ICICI Bank Personal Loan
ICICI Bank offers a wide array of personal loan schemes for its customers. These schemes help in covering up various financial needs, such as fulfilling the applicant'ss personal requirements. ICICI offers affordable repayments with low interest rates and minimal loan requirements. Most affordable personal loans start at 10.50% per annum. There is no restrictions on the way funds are used. Additionally, you get fast application processing.
Features and Benefits of ICICI Bank Personal Loan
- 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.
If you're considering taking out a personal loan, you should also think about the monthly instalments. An important factor to consider is the affordability of the repayments. Borrowers should avoid using a personal loan to get further into debt by living above their means or buying expensive items they won't be able to repay.
ICICI offers affordable repayments with low ICICI Bank Personal Loan Interest Rate and easy ICICI Bank Personal Loan requirements.
- Most affordable personal loans start at 10.50% 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.
ICICI Bank Personal Loan Eligibility Criteria For Self-Employed Individuals
- Professionals should have a turnover of a minimum of ₹15 lakhs and non-professionals should have a minimum turnover of ₹40 lakhs.
- Proprietorship firm/Self-employed individual should have ₹2 lakhs minimum profit after tax. Non-professionals should have ₹1 lakh minimum profit after tax.
ICICI Bank Personal Loan Interest Rate
The ICICI Bank Personal Loan interest rate is one of the most affordable and competitive in the market. The interest rate is less likely to be a burden on the borrowers. The ICICI Bank Personal Loan interest rate starts from 10.5% per annum and can go up to 19% per annum.
Factors Affecting ICICI Bank Personal Loan Interest Rate
- CIBIL/Credit Score: The three-digit CIBIL/Credit score is the foundation of every bank loan. A good score can help you acquire a low-interest personal loan but a poor score might result in you paying a high-interest rate or having your loan application refused.
- Loan Repayment Period: It is a good practice to analyse ICICI Bank the interest rate that they offer on the loan amount for various tenures.
- Applicant's Age: The greater the applicant's age, the higher the ICICI Bank Personal Loan interest rate. Since compared to older borrowers, younger borrowers of bank personal loans have a better likelihood of repaying the debt.
Miscellaneous Fees and Charges
|Credit facility Type||ICICI Bank Personal Loan Interest Rate and Charges Applicable|
|Personal Loan Interest Rates||10.5% per annum to 19% per annum|
|Charges for Loan Processing Charges or Origination (Non-Refundable)||Up to 2.50% of total loan amount + GST|
|Charges for Prepayment||5% on principal outstanding plus GST (for salaried customers)|
|Nil, if loan is closed using own funds (MSME classified customers)|
|Additional Interest on late payment||24% per annum|
|Charges for Repayment Mode Swap||₹500 per transaction plus GST|
|Charges for Loan Cancellation||₹3000 plus GST|
|Charges for EMI Bounce||₹400 per bounce plus GST|
Types of Personal Loans by ICICI Bank
ICICI Bank offers a wide array of personal loan schemes for its customers. These schemes help in covering up various financial needs, such as fulfilling the applicant’s personal requirements. Below listed are the different personal loans offered by ICICI Bank:
|NRI Personal Loan||To address the personal needs of Non-Resident Indians.|
|Top-Up Loan||A supplement to the existing loan with speedy processing and disbursement capabilities to meet the applicants' particular requirements.|
|Balance Transfer||Existing personal loans from other banks/NBFCs are transferred to ICICI Bank at a cheaper ICICI Bank personal loan interest rate.|
|New Personal Loan||Fill out your personal and professional information to be eligible for a loan and then choose a loan amount that meets your needs.|
|Fresher Funding||To cover the personal expenditures of new hires and freshmen.|
|Pre Qualified Loan||Personal loans online with a simple application process and speedy processing.|
|Flexicash||To provide a short-term quick credit or overdraft facility to ICICI Bank salary account holders to pay any unexpected costs.|
|Business Loan||Akin to a personal loan but tailored specifically to your company's needs.|
|Pre Approved Loan||Select ICICI customers can get an instant personal loan with a loan disbursement time of 3 seconds.|
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.
ICICI Bank Personal Loan Requirements for Salaried Individuals
- Proof of Identity (Passport, Driving Licence, PAN Card, Voter’s ID Card, Aadhaar Card)
- Proof of Address (Less than 3 months old Utility Bills, Passport, Licence Agreement, Leave Agreement, Lease Agreement)
- 2 passport size photos of the applicant
- Last 3 months bank statements (showing the salary and other income credits of the applicant)
- Last 3 months salary slips.
ICICI Bank Personal Loan Requirements for Self-employed Individuals
- Proof of Identity (Passport, Driving Licence, PAN Card, Voter’s ID Card, Aadhaar Card)
- Proof of Residence (Less than 3 months old Utility Bills, Passport, Licence Agreement, Leave Agreement, Lease Agreement)
- Office Address Proof
- Proof of Income
- Last 6 months Bank Statements
- Proof of Office Ownership
- Business Continuity Proof
How Does the EMI Calculation Work 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.
After entering the Loan Amount, Annual ICICI Bank Personal Loan Interest Rate, and Loan Tenure, the calculator will calculate the monthly EMI and total interest due until the loan is paid off.
ICICI Bank Personal Loan Customer Care Number
ICICI Bank has built an efficient customer service department to handle consumer enquiries, grievances, and complaints.
|Customer Care E-mail Address||[email protected]|
|Using Chatbot||Ask iPal on the official portal of ICICI Bank|
|Send SMS on||‘PL’ to 5676766|
You can also request a call back from the bank by visiting the official portal of ICICI Bank
From refinancing to reducing your interest, we have the answers right here.
Can I switch to a floating rate from a fixed rate during my loan tenor?
ICICI Bank offers a fixed ICICI Bank Personal Loan interest rate which is less likely to be converted into a flexible one. But if you have a good relationship with the bank, you can talk it out with the representatives.
Is opting for an ICICI Bank Personal Loan worth It?
A personal loan is a beneficial choice when you are lacking funds in some cases, such as a home renovation, trip with family, unexpected medical conditions, etc. Hence, the personal loan is a worthy choice to consider.
What is the minimum salary for an ICICI Bank Personal Loan?
The minimum salary of an individual should be ₹30,000 to avail a personal loan from ICICI Bank.
Does ICICI Bank have a fixed rate of interest on a personal loan?
Yes, ICICI Bank personal loan interest rate is a fixed value that starts from 10.5% per annum and can go up to 19% per annum, depending upon loan amount, tenure, the profile of the applicant, etc.
How to check personal Loan Status in ICICI Bank?
You can check your personal loan status through the loan application reference number on the official website of ICICI, calling the customer care services or by visiting the nearest ICICI Bank.
Does ICICI Bank Checks for CIBIL Score for Personal Loan?
CIBIL/Credit score is an important contributing factor that ICICI Bank considers. This score helps them to know the creditworthiness of the applicant and his capacity to repay the loan.
What is the maximum and minimum personal Loan amount I can get from ICICI Bank?
ICICI Bank offers loan amounts ranging from ₹50,000 up to ₹20 lakhs.
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