ICICI Personal Loan
Personal Loan Rates 2017 3928 views
ICICI offers the best personal loan in India with the interest rate as low as 11% p.a. You can avail the loan at flexible tenures, without any collateral. The bank with its simple and quick process ensures to meet the personal needs of one and all. Read the page further to know more about ICICI Personal Loan.
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Table of Contents
- 1 ICICI Personal Loan Interest Rate
- 2 Get Instant Personal Loan Upto ₹15 Lakh Through ICICI Bank ATMs
- 3 ICICI Bank Personal Loan EMI Calculator
- 4 ICICI Personal Loan Eligibility
ICICI Personal Loan Interest Rate
|Interest Rate (Monthly reducing balance)||11.00% - 18.49%|
|Loan Amount||Up to ₹ 20 Lakh|
|Processing Fees||Upto 2.25% per annum of loan amount plus GST|
|Prepayment Charges||5% per annum of principal outstanding plus GST|
Get Instant Personal Loan Upto ₹15 Lakh Through ICICI Bank ATMs
ICICI Bank is now giving instant disbursal of personal loan upto ₹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 upto ₹15 Lakh and instant fund transfer to customer’s account.
The customers, after completing the transaction for balance enquiry 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 on 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.
ICICI Bank Personal Loan EMI Calculator
An EMI calculator is the tool that is used to calculate the Equated Monthly Installment (EMI) on the loan. The personal loan calculator takes into account the basic details of your personal loan like the interest rate (monthly), tenure and the loan amount. On the basis of this, you can know in advance the details of your EMI, interest outgo and the total amount payable.
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 11% for 5 years.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
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. You can also check your personal loan eligibility online. 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
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:
- 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.
If a person wants to apply 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
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 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 Bank Personal Loan Application 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.
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.
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.
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 documents.
ICICI Personal Loan Status
It is easy to know the real-time status of your ICICI Personal Loan by simply visiting the bank site. You just need to login to your account and from there you can track your loan application in just a few seconds. It is quick, easy and one of the safest ways to know the current status of your ICICI personal loan application online.