When you need money for a big purchase or unexpected expense, a personal loan can be a helpful way to get the funds you need. But with so many lenders out there, it can be hard to know where to start.
If you’re looking for a personal loan, ICICI Bank is a good option to consider. With competitive interest rates and a wide range of loan amounts available, they can offer something that fits your needs. Plus, their online application process makes it easy to get started.
ICICI Bank Personal Loan Highlights
| Interest rate | 10.75% p.a. onwards |
| Loan Amount | Up to Rs 50 lakh |
| Tenure | 1 to 6 years |
| Processing Fee | Up to 2.50% of the loan amount |
ICICI bank personal loan is one of the most popular products offered by the bank. It is a great way to finance your personal needs. The interest rate on ICICI bank personal loans starts from 10.75% p.a. The minimum loan amount is Rs. 50,000 and the maximum loan amount is Rs. 50 lakh.
This loan can be used for various purposes, such as medical expenses, travel, education, or even to consolidate debt. You can repay your ICICI personal loan in EMIs over a period of 12 to 72 months. The loan amount and interest rate will vary depending on the applicant’s credit score and income.
ICICI Bank Personal Loan Interest Rate
If you’re looking for a personal loan from ICICI Bank, you’ll want to know about their interest rates. Here’s what you need to know.
Interest rates on personal loans from ICICI Bank range from 10.75% to 22.00%. The actual rate offered will depend on factors like your credit score, income, and repayment history.
| Loan Product | Interest Rate |
| Personal Loan | 10.75% p.a. onwards |
| Flexi cash (Overdraft facility to salary account holders) | 12% p.a. to 14% p.a. |
| Personal Loan for NRIs | 15.49% p.a. onwards |
To get the lowest possible rate, make sure you have a good credit score and a steady income. You should also try to repay your loan as quickly as possible to save on interest.
Read Also – ICICI Bank Gold Loan
ICICI Bank Personal Loan EMI Calculator
The ICICI Bank Personal Loan EMI Calculator is a tool that can help you calculate your monthly loan payments. Simply enter in your loan amount, interest rate, and loan term, and the calculator will do the rest. You’ll be able to see how much you’ll need to pay each month, and you can even compare different loan terms to see which one is best for you.
Types of ICICI Bank Personal Loans
There are a few different types of ICICI Bank personal loans that you can choose from depending on your needs. Here is a brief overview of each type:
1. FlexiCash
If you are an ICICI Bank salary account holder, you can now avail of a short-term instant credit or personal loan overdraft facility to meet any sudden expenses. This facility is being offered by the bank on a pilot basis to its salaried account holders in select cities.
- Processing Fee: From Rs 1,999 + GST
2. Pre-Approved Personal Loan
If you have an account with ICICI Bank, you may be eligible for a pre-approved personal loan. This type of loan can offer a number of benefits, including a quick and easy application process, competitive interest rates, and flexible repayment terms.
- Loan Amount: Up to Rs 50 lakh
- Tenure: 1-5 years
3. Personal Loan for NRI
There are many non-resident Indians who are looking for a personal loan to meet their financial requirements. ICICI Bank offers personal loans to NRIs at attractive interest rates. You can use an ICICI Bank personal loan for a variety of purposes, including wedding expenses, home renovation, travel plans, and more.
- Loan Amount: Up to Rs 10 lakh
4. Top-up Personal Loan
If you are an existing ICICI Bank customer and are in need of some extra funds, then you may be eligible for a top-up on your personal loan. This can be a great option as it usually comes with a lower interest rate than other types of loans.
- Loan Amount: minimum Rs 50,000 & maximum Rs 25 lakh.
5. ICICI Bank Personal Loan Balance Transfer
With the ICICI Bank balance transfer facility, you can transfer your outstanding personal loan balance from another bank to ICICI Bank at a lower interest rate. This could help you save on interest and pay off your loan faster.
