Check ICICI Bank Personal Loan

ICICI Bank Personal Loan

Know ICICI Bank Personal Loan Eligibility & Interest Rate

✓Minimal Documentation ✓Collateral Free Loans ✓Instant Loan Disbursal | Apply for Personal Loan Now!

**Disclaimer: ICICI Bank is not a Finserv MARKETS partner. Offers would be from partner Banks/NBFCs only.

 

ICICI Bank is a multinational bank offering its services to customers for almost six decades now. The bank offers personal loans to its customers up to Rs. 25 Lakhs for various purposes like home loans, wedding loans, etc. The repayment structure, loan tenure, and interest rate are different in every ICICI Bank Personal Loan.

ICICI Bank believes in delivering a hassle-free experience to its customers, where account holders with good credit scores and healthy account balances are eligible for ICICI Bank instant Personal Loans, pre-approved by the bank. Customers eligible for ICICI Bank instant Personal Loans can avail of this facility at every ICICI Bank branch in Indian or foreign land.

Key Features of ICICI Bank Personal Loans

  • Minimal Documentation

  • Pre-approved personal loans for quick process

  • Flexibility in the installment payment

  • Customized personal loans according to the diversity in financial goals

Benefits of ICICI Bank Personal Loans

There are various benefits with ICICI Bank Personal Loans -

  • Quick disbursal of the loan amount: In pre-approved ICICI Bank instant Personal Loans, the sanctioned loan amount gets disbursed in the applicant’s bank account in seconds. In other cases, the ICICI Bank transfers the loan amount as soon as the bank verifies and approves the application.

  • Flat Rate Interest: The ICICI Bank’s Personal Loan interest is calculated under the Flat rate interest method. Under this method, the interest rate remains constant for the entire tenure of the loan.

  • Online Tracking: The applicant can always track the status of their ICICI Bank Personal Loan application on their official website or mobile app. The applicant can also visit the nearest bank branch or contact customer support services for their ICICI Bank Personal Loan application.

  • Loan Tenure: ICICI Bank’s Personal Loan application specifically asks about the tenure of the loans. According to the fund requirement and repayment capacity, the applicant can choose a loan tenure from 1 year to 6 years.

ICICI Bank Personal Loan Eligibility

ICICI banks offer personal loans to salaried and as well as self-employed applicants. However, the ICICI Bank Personal Loan eligibility is different in both categories. There are certain parameters that an individual must qualify for ICICI Bank Personal Loan application:

Eligibility Criteria

For Salaried Applicants

For Self- Employed Applicants

Citizenship

The applicant can be an Indian citizen or NRI but should be financially operating in India to avail of ICICI Bank Personal Loan in India.

The applicant can be an Indian citizen or NRI but should be financially operating in India to avail of ICICI Bank Personal Loan in India.

Age

The applicant should age between 23 – 58 years to be eligible for ICICI Bank Personal Loan.

Under self-employed categories, the applicant must age between 28 – 65 years. In case the applicant is a doctor, the minimum age for ICICI Bank Personal Loan application is 25 years.

Income

The income generated by the applicant is in the form of salary. For semi-urban areas, the applicant should have a net salary of Rs. 17,500/-

For urban areas and metro cities, the applicant should have a minimum salary of Rs. 20,000/- and Rs. 25,000/- respectively.

For self-employed applicants, their firm must have a turnover of Rs. 15 Lakhs – Rs. 40 Lakhs with minimum profit Rs. 1- 2 Lakhs. The profit and turnover are categorically defined for every business and profession in the terms and conditions of ICICI Bank Personal Loans.

Work Stability

The applicant applying for ICICI Bank Personal Loan should be working as a salaried individual for a minimum of 2 years.

The applicant applying for ICICI Bank Personal Loan is successfully managing their business for 5 years or duly practicing their profession for 3 years.

Relationship with ICICI Bank

The applicant has been an account holder with the ICICI Bank for a minimum period of one year with a clean record.

The applicant has been an account holder with the ICICI Bank for a minimum period of one year with a clean record.

Documents Required for ICICI Bank Personal Loan

To apply for ICICI Bank Personal Loans, certain documents have to be submitted by salaried employees and self-employed applicants.

