EVERYTHING YOU NEED TO KNOW ABOUT THE ICICI BANK PERSONAL LOAN

ICICI Bank's Personal Loan can assist you fulfil a variety of financial needs in an emergency. It's an unsecured loan that can be used to pay to manage your wedding expenses, medical emergencies or if you are looking for a dream vacation and home renovations, ICICI personal loan can help you with all your needs. You can take out a Personal Loan of up to Rs 25 lakh to fulfil your personal needs that arise at any time.ICICI personal loan provide a speedy approval process, ensuring a simple borrowing experience. Additionally, with the unique Insta Personal Loan or pre approved loan services, you can receive funds in as little as 3 seconds. This feature is exclusively available for the existing customers of ICICI bank.

Benefits and Features of ICICI Personal Loan

Taking out a Personal Loan from ICICI has a number of advantages 1. Within three seconds of your application being approved, the money is credited to your account. This service is known as the Insta Personal Loan. 2. ICICI Bank gives you the option of choosing the loan term. You can apply for a loan with terms ranging from 1 to 6 years. 3. The online services of ICICI bank allows you to keep track of the status of your application and receive any assistance you require anytime. 4. The bare minimum of paperwork is required. 5. The interest rate is fixed and will not change over the loan period. 6. You are not required to offer any type of collateral or security as it is an unsecured loan.

Eligibility Criteria to get ICICI Bank Personal Loan

For salaried individuals

1. Age range: 23 to 58 years. 2. Salaried individuals with a minimum monthly income of Rs.30,000 (net salary). 3. Two complete years required in the job/profession 4. One calendar year spent at your current home

For self employed individuals

1. Maximum age - 65 years and minimum age is 28 years for self-employed individuals and 25 years for doctors. 2. Non-professionals must have a minimum turnover of Rs. 40 lakh, while professionals must have a minimum turnover of Rs. 15 lakh, according to audited financials. 3. The minimum profit after tax for proprietorship firms/self-employed individuals should be Rs. 2 lac and for non-professionals, it should be Rs. 1 lac. 4. Stability in present business for at least 5 years, and for doctors for at least 3 years. 5. Existing ICICI Bank relationship - Minimum one-year liability relationship (current or savings account) or asset relationship (loan) should be there in the last 36 months, either live or closed; as the repayment track is needed

Charges and Rates of ICICI Personal Loan

Interest Rates

10.50% to 19%

Processing charges

2.25% of the loan amount + GST

Loan Tenure

Upto 6 years

Maximum Amount

Upto 25 lakhs

Prepayment charges

5% of the outstanding principal plus GST (for salaried customers) If the loan is paid off with personal cash, the penalty is nothing (MSME classified customers)

Additional Interest on Late payment

24% p.a Loan cancellation charges 3000 INR + GST EMI bounce charges 400 INR + GST

Documents Required to avail ICICI Personal Loan

For salaried individuals

1. Identity Proof : Passport, driver's licence, voter's ID, and PAN card are all acceptable forms of identification (any one) 2. Proof of Address: Leave and License Agreement / Utility Bill (during the last three months) / Passport (any one). 3. Bank statement of the previous three months (where salary/income is credited). 4. Salary receipts for the previous three months. 5. Two passport size photos

For self employed individuals

1. Documents Required for KYC: Proof of identity, proof of address, and proof of date of birth. 2. Proof of Address: Leave and License Agreement / Utility Bill (during the last three months) / Passport (any one). 3. Proof of income (audited financials for the last two years). 4. Bank statement from the previous six months. 5. Proof of office address. 6. Proof of ownership of a home or business. 7. Evidence of the company's long-term existence. You can avail the ICICI bank personal loan by visiting the branch with the required set of documents. If you are an existing customer of ICICI bank, then you can directly access the imobile application or visit the bank website to know about icici bank personal loan interest rate, fill your details and get quick loan approval.