ICICI Bank Personal Loan Eligibility Criteria
The ICICI Bank personal loan eligibility criteria is pretty simple and straightforward. Here’s what you’ll need to qualify for an ICICI Bank personal loan:
For Salaried Individuals
| Age | 23 to 58 |
| Monthly Income | minimum Rs 30,000 |
| Work Experience | at least 2 years |
| Years in current residence | at least 1 year |
For Self-Employed
| Age | For Self-Employed Individuals: 23 to 65years For Doctors: 25 to 65 years |
| Minimum Turnover | For Professionals: Rs 15 lakh For Non-Professionals: Rs 40 lakh (as per audited financials) |
| Minimum Profit after Tax | For Self-Employed Individuals/Proprietorship Firm: Rs 2 lakh For Non-Professionals: Rs 1 lakh (as per audited financials) |
| Business Stability | For Doctors: At least 3 years For Current Business: At least 5 years |
| Existing Relationship with ICICI Bank | At least 1-year liability relationship/asset relationship either running or closed in the last 3 years |
ICICI Bank Personal Loan Documents Required
When you apply for an ICICI Bank Personal Loan, you’ll need to provide some documents to prove your identity, income, and address. Here’s a list of the most common documents that you’ll need to submit:
- A duly filled and signed application form.
- Passport-size photograph.
- Proof of identity (any one of PAN Card, Voter ID Card, Driving License, Aadhar Card)
- Proof of residence (any one of Rent Agreement, Passport, Telephone Bill, Electricity Bill)
- Salary slips for the last 3 months.
- Bank statements for the last 6 months.
- Residence Proof or Office ownership proof (For Self-Employed)
- Proof of continuity of business (For Self-Employed)
How to check ICICI Bank Personal Loan Application Status
It’s easy to check the status of your ICICI Bank personal loan application online. Just follow these steps:
- Visit the ICICI Bank website and log in to your account.
- Click on the ‘ Loans ‘ tab and then select ‘ Personal Loan Application Status ‘.
- Enter your loan application number and click on the ‘ Check Status ‘ button.
- That’s it! You’ll now be able to see the current status of your application.
ICICI Bank Personal Loan Customer Care Number
The icici bank personal loan customer care number is a great resource for anyone who is looking for information on taking out a personal loan with this bank. The customer care team is always available to answer any questions that you may have, and they can help you get the process started.
- Toll-Free Number: 1860-120-7777
Read Also – Bank of Maharashtra Home Loan
FAQs
Q. What is an ICICI Bank personal loan?
Ans. An ICICI Bank personal loan is a type of unsecured loan offered by the bank. This means that you do not need to put up any collateral, such as your home or car, to secure the loan. Personal loans can be used for a variety of purposes, including consolidating debt, paying for unexpected expenses, or financing a large purchase.
Q. How much can I borrow through an ICICI bank personal loan?
Ans. The amount you can borrow will depend on your financial situation and creditworthiness. However, the maximum amount that you can apply for is Rs. 50 lakh.
Q. What is the tenure of an ICICI bank personal loan?
Ans. You can repay your loan over a period of 12 to 72 months.
Q. What are ICICI Bank Personal Loan Foreclosure Charges?
Ans. 5% of principal outstanding + GST (for salaried borrowers)
No charges if the loan is closed using own funds (for MSME classified borrowers)
Any waiver on prepayment charges is applicable if the borrower has paid at least 12 EMIs
Q. How to track ICICI bank personal loan?
Ans. It is very easy to track your ICICI Bank Personal Loan. All you need to do is log into your account on the ICICI Bank website and click on the ‘My Accounts’ tab. From there, you will be able to see all of your account details including your loan balance and repayment schedule.
Q. how to get a personal loan from ICICI bank?
Ans. First, you’ll need to meet the eligibility criteria, which include being an Indian resident between the ages of 23 and 60, having a regular source of income, and having a good credit history. You can apply for a loan online, by phone, or by visiting a branch. The application process is quick and easy, and you’ll receive a decision within minutes. Once you’re approved, you’ll need to provide some documents to finalize the loan, and then the money will be deposited into your account within 24 hours.
Conclusion
ICICI bank offers some of the most competitive personal loan rates in the market, making it a great option for borrowers looking to finance their needs. The application process is simple and straightforward, and loan disbursement is quick, making it an ideal choice for those who need emergency funds. With its low interest rates and flexible repayment options, an ICICI personal loan can help you meet your financial goals without breaking the bank.
