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About ICICI Bank Personal Loan

ICICI bank is one of the largest banking networks operating in India. Touted to be the next big thing in the Indian banking industry, the bank already has a huge loyal customers’ base across India. The features and benefits of availing personal loan from ICICI bank are:

  • You can get loan that you can use for different purposes.

  • The loan is available at a fixed rate of interest and it is charged on reducing basis over the tenure of the loan

  • The loan is available with flexible repayment duration up to 60 months

  • You need not provide any security or collateral

  • You can repay the loan in easy monthly installments as per your convenience

  • You can repay the amount through auto-debit

  • The documentation process is simple, easy and quick

  • The personal loan approval process is quick

  • You can directly transfer the loan amount through fund transfer

  • Loan is offered to every person who has a decent monthly income

  • You can avail loan for purchasing consumer durable item, going abroad for education, going for a family vacation, renovating your home, expanding your business, paying for your children’s wedding, etc.

ICICI Bank Personal Loan Eligibility Criteria

The eligibility criteria for availing personal loan varies from person to person depending on whether you are a salaried employee or self-employed professional.

For Salaried employees
  • You must be at least 23 years of age and maximum 58 years of age

  • You must have a net monthly income of Rs. 17,500. If you are living in metropolitan cities like Mumbai and Delhi, your monthly income should be Rs. 25,000 and if you are residing in cities like Hyderabad, Bangalore, Pune or Chennai your income should be Rs. 20,000/-

  • You must be working for at least 2 years and be living in your current residence for at least 1 year.

For Self-employed professionals
  • You must be at least 28 years of age and not more than 65 years old

  • The minimum turnover of your business should be Rs. 20 lakh per annum

  • You must be in your current business for at least 5 years

ICICI Bank Personal Loan Interest rate & other charges

  • At ICICI bank, you can get personal loan at 11.99% to 20% interest rate.

  • For getting your loan approved, you need to pay a loan process fees which is up to 2.50% of the amount you are applying for. Additionally, you would have to pay service tax as applicable at the time of application of your loan.

  • If you are looking to prepay the loan, you would have to pay a penalty of 5% on the outstanding amount

  • If you are late on the payment of your monthly installment you would have to pay a 2% late fees every month

ICICI Bank Personal Loan EMI Calculator

You can use our Personal Loan EMI Calculator tool to know the exact amount you would have to pay towards your loan repayment. You simply have to enter the total amount that you wish to avail, the interest rate and the duration for which you want to apply the loan and the tool would give you’re the exact number.

Documents required for ICICI Bank Personal Loan

  • Identity proof – Driver’s license, Passport/PAN Card/Voters ID

  • Residential proof – leave and license agreement, utility bills

  • Bank statement of last 3 months

  • Salary slip of last 3 months

  • 2 Passport-sized photographs

  • KYC documents

  • Proof of business ownership

  • Proof of continuity of business

  • Office address proof

What is the minimum and maximum amount of personal loan that I can get with ICICI Bank?

ICICI Bank offers one of the highest loan amounts for personal loan applicants. Salaried individuals can avail a loan of up Rs. 15 lakhs while self-employed professionals can get a personal loan of up to Rs. 40 lakhs. ICICI Bank offers personal loan according to the financial overview for each individual applicant.

What is the maximum tenure for which I can avail a personal loan with ICICI Bank?

ICICI Bank offers personal loans with a tenure period ranging between 12 to 48 months and in some cases it can be extended for up to 60 months.

What are the interest rate and processing fees?

The interest rate varies from 11.49% to 18.49% depending upon your amount. The processing fees are between Rs.1149 to 2.5% of the loan amount.

What are the pre-closure criteria?

The pre-closure charges are typically low for ICICI Bank when compared to other private banks in the country. The bank levies a penalty of 5% of overall principal outstanding on pre-closure of personal loans. You have to pay an additional Rs.100 to get the prepayment/foreclosure statement charges. Prepayment is possible on payment of at least 6 EMIs. Borrowers cannot part prepay their loans.

Is there a top-up option for the personal loan?

Yes, you can opt for a top up loan with minimal formalities once you have received a personal loan from ICICI Bank. The top up loan can be availed any time after the payment of the first 12 EMIs.