ICICI Bank Personal Loan

**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:

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.

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.

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.