ICICI Personal Loan

Table of Contents

A Personal Loan from ICICI Bank helps you meet your diverse financial needs during an emergency. It is an unsecured loan and can be used for marriage expenses, paying the medical bills, going for your dream vacation, or renovating your home. Irrespective of what your personal financial goals are, ICICI Bank Personal Loan offers you the perfect solution.

Avail of a Personal Loan of up to Rs 25 lakh and meet personal exigencies that can crop up anytime in life. The quick approval process of Personal Loans from ICICI Bank ensures you have an easy borrowing experience. Also, with our instant Personal Loan online services, you can get the funds within 3 seconds.

Type of ICICI Bank Personal Loan          

  1. Wedding Loan Starting
  2. Home Renovation Loan
  3. Holiday Loan
  4. Fresher Funding
  5. Top-up Loan   
  6. NRI Personal Loan

Features of ICICI Personal Loan

  1. Quick Loan Disbursal: ICICI Bank promises to credit the desired loan amount in your account within a period as short as 3 seconds. This feature is available for select customers upon completion of online verification and acceptance of the final offer
  2. Loan amount: ICICI Bank provides personal loans up to Rs. 25 lakh with flexible end-use. All one needs to do is apply online or visit any nearby branch to get their loan application processed
  3. Fixed Interest Rate: ICICI Personal Loan Interest rates start from 10.50% p.a.
  4. Minimal Documentation: The application process is hassle-free and requires minimal documentation, thus making it extremely easy and convenient for individuals who wish to apply
  5. Flexible Loan Tenure: The loan tenure ranges from 12 months to 60 months. Customers have the option to choose the loan tenure according to their feasibility
  6. Personal Loan Balance Transfer: With ICICI Bank, you can also opt for a Personal Loan Balance Transfer whereby anyone can reduce their EMIs by transferring their existing high-interest personal loan to ICICI bank at a lower rate

Benefits of Personal Loan

Apart from being the most reliable way to get funds for your immediate needs, availing of a Personal Loan has many benefits, which are:

  • Once your application is approved, the funds are credited to your account within three seconds.
  • We give you the flexibility to choose the loan tenure. You can apply for a loan from 12 to 72* months.
  • Our online services allow you to keep track of the application status and get any assistance you want 24×7.
  • Minimum documents needed.
  • The interest rate is fixed and it remains the same throughout the loan tenure.
  • You need not provide any collateral or security.
  • The benefits are applicable for select customers upon completion of online verification and acceptance of the final offer.

Personal Loan eligibility

At ICICI Bank, we are committed to making borrowing easy and accessible for all. We understand your needs, and therefore we have established the eligibility criteria based on simple parameters.

For salaried employees

  • You must be at least 23 years to be eligible for a Personal Loan and the maximum age limit is 58 years.
  • You must have a minimum monthly income of INR 30,000.

Fees and Charges

Maximum Loan Amount Rs.20 lakh
Tenure 12 months to 60 months
Interest Rate 10.99% to 16.25% p.a.
Processing Fees Up to 2.25% p.a. of the loan amount + GST
Prepayment Charges 5% p.a. of principal outstanding amount + GST
Loan Cancellation Charges Rs.3,000 + GST

Other Charges and Penalties

Additional interest on late payment 24% p.a.
Repayment mode swap charges Rs.500 per transaction + GST
EMI bounce charges Rs.400 per bounce + GST

Documents Required for ICICI Bank Personal Loan

If you are a salaried applicant, here are the documents you need to submit for a personal loan from ICICI Bank:

  • ID Proof: Any one of PAN card, driving license, passport, or voters ID
  • Residence Proof: Any one of passport, recent utility bills, or lease or rent agreement
  • Salary slips for the last 3 months
  • Bank statement for the last 3 months
  • 2 passport size photographs

Here are the documents required for ICICI Bank personal loans for self-employed individuals:

  • KYC Documents: ID proof, residence proof, proof of date of birth
  • Income Proof: Audited financial statements for the last 2 years
  • Proof of office or residence ownership
  • Proof of office address
  • Bank statements for the last 6 months
  • Proof of continuity of business

Personal Loan Verification Process

The following are key steps of the personal loan verification process after online submission of your personal loan application on FundsTiger.

Step1. FundsTiger will forward your loan application to your chosen lender and typically within 48 hours, you will receive a call from the lender’s representative.

Step2. The prospective lender will schedule the pickup of your KYC, income, etc. documents or provide an option to upload them online. These documents will be used to verify your application.

Step3. Once the lender’s verification is completed and your loan is approved, you will receive another call to verify the loan offer and ask for your consent for disbursal.

Step4. After loan approval and successful verification, the loan is usually disbursed within 48 hours.

Offline Application Process

Borrowers can also apply for ICICI Bank personal loan through offline mode by following the steps as mentioned below:

  • Visit the nearest ICICI Bank branch and fill in the application form with the loan amount required, your personal details, occupation information, and your contact number.
  • The bank representative will explain the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment, and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.

Check Your Personal Loan Application Status

The process to check your application status includes the following steps:

  1. Visit the official website of ICICI bank, Click on ‘Products’ and select ‘Personal Loans’.

2. On the next page that opens hereafter, click on ‘More’ and select ‘Check Loan Application Status.

3. Next, you can check your application status by entering details like your mobile number; date of birth and by either entering the OTP that you receive on your mobile number or via your application number.

How to get the best offer on ICICI Personal Loan?

You can get the best personal interest rates from ICICI Bank subject to an assessment of your loan amount, salary, other obligation company you work with, and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from ICICI:

  1. Loan Amount – This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amounts. ICICI Bank offers loans between ₹ 50,000 and ₹ 30 Lakh.
  2. Salary – Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
  3. Employer Category – ICICI Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on the company’s size, reputation, and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low-interest rate loans.
  4. Relationship with the Bank – ICICI Bank offers special rates, offers, and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of a low ICICI Bank loan interest rate.
  5. Loan Tenure – Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
  6. Repayment Capacity – Before giving a loan to the borrower, ICICI Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information on credit card bills payment.

Personal Loan interest rate

Whether you want to go on an exotic vacation or you want to pay your child’s university fees, you can get a Personal Loan at an affordable interest rate starting from 10.5%* per annum.

ICICI Loan Top Up

ICICI Bank Personal Loan Eligibility depends on various factors like the company you work for, income, work experience, credit score, and others. The eligibility parameters for a personal loan from ICICI Bank are:

  • Occupation: Salaried professionals who are working in Government, Private, MNCs can take a personal loan from ICICI Bank.
  • Age: ICICI Bank offers personal loans to salaried professionals within the age group of 23 to 58.
  • Minimum Income: The minimum income required to avail personal loans from ICICI Bank is ₹ 25,000
  • Minimum Work Experience: ICICI Bank checks current and total work experience to check the job stability of a borrower. The current work experience required to avail personal loans from ICICI Bank is 12 months while the total work experience required is 36 months.
  • Credit Score: Credit score is an important criterion to avail a personal loan. The minimum credit score needed to become eligible for personal loans is 650.