ICICI Bank is one of the big four banks in India with registered office in Vadodara, Gujarat with registered office in Vadodara, Gujarat and corporate office in Mumbai, Maharashtra.This bank provides many banking services like investment banking, life, non- life insurance, loan etc. the bank offers loans at low interest rates to meet the individual needs.
20 lakhs to meet many requirements from this bank. You can take a personal loan of up to Rs.200,000. It requires minimum documentation and the loan is passed very quickly with an easy process. In this article, we will tell you about ICICI Bank Personal Loan in detail. How to get a personal loan, who needs a document and what is the ICICI Bank Personal Loan interest rate.
What is ICICI Personal Loan?
A personal loan is a loan that you are given based on your credit history and income. Personal loan is sometimes called signature loan or Unsecured Loans as it is usually used to secure personal loan. There is no need for anything.
Personal loans are quite easy to get from home loans and auto loans. Personal loans can be utilized for nearly anything, however it is insightful to acquire just however much you need and just for the things that improve your accounts or altogether affect your life.
ICICI Personal Loan Features and Benefits
ICICI is one of the largest private bank with many features of its personal loan like;
- ICICI Bank (ICICI) Personal Loan amount is deposited directly into the account holder’s account
- 20 lakhs for any requirement from ICICI. Personal loan up to which many requirements can be met.
- ICICI Bank offers a fixed rate of interest on a personal loan that remains constant throughout the ICICI personal loan payment period with no difference in market fluctuations.
- The application process for taking ICICI Personal Loan is quite easy, it requires minimum documents.
- In ICICI Personal Loan, the pay back time of 1 year to 5 years is given, which can pay back the loan on time without much of a stress.
- With ICICI, anyone can opt for a personal loan balance transfer. If you have taken a personal loan, you can transfer it to ICICI Bank and repay it at a lower interest rate than before.
ICICI personal loan eligibility
ICICI Bank Personal Loan has made certain eligibility criteria for business loans, only after fulfilling them, the loan is given by the bank like: –
For Employees:
- The applicant must be at least 23 years old and your maximum age should be 28 years.
- The minimum monthly salary of the applicant should be ₹ 17,500.
- Applicants should have minimum total work experience of 2 years.
- Permanent employees of Central / State Government / PSUs and all companies / institutions including schools, universities, colleges, hospitals / nursing homes, who are receiving their salary through ICICI salary account, can take all loans.
- All permanent defense personnel of Military Station Headquarters, Central Industrial Security Force, Border Security Force, Central Reserve Police Force,, Indo-Tibetan Border Police, etc. can take loan.
For business people:
- The applicant must be at least 23 years old and your maximum age should be 28 years.
- The minimum turnover of the applicant’s business should be ₹ 15 lakhs (for professionals) and ₹ 40 lakhs (for non-professionals).
- Applicant should have at least 5 years of experience in their business
- Applicant must have an account (saving or current) for at least 1 year
Documents required for ICICI personal loan
Documents can be different for availing ICICI Bank personal loan. Documents will vary depending on different business loans.
For Employees:
- Proof of Identity: Driving license, voter ID, Passport, Aadhaar card, PAN card.
- Proof of Residence: Electricity bill, Ration card, sales documents / property purchase agreement (for proprietary assets), Aadhaar card, bank account statement, telephone bill, driving license, passport.
- Salary slip of last 3 months
- 3-month bank statement of salary account
- 2 passport size photos
For business people:
- Identity proof: Driving license, voter ID, Passport, Aadhaar card, PAN card.
- Income Proof: Business registration, Bank account statement.
- Residence proof: Electricity bill, Ration card, sales documents/property purchase agreement (for proprietary assets), Aadhaar card, bank account statement, telephone bill, driving license, passport.
ICICI Bank Personal Loan Interest Rates
- Rate of Interest : – 11.25% to 17.99% pa
- Loan amount: – 15 lakhs. 40 lakhs and no limit depends on credit score, income, repayment capacity etc.
- Loan Term: – Up to 5 years
ICICI Personal Loan Fees
- Rate of Interest: –25% to 17.99% pa
- Check Return: – ₹ с 3000 + GST
- Check Swap Fee: – ₹ 500 + GST
- Interest on not paying EMI on time: – ₹ 400 per bounce + GST
- Duplicate Statement Issue Fee: – ₹ 250 + GST
Online application for ICICI Bank loan
If any person wants to do ICICI bank personal loan apply online, then he can apply from the official website of the bank, the link of the website is given below. You can apply online for any type of loan from there.
Official Website :- Click Here
How to check ICICI personal loan status
If you want to see the application status of ICICI Bank Personal Loan (How to track ICICI personal loan), then follow the steps given below.
