ICICI Personal Loan

Why Opt for an ICICI Bank Personal Loan?

A personal loan from ICICI Bank is favored for its flexible terms, attractive interest rates, swift digital application, and minimal paperwork, providing hassle-free funding for diverse financial needs.

Key Advantages

• Has no restriction on the way funds are used.
• Collateral security is not required to avail the loan.
• Rapid loan disbursal process.
• Fixed ICICI Bank Personal Loan interest rate.
• Offers flexible loan repayment tenure.
• Minimum documents required for ICICI Bank Personal Loan.
• Easy ICICI Bank personal loan requirements.

ICICI Bank provides convenient repayment options, featuring competitive personal loan interest rates and easy eligibility criteria.

• ICICI instant personal loans start at 10.6% per annum.
• ICICI Bank has no restrictions on the way funds are used.
• Minimum documents are required with the fast processing of the application.

ICICI Bank Personal Loan Eligibility Requirements

These are the ICICI Bank personal loan eligibility criteria set by the bank for both salaried and self-employed individuals. These criteria are as follows:

• Should have attained the age of 23 and maximum age should be 58.
• Should be a resident or non-resident of India.
• Salaried individuals with a minimum salary of ₹30,000 per month.
• A working experience of a minimum of 2 years.
• Should have a good bureau score.
• Must have a savings account in any of the banks in India.

Interest Rates of ICICI Personal Loan

ICICI Personal Loan interest rate is one of the most affordable and competitive in the market. Currently, personal loan interest rates from ICICI Bank generally up to 10.6% to 16.5% per annum and depending on the product and applicant profile. Borrowers with good CIBIL scores or stable incomes are typically offered lower rates, while others may see rates closer to the higher end.

ICICI Personal Loan Fees and Charges

Types of Personal Loans by ICICI Bank

ICICI Bank provides a diverse range of personal loan schemes tailored to meet various financial needs. These personal loans cater to different situations such as personal expenses, business needs, and special circumstances. Below is an overview of the types of personal loans offered by ICICI Bank:

• NRI Personal Loan: Designed to meet the financial requirements of Non-Resident Indians with easy documentation and faster processing.

• Top-Up Loan: Allows existing ICICI Bank personal loan customers to avail additional funds quickly and easily to address their evolving financial needs.

• Balance Transfer: Lets customers transfer existing personal loans from other banks or NBFCs to ICICI Bank to benefit from lower interest rates.

• New Personal Loan: Available to salaried and self-employed individuals by providing personal and professional information and selecting a suitable loan amount.

• Fresher Funding: Supports new employees and fresh graduates with personal expenses by offering loans up to ₹1.5 lakh without hassle.

• Pre-Qualified Loan: Offers quick personal loans online with a simplified application process and faster approval.

• FlexiCash: A short-term overdraft facility for ICICI Bank salary account holders to cover unexpected expenses with quick access to funds.

• Business Loan: Similar to a personal loan but customized specifically for business or company requirements.

• Pre-Approved Loan: Selected customers can enjoy instant personal loans with disbursal within seconds, ensuring immediate financial support.

Apart from these options, ICICI Bank also provides a variety of personal loan schemes designed to suit different needs and situations, Check Now!

Documents Required for ICICI Bank Personal Loan

Both salaried and self-employed individuals need to furnish the documents required for ICICI Bank Personal Loan. Both the documents for salaried and self-employed are mentioned in the sections below.

How is the EMI Calculated for ICICI Bank Personal Loans?

If you take out a personal loan for a certain length of time, the EMI (Equated Monthly Instalment) is the monthly payment. Throughout the loan term, the EMI amount will be used to pay down both the Principal Loan Amount and the Personal Loan Interest until the loan is paid in full. The EMI will remain the same throughout the duration of the contract.

Let’s say Mr. Sharma needs ₹1,00,000 personal loan for some urgent expenses. He applies for a personal loan from ICICI Bank at an interest rate of 10.75% per annum and wants to repay it over 5 years.

Using the EMI calculation, his monthly payment will be around ₹2,162.

This fixed monthly EMI includes both the repayment of the ₹1,00,000 loan amount and the interest charged by the bank.

Over 5 years, Mr. Sharma will pay a total of about ₹1,29,708, which includes ₹29,708 as interest.

Knowing his EMI upfront helps Mr. Sharma budget his monthly expenses with confidence, ensuring he never misses a payment while clearing his loan comfortably within the tenure

How to Check and Apply for Instant Personal Loan Online from ICICI Bank

Here’s a simple step-by-step guide on how to check and apply for an instant personal loan online with ICICI Bank:

• Login – Access your account via ICICI NetBanking or iMobile Pay app.
• Navigate to Loans Section – Go to the Personal Loan option.
• Choose Loan Amount & Tenure – Select the loan amount and repayment period as per your needs.
• Review Offer – View applicable interest rate, EMI, and processing charges.
• Submit Application – Complete the process by uploading KYC and income documents.
• Instant Disbursal – Get funds credited instantly to your ICICI Bank account (for pre-approved customers).

How to Apply for ICICI Personal Loan Online via Urban Money

Apply for an ICICI Personal Loan online via Urban Money in just 3 simple steps – fill a quick form, verify your details instantly, and get expert loan assistance for fast approval and disbursal.

1. Fill a Quick Online Form
   Enter your name, mobile number, city, and basic loan details.

2. Get Verified Instantly
   Our system checks your eligibility and verifies your contact details in seconds.

3. Receive Loan Assistance
   Get a call from Urban Money Loan Experts within 24 hours to guide you through the ICICI Bank personal loan process.