ICICI Bank Personal Loan

Know Features, Benefits, Eligibility, Documents Required & Interest rate for ICICI Bank Personal loan

Salaried Individuals - Check your Loan eligibility!

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

ICICI Bank has been offering its services for over sixty years now. The firm believes in delivering a quick and hassle-free experience to its clients. As such, you can apply for an ICICI Bank Personal Loan and get instant funds in a hassle-free manner.

The financial institution offers personal loans of up to ₹25 Lakhs, depending if you fulfil the eligibility criteria. Read on to know about ICICI Bank Personal Loan details and how you can apply for one.

ICICI Bank Personal Loan Details

The ICICI Bank offers a variety of loans that you can utilise for various purposes, like purchasing a car, a dream home, etc. In fact, the ICICI Bank Personal Loan is one of the most sought-after loans on offer.

If you are looking to avail a personal loan, here are some details that you must know about it:

ICICI Bank Personal Loan Highlights
Interest Rate	10.25% to 16.00% per annum
Loan Amount	₹20,000 to ₹50 Lakhs
Loan Tenure	12 to 72 months
Processing Fees	Up to 2.50% of loan amount + GST

Disclaimer: The details mentioned are subject to change at the lender’s discretion.

ICICI Bank Personal Loan Interest Rates

ICICI Bank provides personal loans for various purposes. The table below shows the corresponding ICICI Bank Personal Loan interest rate charged for different purposes:

ICICI Bank Personal Loan	Rate of Interest per annum (starting rate)	Principal Loan Amount
Home Renovation Loan	10.25%	₹25,000 - ₹25 Lakhs
Wedding Loan	10.25%	₹25 Lakhs
Fresher Funding	10.50%	₹1.5 Lakhs
NRI Personal Loan	15.49%	₹10 Lakhs
Holiday Loan	10.25%	₹25,000- ₹25 Lakhs
Personal Loan on Credit Cards	14 -16%	₹20 Lakhs
Top-Up Loan	10.50%	₹50,000 - ₹25 Lakhs

Disclaimer: The details are subject to changes as per the financial institution’s policies. Please contact the bank and verify all the details before applying for a loan.

ICICI Bank Personal Loan Processing Fees & Other Charges

When you apply for ICICI Bank Personal Loan, consider the processing fees and other additional charges. The table below illustrates the processing and the other associated costs while opting for an ICICI Bank Personal Loan:

Processing charges	Up to 2.50% of loan amount + GST
Pre-payment charges	For salaried borrowers: 3% of loan amount + applicable taxes on the outstanding loan amount after the repayment of the 1st instalment. No charges if 12 or more instalments have been repaid. For MSE classified borrowers: No charges after repayment of the 1st instalment for loan amounts up to ₹50 Lakhs.
Loan cancellation fees	₹3,000 + GST
EMI bounce charges	₹400 per bounce + GST
Penal interest	24% per annum
Charges for swapping repayment modes	₹500 per transaction + GST

Disclaimer: The rates mentioned are subject to change at the lender’s discretion.

ICICI Bank Personal Loan EMI Calculator

Loan Amount

₹

Tenure

Months
Years

Rate of Interest

Monthly EMI

at % interest rate for months

Total Amount Payable

Principal Amount

Total Interest

Apply Now

Year	Principal	Interest	Balance

How is ICICI Personal Loan EMI Calculated

You can calculate the monthly instalments for the ICICI Bank Personal Loan by using the following mathematical formula:

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

In this formula,

P is the principal loan amount

R is the monthly rate of interest charged by the ICICI Bank

N is the total repayment tenure in months

The above-mentioned formula can help you calculate an approximate EMI value for the ICICI Bank Personal Loan.

Types of ICICI Bank Personal Loans

The ICICI Bank offers a variety of personal loans that you can use to cover the expenses of different purposes. Here are the different types of personal loans that the bank offers:

1. Wedding Loans

You can use this Wedding loan amount to cover the expenses of a marriage ceremony, like booking a wedding venue
The interest rates start at 10.25% per annum
You can avail of a loan amount ranging from ₹50,000 to ₹25 Lakhs

2. Home Renovation Loan

With the home renovation loan, you can get your home refurbished your house as per your choice
The interest rate starts at 10.25% per annum
The loan amount can be from ₹50,000 to ₹25 Lakhs

3. Holiday Loan

You can use this Travel loan amount to fund travel to your favourite destination
The starting interest rate is 10.25% per annum

You can avail of a loan amount ranging from ₹25,000 to ₹25 Lakhs

4. Fresher Funding

This is an ICICI Bank Personal Loan available for those starting a new job
The interest rates start from 10.50% per annum
You can avail of up to ₹1.5 Lakhs without putting up a collateral

