ICICI Bank Personal Loan
ICICI Bank is not only the largest private sector banks in the country but also one of the largest facilitators of personal loans in India. ICICI Bank offers personal loans to help borrowers to ride over any immediate financial requirements. ICICI Banks understand that time is of paramount significance when faced with financial crisis and hence fast tracks all its personal loan applications resulting in quick loan approval and facilitation. Nominal documentation is required to apply for ICICI Personal Loan with a maximum loan limit of up to Rs. 20 Lakhs available for eligible borrowers. ICICI Banks personal loans do not require ant security or guarantor for personal loans. The money available through ICICI Bank personal loans can be used as per the individual needs and requirements of the applicant including medical expenses, foreign travel, home repair or renovation, wedding expenses or any other miscellaneous expenses.
ICICI Personal Loans are available for both salaried as well as self employed individuals and working professionals. ICICI Bank employs a quick loan approval system making sure that all personal loan requests are approved within 72 hours of submission of complete documentation.
The bank offers very lucrative interest rates for personal loans with a tenure period ranging between 12 to 60 months. ICICI Bank offers loan liability cover for personal loan applicants by insuring all personal loan liability with ICICI’s 'All Safe' Insurance.
Why choose ICICI Personal Loan?
Customized Personal Loans: Unlike a lot of other banks, ICICI Bank offers customized personal loans for every loan applicant. Everything from loan tenure to maximum loan amount is fixed as per the individual financial track record of the borrower. Salaried individuals can get a maximum loan up to Rs. 15 lakhs while self-employed individuals can get a loan up to Rs. 30 lakhs. For professionals like doctors and chartered accountants, the maximum personal loan limit is Rs. 40 lakhs and a flexible tenure of 12 to 60 months for all applicants.
Attractive Rate of Interest: ICICI Bank offers personal loans at an attractive rate of interest, starting with as low as 13.99% interest rate.
Fast Loan Approval: ICICI Bank facilitates quick loan approval and disbursal making it one of the most popular banks for personal loan applicants.
Minimal Documentation: ICICI Personal Loans do not require large documentation process and loans are facilitated after minimal documentation increasing the loan disbursal time substantially.
Cover for Loan Liability: In a unique benefit offered by ICICI Bank, all personal loan applicants can now insure their loan liability with an 'All Safe' insurance provided at no extra cost.
Instant E-Approval: ICICI Bank offers its users the advantage of applying for a personal loan online sitting at their home or office directly and through its partnering site BankBazaar.com The bank sends an instant e-approval for all successful online personal loan applicants in real time.
Features of ICICI Bank Personal Loan
ICICI Bank offer customized personal loans for every applicant, thereby making sure that each loan applicant gets the best deal. From low interest rates to quick loan approval and minimal documentation, ICICI Bank offers dedicated loan schemes for personal loans for self employed professionals, self employed non-professionals as well as salaried individuals. Some of the apparent benefits of ICICI Personal Loan include:
High Quantum of Loan: ICICI Bank offers one of the highest quanta of loan amount for personal loan applicants. Salaried individuals can attain a loan of up Rs. 15 lakhs while specialized working professionals like doctors 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.
Lucrative Rate of Interest: ICICI Bank offers one of the lowest interest rates for personal loans. The bank personal loan starts from as low as 13.99%. ICICI Bank however reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.
Online Loan Requests: ICICI bank has been one of the first banks to embrace technology and offers online loan requests from applicants. Personal loan applicants can apply for a loan by sitting in the comfort of their home and office through BankBazaar.com. After submission of online loan application, the bank sends an instant e-approval notice to the successful applicants.
Low Prepayment Charges: ICICI bank offers lowest prepayment charges for all personal loans as compared to other private sector banks in the country.
24/7 Customer Support: ICICI Bank has a dedicated customer support helpline for its loan department making it accessible for any query or requirement 24 hours a day.
ICICI Bank Personal Loan Interest Rates
Apart from the processing fee of up to 2.50%, the ICICI Bank personal loan will attract an interest rate between 13.00% and 18.00%. In the event that a person defaults on the repayment, an interest rate of 2% per month will be charged, which translates into a rate of 24% per annum. If someone decides to go in for the prepayment option then they may be charged an amount equal to 5% of the principal outstanding amount. It needs to be kept in mind that the rates of interest, and any other charges for services, are subject to change as per bank policies.
ICICI Bank offers lowest interest rates for its loan applicants. The bank can however change its Personal Loan Interest Rates from time to time as per its discretion.
| Rate of Interest | 13.99% to 18.00% |
| Loan Processing Charges / Origination Charges (Non-Refundable) | Up to 2.25% of loan amount plus Service Tax |
| Prepayment Charges | The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan. |
| Charges for late payment | 2% per month |
| Duplicate No Objection Certificate/ No Due Certificate | Rs. 500/- per NOC (inclusive of service tax) Rs 200/- per NOC (inclusive of service tax) |
* Current Service Tax applicable is 12.36%.
ICICI Bank Personal Loan Eligibility
ICICI Bank offers personal loans to all applicants fulfilling the basic eligibility criteria.
Eligibility Criteria for Salaried Individuals
If the applicant is a salaried individual then the following eligibility criteria will apply.
- The person applying for a personal loan from ICICI Bank must be of a minimum age of 23 years and a maximum age of 58 years.
- The person must have a monthly income of Rs.17,500 or more.
- If the person resides in Delhi or Mumbai then they must have a minimum monthly income of Rs.25,000 per month.
- If the person is a resident of Bangalore, Chennai, Hyderabad, Kolkata or Pune then they must have a minimum monthly income of Rs. 20,000 per month.
- The applicant must have a total of 2 or more years of work experience.
- They should also have a minimum of 1 year of work experience with the current employer.
| Age | 23 years - 58 years |
| Minimum Income | Salaried individuals with minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata) |
| Total years in job/profession | 2 Years |
| Years in current residence | 1 Year |
Eligibility Criteria for Self Employed Individuals and Working Professionals:
If the applicant is self-employed then the eligibility criteria for an ICICI personal loan will be as follows:
- The minimum age for self-employed individuals is 28 years old and the maximum age is 65 years.
- In case the applicant is a doctor then the minimum age is 25 years.
- The minimum turnover of the business of the applicant must be, as per audited financial statements, Rs. 40 lakhs in case of non- professionals and Rs. 15 lakhs in case of professionals.
- The minimum profit after tax should be Rs. 2 lakhs for self-employed individuals and proprietors while for non-professionals it has to be a minimum of Rs.1 lakh.
- The person applying for the loan has to have been in the current business for a minimum of 5 years. In the case of doctors, they need to have been in business for at least 3 years.
- The applicant also needs to have had a relationship with ICICI Bank for a minimum of 1 year. This could be in the form of a savings or current account or even in the form of a loan that is still being paid or was completed within the preceding 36 months.
| Age | 28 years (self employed individuals) and 25 years (for doctors); Maximum age - 65 years |
| Minimum Turnover | Rs. 40 Lakhs for non-professionals; Rs. 15 Lakhs for professionals; as per audited financials |
| Minimum Profit After Tax | Rs. 2 Lakhs for Proprietorship Firm/Self employed Individuals and Rs. 1 Lakhs for non-professionals as per audited financials |
| Business Stability | In current business for at least 5 years and minimum 3 years for doctors |
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