ICICI Bank Personal Loan

**Disclaimer: ICICI Bank is not a Bajaj Markets partner for Personal Loan. Offers would be from partner Banks/NBFCs only.

ICICI Bank has been offering its services to candidates for over sixty years now. The firm believes in delivering a quick and hassle-free experience to its clients. 

Consequently, prospective borrowers can apply for an ICICI Bank Personal Loan and get instant funds in a hassle-free manner. The financial institution offers personal loans to up to Rs. 25 Lakhs, depending on the applicant’s eligibility. 

ICICI Bank Personal Loan Interest Rates

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

Disclaimer: The details are subjected to changes as per financial institution’s policies. Please double check all the details before applying for a loan.

ICICI Bank Personal Loan Processing Fees & Other Charges

While applying for a personal loan, borrowers must also consider the processing fees and other additional charges. The table below illustrates the processing and the other associated costs while opting for an ICICI personal loan:   

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 in the borrower’s account within seconds. In all the other cases, the bank transfers the amount as soon as the loan application is verified and approved. 

• Customers can enjoy the benefits of flat ICICI Bank Personal Loan interest rates. This means that the rate of interest remains unchanged throughout the entire repayment tenure. 

• Candidates can easily track their personal loan status through the ICICI Bank mobile app or official portal. Further, individuals can also choose to visit their nearest ICICI Bank branches in order to get customer support services. 

• As per their repayment capabilities and financial goals, one 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 the 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: 

Documents Required for ICICI Bank Bank Personal Loan

An applicant will have to produce the following documents in order to apply for a personal loan from ICICI Bank: 

• Salaried applicants 

1. Passport-size photos 

2. Address proof, such as utility bills, rent agreements, and more

3. Identity proof, such as PAN card, Aadhaar card, and more 

4. Previous three months’ salary slips 

5. Previous three months’ bank account statements 

• Self-employed applicants 

1. Passport-size photos 

2. Address proof, such as utility bills, rent agreements, and more

3. Identity proof, such as PAN card, Aadhaar card, and more 

4. Last two years’ ITR 

5. Commercial address proof 

6. Previous six months’ bank account statements 

ICICI Bank Personal Loan EMI Calculator

Willing borrowers can use an ICICI Bank Personal Loan EMI calculator to evaluate their monthly instalments even before applying for this credit facility. Based on the principal loan amount, interest rate and total repayment tenure (in months), this customised tool will show the EMIs for the entered variables. 

How to Calculate EMI for ICICI Bank Personal Loans

One can calculate his/her monthly instalments for a 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 rate of interest charged by the ICICI Bank, and N is the total repayment tenure in months. 

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

How to Apply for ICICI Bank Personal Loan

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

• Step 1: Visit the official portal of ICICI Bank. 

• Step 2: Locate and select the personal loan application form and fill in all the basic details. 

• Step 3: Following this, provide your required loan amount and desired repayment tenure and hit the ‘Get Quotation’ button. 

• Step 4: You will receive an OTP on your registered mobile number. 

• Step 5: Once you 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, and a representative from the bank will get in touch with you to discuss the following proceedings. 

Comparison of ICICI Bank with Other Lenders

Disclaimer: The details are subjected to changes as per financial institution’s policies. Please double check all the details before applying for a loan.

Personal Loans Offered by Other Banks 

The table below shows the personal loan terms offered by some of the other lending institutions in India: 

ICICI Bank Personal Loan 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.