5. NRI Personal Loan

It is a personal loan, especially for Non-Resident Indian (NRI) citizens
Interest rates start at 15.49%
You can avail of up to ₹10 Lakhs as loan amount

ICICI Bank Personal Loan Features & Benefits

Here are the salient features of opting for an ICICI Bank Personal Loan:

Minimal paperwork
Pre-approved offers for quick loan processing
Flexible repayment options

Customisable personal loans based on the financial goals of the borrower

Further, borrowers opting for an ICICI Bank Personal Loan can reap the following benefits:

For pre-approved personal loans, ICICI Bank sanctions and disburses the loan amount to your account within seconds
In all the other cases, the bank transfers the amount as soon as the loan application is verified and approved
You can enjoy the benefits of flat ICICI Bank Personal Loan interest rates, which remain unchanged throughout the entire repayment tenure
You can easily track your personal loan status through the ICICI Bank mobile app or official portal
You can also choose to visit your nearest ICICI Bank branch in order to get customer support services
As per your repayment capabilities and financial goals, you can opt for a loan repayment tenure of one to six years

ICICI Bank Personal Loan Eligibility

ICICI Bank provides personal loans to both self-employed and salaried individuals. Nevertheless, the eligibility parameters for both categories are different.

Here are the ICICI Bank Personal Loan eligibility criteria that an individual needs to meet to apply for this line of credit:

Eligibility Parameters	For Salaried Individuals	For Self-Employed Individuals
Citizenship	The borrower can be a citizen of India or an NRI. However, he/she must be working in India.	The borrower can be a citizen of India or an NRI. However, he/she must be working in India.
Age of the applicant	23 to 58 years old	28 to 65 years old (in the case of doctors, the minimum age can be 25 years old)
Income	₹17,500 for applicants from semi-urban areas, ₹20,000 for applicants from urban areas and ₹25,000 for applicants from metro cities	The firm should have an annual turnover of ₹15 Lakhs to ₹40 Lakhs with at least a profit of ₹1 Lakh to ₹2 Lakhs.
Work stability	Must have a work experience of at least two years	Must have a business venture for five years or have been practising their profession for at least three years
Relation with ICICI Bank	Must have an account with ICICI Bank for at least one year with no defaults and obligations	Must have an account with ICICI Bank for at least one year with no defaults and obligations

Documents Required for ICICI Bank Personal Loan

To apply for an ICICI Bank Personal Loan, you will have to furnish the following documents:

1. Salaried applicants

Passport-size photos
Address proof, such as utility bills, rent agreements, and more
Identity proof, such as PAN card, Aadhaar card, and more
Previous three months’ salary slips
Previous three months’ bank account statements

2. Self-employed applicants

Passport-size photos
Address proof, such as utility bills, rent agreements, and more
Identity proof, such as PAN card, Aadhaar card, and more
Last two years’ ITR
Commercial address proof
Previous six months’ bank account statements

How to Apply for ICICI Bank Personal Loan

In order to apply for ICICI Bank Instant Personal Loan, you need to follow these simple steps:

Step 1: Visit the official ICICI Bank Personal Loan webpage and click on “Apply Online”
Step 2: Enter the required loan amount and tenure
Step 3: Following this, provide your mobile number
Step 4: Wait to receive an OTP on your registered mobile number
Step 5: Enter the OTP, you can customise the personal loan as per your financial needs
Step 6: After selecting the loan offer, submit the application form
Step 7: A representative from the bank will get in touch with you to discuss the following proceedings

How Can I Get in Touch with ICICI Bank Customer Care?

In order to connect with ICICI Bank Personal Loan customer care, individuals need to dial the toll-free number, 1860-120-7777. However, for any unresolved queries, candidates can dial 1800-200-3344 between 9:00 a.m. to 6:00 p.m., from Monday to Friday.

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With ICICI Bank Personal Loan, one can get a loan amount of up to ₹50 Lakhs.

A salaried individual should be between 23 to 58 years of age to opt for an ICICI Bank Personal Loan. On the other hand, self-employed individuals must be between 28 to 65 years to opt for the same.

You can check the status of your ICICI Bank Personal Loan by using the ICICI Bank mobile app or through the official website. Further, you can also check the status of the loan application by calling on 1800 200 3344.

Usually, it takes around fifteen working days for an ICICI personal loan approval. Additionally, the financial institution also offers instant personal loans for emergency funding needs that get approved within two to three hours.

You can calculate the personal loan EMI by using the following mathematical formula:

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

Here, P is the principal amount, R is the monthly interest rate, and N is the total repayment tenure in months. Further, you can also use an ICICI Bank Personal Loan EMI calculator to determine your monthly obligations online.

ICICI Bank will offer you a top-up facility if you have made timely repayments of at least 12 EMIs. If you wish to visit this facility, you need to contact the customer care service or visit the nearest bank branch.