ICICI Personal Loan

Highlights

  • Avail ICICI Personal Loan at Lowest Interest Rate Starting @ 10.99%*

  • Get Flexible Tenures to Repay Your Loan Easily

In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability.

Imagine a bank offering you a personal loan at interest rates as low as 10.99%. And, when you get the freedom of flexible tenure options, your job would only double. Well, we are talking about an ICICI Personal Loan that you can avail easily. Read the page below to know more features and benefits.

Personal Loan

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    ICICI Personal Loan Interest Rate April 2020

    You should 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 10.99%-18.49% per annum to eligible applicants. The rates are pretty low, thereby enabling repayment in pocket-friendly EMIs.

    ParticularsDetails
    Interest Rate (Monthly reducing balance)10.99% - 18.49%
    Loan AmountUp to ₹ 40 Lakh
    Loan 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’d be glad to know that the bank offers special rates on your loan. Yes, salaried corporates can enjoy attractive personal loan interest rates and 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 the wedding, education, medical treatment or even the business needs. 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 maximum loan amount up to ₹20 lakh. You can also choose the loan repayment option between 12-60 months as per your convenience.
    • Alluring Rate of Interest: ICICI Bank offers personal loans at interest rates starting from 10.99% 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 Calculator 2020

    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 ₹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

    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 ₹ 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 of applying 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 his/her profession, etc.
    2. Based on the above data, compare the rates and loan amount you are eligible for.
    3. Now submit the form along with the required documents online or at the nearest bank branch.

    Documents Required

    If a person wants to apply for a personal loan from ICICI bank, he/she must submit the following documents –

    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 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. The process involves an online application form which you need to submit first by filling all the required personal and professional details. After receiving your application, the bank evaluates your profile and calls you to authenticate your details.

    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 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 by dialing 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 offer you the help & support.

    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 & 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 ₹15 Lakh Through ICICI Bank ATMs

    ICICI Bank is now giving instant disbursal of personal loans 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 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.

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