ICICI Government Employee Personal loan

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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.

The ICICI government employee personal loan is a quick and convenient credit option. Offering competitive interest rates and flexible repayment options makes this multipurpose personal loan more affordable and easy to repay. Eligible applicants can secure a loan of up to ₹50 Lakh without pledging any of their assets as collateral. Borrowers can also benefit from an easy online application process, which ultimately eliminates the need for back-and-forth bank visits and hassleful physical documentation. Moreover, the loan features lower processing fees, moderate eligibility criteria, and minimal documentation, further enhancing the overall appeal of this remarkable personal finance. Let’s scroll down to learn more.

ICICI Personal Loan for Government Employees – Highlights

Here are the key parameters of an ICICI government employee personal loan:

Interest Rates 10.65% p.a. onwards 
Processing Fees Up to 2.50% of the loan amount, plus applicable taxes
Loan Tenure 12 months to 84 months
Eligibility Both salaried and self-employed individuals

Compare Government Employees Loan From Other Bank 

Here is the comparison of ICICI government staff personal loans with other leading banks and NBFCs in India:

Lender Interest Rate (p.a.) Processing Fee Max. Loan Amount Max. Loan Tenure
ICICI Bank 10.65% onwards  Up to 2.50% of the loan amount  Rs 50 Lakh 7 years
State Bank of India 10.55% onwards Up to 0.75% of the loan amount Rs 35 lakh 6 years
Axis Bank 10.49% onwards Up to 2% of the loan amount Rs 40 lakh 7 years
HDFC Bank 10.50% onwards Upto Rs 4999 Rs 40 lakh 6 years
Union Bank 10.60% onwards 0.50% of the loan amount Rs 15 lakh 6 years
IDBI Bank 9.50% onwards 1 % of the loan amount Rs 5 lakh 6 years
Kotak Mahindra Bank 10.99% onwards Up to 3% of the loan amount  Rs 40 lakh 6 years
Tata Capital 10.99% onwards 3.5% of the loan amount Rs 35 lakh 6 years

ICICI Personal Loan for Government Employees

Here are the fees of an ICICI state employee personal loan:

Fee/Charge Amount
Processing Fee Up to 2.50% of the loan amount + applicable taxes
Prepayment Charges 3% of the principal amount + applicable taxes.
Additional Interest on late payment 24% per annum
Repayment Mode Swap Charges Rs 500/- per transaction plus applicable taxes
Loan Cancellation Charges Rs 3000/-plus applicable taxes
EMI Bounce Charges Rs 500/- per bounce plus applicable taxes
Non Maintenance of Mode of Payment (NMMP Charges) Rs 800/- (Plus applicable taxes or statutory levies, if any.)

ICICI Personal Loan for Government Employees – Documents Required

Here is the required documentation for an ICICI government employee personal loan:

  • Proof of Identity: Aadhaar card, PAN card, passport, voter ID, or driving licence.
  • Proof of Address: Utility bills, passport, ration card, or driving licence.
  • Proof of Income: Last 3-month salary slip, bank statement, or income tax return.

ICICI Personal Loan for Government Employees – Eligibility Criteria

The ICICI personal loan eligibility for government employees is as follows:

  • You must be aged between 20 and 58 years
  • You must have a minimum income of Rs.30,000 per month.
  • You must have a good credit score and repayment history.
  • You must have permanent employment at a Central or State Government organisation.

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Frequently Asked Question (FAQs)

Can a Government Employee get a personal loan From ICICI?

Yes, Government Employees can get a personal loan From ICICI, along with attractive interest rates and favourable terms.

How much ICICI personal loan can a Government Employee get?

The maximum loan amount a government employee can secure from ICICI Bank is ₹50 Lakhs.

What is the CIBIL score for Government Employees for ICICI?

A CIBIL score of 700 or higher is considered ideal to be eligible for an ICICI government employee’s personal loan.

How can Government Employees get loans in ICICI instantly?

Submit your application via the official Urban Money website. Following this, a specialised loan specialist will reach out to you regarding ICICI Bank and guide you throughout the process. Thus, you can anticipate the fund disbursement within a day.

Urban Money