ICICI Personal Loan of 8 Lakh

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Hepson Franklin
Hepson Franklin
Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.
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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

ICICI personal loan of 8 Lakh rupees is an unsecured loan. This means you can get the loan amount without securing your assets as collateral. Instead, the bank considers your credit score, income, repayment history, and other parenting factors regarding your creditworthiness and ability to repay. In addition, the digital application process allows you to apply for a personal loan online without leaving your couch. The entire application process takes approximately 10 minutes. Once you apply for a loan with the necessary documents, the money will be credited to your bank account within two days.

8 Lakh ICICI Bank Personal Loan – Highlights 

Loan Amount  8 lakhs
Maximum Loan Tenure Up to 7 years
2 lakh loan Interest Rate From 10.50% p.a.onwards
Type of Interest Rate Fixed Interest Rate
Collateral Requirement  NIL

8 Lakh ICICI Bank Personal Loan EMI for Upto 7 Years 

Loan Tenure Loan Amount  Interest Rate (p.a) EMI
1 Year  8 Lakhs 10.50% 70,519
2 Year  8 Lakhs 10.50% 37,101
3 Year  8 Lakhs  10.50% 26,002
4 Year  8 Lakhs  10.50% 20,483
5 Year  8 Lakhs  10.50% 17,195
6 Year  8 Lakhs  10.50% 15,023
7 Year  8 Lakhs 10.50% 13,489

Comparing 8 Lakh ICICI Bank Personal Loan 

Here’s a quick comparison of ICICI Bank’s loan of 2 lakh amount with other banks and NBFCs.

Bank Name  Maximum Loan Tenure Interest Rate (p.a)
Axis Bank  5 Years  13.70%
HDFC Bank  5 Years  13.86%
Bajaj Finserv  8 Years  13.00%
Moneyview   5 Years 16.00%

8 Lakh ICICI Bank Personal Loan – Fees and Charges 

The following fees apply to an instant 8 lakh loan from ICICI Bank.

  • Processing Fee: Upto 2.50% of the loan amount plus GST
  • Goods and Services Tax: 18% GST on all bank services
  • Other Charges: Loan cancellation charges, prepayment charges and others 

8 Lakh ICICI Bank Personal Loan – Documents Required 

The complete list of 8 lakh personal loan documents for ICICI Bank is given below:

  • Loan Application Form (2 attested passport-size photographs)
  • KYC Documents: Aadhar Card, Driver’s License, Passport, Voter’s ID, previous three months’ utility bills
  • Income Proofs: Last three months’ salary statements/ Last three months’ bank statements/ Balance sheet and P&L account 

8 Lakh ICICI Bank Personal Loan – Eligibility Criteria

The 8 lakh ICICI Bank personal loan eligibility is as follows:

  • Eligible Borrowers: Self-employed/ Salaried
  • Age: 20-65 years
  • Minimum Income/ Turnover: ₹30,000 per month/ ₹15-40 lakhs per annum 
  • Work Experience: 2 years in current job/five years in existing business
  • Number of years at current residence: 1 year
  • High credit ratings

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