nothing to worry as all you need to do is simply read this. An online application process is very simple and quick and allows you to get the required funds instantly to meet your various needs. The process involves an online application form which you need to submit at first by filling all the required personal and professional details. After receiving your application, the bank looks at your profile and after the thorough evaluation of the same will get in touch with you, offering you the loan.

    ICICI Personal Loan Login

    You can anytime login to your ICICI account by using your credentials. Yes, with the help of your login credentials such as ID and password, it is easy for you to check out all the activities of your account on the go. It is absoltely easy and quick to log in online and know each and every detail of your account without any hassle.

    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 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 thus can know whether your application has been approved, pending or rejected. Sounds great, isn’t it? And, it is that simple and easy.

    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. The executives are always there to help and support, you can anytime get in touch with them to get the best solutions. These executives with their friendly nature are always there to help and support you anytime.

    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 do a lot of savings as it allows you to enjoy low-interest rate along with pocket-friendly EMIs, hence reduces your overall loan burden. So, minimize your loan burden and enjoy a hassle-free loan journey with ICICI personal loan balance transfer.

    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 after the submission of 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 ₹15 Lakh Through ICICI Bank ATMs

    ICICI Bank is now giving instant disbursal of a personal loan up to ₹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 ₹15 Lakh and instant fund transfer to customer’s account.

    The customers, after completing the transaction for a balance inquiry or cash withdrawal, will be shown the option of availing the personal loan from the bank. The customers can visit any ICICI Bank ATM and need to follow the below steps to avail this credit facility.

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

    After completing this process, the loan amount will be transferred to customer’s account instantly. However, customers can also apply for an ICICI Personal Loan from Bank’s website, iMobile as well as from its branches.

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