  • Salaried Employees Applicants

  • Passport - size photographs

  • Identity proof like Aadhar Card, PAN card, etc

  • Residential proof like Utility bills, rent agreement, etc

  • Last 3 months salary slips

  • Last 3 months bank statement

  • Self-Employed Applicants

  • Passport size photographs

  • Identity proof like Aadhar Card, PAN card, etc

  • Residential proof like Utility bills, rent agreement, etc

  • Last 2 year’s financial report for Income proof

  • Commercial Address Proof

  • Last 6 months bank statement

ICICI Bank Personal Loan EMI Calculator

To get an approximate idea about the ICICI Bank Personal Loans EMI patterns, you can use our EMI calculator. The Personal Loan EMI Calculator will calculate ICICI Bank's personal loan EMI as soon as you slide the details like loan amount, loan tenure, interest rate, and the processing fee charged by the loan on the slider. Once the details are selected in respective sliders. The screen will display the repayment calendar in detail. You can use the approximate interest rate of 10.50% per annum and 2.25% processing fees for ICICI personal loans to calculate ICICI Bank personal loan EMI.

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%

Your monthly EMI is

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest
Year Principal Interest Balance

How is ICICI Personal Loan EMI Calculated?

You can calculate the Equated Monthly Instalments (EMIs) of an ICICI personal loan with the help of the following formula:

 

ICICI Personal Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI is Equated Monthly Instalment,

P is the principal amount,

R is the monthly rate of interest, and

N will be the ICICI Bank Personal Loan repayment tenure (in months).

 

The above Personal Loan EMI formula should help you arrive at a near-to-accurate estimate of your ICICI Bank Personal Loan EMI amount.

ICICI Bank Personal Loan Interest Rate

ICICI Bank offers a variety of personal loans to its customers for different purposes. The rate of interest is different for every ICICI Bank Personal Loan.

ICICI Bank Personal Loan

Interest Rate per annum (starting rate)

Loan Amount

Home Renovation Loan

10.25%

Rs. 25,000- 25 Lakhs

Fresher Funding

10.50%

Rs 1.5 Lakhs

Wedding Loan

10.25%

Rs. 25 Lakhs

Holiday Loan

10.25%

Rs. 25,000- 25 Lakhs

NRI Personal Loan

15.49%

Rs 10 Lakhs

Top-Up Loan

10.50%

Rs.50,000 - 25 Lakhs

ICICI Personal Loan on Credit Cards

14 -16%

Rs. 20 Lakhs

How to Apply for ICICI Bank Personal Loan

To apply for ICICI Bank Personal Loan, you must follow these simple steps:

  • Go to the official website of ICICI Bank.

  • Click on the application for a personal loan and fill in all the primary details like name, age, occupation.

  • In the next step, fill personal loan details like loan amount, tenure, etc. Select the ‘Get Quotation’ option.

  • The bank will send an OTP on the registered mobile number. Enter OTP.

  • The bank will ask for some details to show to customize the most economical loan option. Select the offer according to your financial goals and needs. You can also connect with the support team for queries.

  • Once you select the loan offer, click on submit. The ICICI Bank Personal Loan team will connect with you.

FAQs

  • ✔️What is the maximum personal loan amount that can be sanctioned by ICICI Bank?

    The maximum amount sanctioned by ICICI Bank for Personal Loans is Rs.25 Lakhs.

  • ✔️Is there an age limit to apply for ICICI Bank Personal Loan?

    Salaried employees applying for ICICI Bank Personal Loans should age between 23- 58 years, whereas self–employed applicants must age between 28-65 years.

  • ✔️How much time is taken for the ICICI Bank Personal Loan to be approved?

    It generally takes 15 working days for the ICICI Bank to decide on personal loan applications. The bank also has an ICICI Bank instant Personal Loan option for emergency funding where the loan application gets approved in 2-3 hours or 2-3 working days.

  • ✔️How can I calculate ICICI Bank Personal Loan EMI?

    You can calculate ICICI Bank Personal Loan EMI online via the EMI calculator. The calculator will require details of the loan amount, tenure, etc., to calculate EMI within seconds.

  • ✔️How can I get in touch with ICICI Bank customer care?

    You can contact customer care services offered by ICICI Bank by contacting the toll-free number 1860-120-7777.

    The customer can also contact ICICI Bank major branches

    City

    Contact number

    Mumbai

    022-33-66-7777

    Delhi

    011-33-66-7777

    Kolkata

    033-33-66-7777

    Chennai

    044-33-66-7777