- First of all visit the official website of ICICI Bank (ICICI),
- Click on ‘ Products ‘ on the Home Page and select ‘ Personal Loan ‘.
- After that a new page will open and click on ‘ More ‘ and select ‘ Check Loan Application Status ‘ .
- After that a new page will be asked some details like; Enter mobile number, date of birth and either OTP (OTP will come on your registered mobile number)
- Application status will appear in front of you after entering OTP.
ICICI Bank Personal Loan EMI Calculator
The EMI by ICICI Bank is according to the amount and duration of the loan along with the loan amount shown with different loan terms and interest rates. This chart projects the information regarding ICICI personal loan calculator and how to pay ICICI personal loan EMI per month.
| Loan amount (₹) and interest rate | EMI payment per month (₹) | ||||
|---|---|---|---|---|---|
| 1-year loan term | 2-year loan term | 3-year loan term | 4-year loan term | 5-year loan term | |
| ₹ 5 lakhs @ 13% per year | Rs. 44,659 | ₹ 23,771 | ₹ 16,847 | 13,414 | ₹ 11,377 |
| Rs. 10 Lakhs @ 15% pa | ₹ 90,259 | 48,487 | ₹ 34,666 | 27,831 | ₹ 23,790 |
| Rs. 20 Lakhs @ 11.25% pa | ₹ 1.76 Lakh | ₹ 93,448 | 65,715 | ₹ 51,935 | ₹ 43,735 |
Types of ICICI Bank Personal Loans
ICICI Bank provides many types of loans as per the requirement of the bank;
Marriage Loans: – These loans are given by the bank for hotel booking months in advance on the occasion of wedding, shopping of jewelry for various occasions, wedding invitations, caterers etc. for any of ICICI Bank’s wading loans Can apply
- The rate of interest in a wading loan is 11.25%
- You can take a loan of 20 lakh rupees in it.
- No Security / Guarantee Required
Home Renovation Loan: – This loan is given for home renovation such as repairing the house or buying new fittings and furniture, for all things, you can take this loan. Some of the major ICICI Bank Home Renovation Loan Features are
- Interest rate for ICICI Bank Home Renovation Loan starts from 11.25%
- Can get a loan amount of up to 20 lakh rupees
- Home renovation loan from ICICI Bank requires minimum documents
- The loan amount is usually transferred to the account within 72 hours after the bank approves your application.
ICICI Consumer Finance Loans: – This loan is granted to the selected consumer to purchase their favorite products such as gadgets and electronics on credit.
Holiday Loan: – ICICI Bank Holiday Loan is given for going out on holiday, it can be availed for expenses on flight ticket booking, hotel booking, etc. The main features of Holiday Loans of ICICI Bank are.
- Interest rate for ICICI Bank Home Renovation Loan starts from 11.25%
- Can get a loan amount of up to 20 lakh rupees
- Home renovation loan from ICICI Bank requires minimum documents
- The loan amount is usually transferred to the account within 72 hours after the bank approves your application.
Fresher Funding: – This loan is given to the fresher for the graduate job.
- Under this scheme, you can take a personal loan of up to 5 lakh rupees.
- Applicant must be at least 21 years of age to take a Fresher Funding Personal Loan from ICICI Bank
- The rate of interest for fresher funding depends on the profile, credit score, age and location of the applicant.
NRI Personal Loan: – This loan is given to meet the needs of the NRI, but to avail this loan, the applicant must be a resident Indian and a close relative of the co-applicant NRI.
- No Security / Guarantee Required
- Take a loan of up to 10 lakhs
- ICICI personal loan statement will be generated instantly.
- Interest rates starting at 15.49%. *
- Applicant to be a resident Indian and co-applicant NRI to be a close relative
- Tenure up to 36 months
- Quick processing and delivery
Comparison of ICICI Bank Personal Loans with other banks
| Bank / NBFC | ICICI Bank | City Bank | axis Bank | HDFC Bank | Bajaj Finserv |
|---|---|---|---|---|---|
| Rate of interest | 11.25% to 22.00% | Starting at 10.50% | 11.49% to 17.49% | 10.75% to 21.30% | Starting at 12.99% |
| Period | 12 to 60 months | 12 to 60 months | 12 to 60 months in | 12 to 60 months | 12 to 60 months |
| Loan amount | Up to ₹ 20 lakhs | Up to 30 lakhs | ₹ 50,000 to ₹ 15 Lakh | Up to 1.5 million | Up to ₹ 25 lakhs |
| Processing fee | 2.25% of the loan amount + GST | Up to 3% of the loan amount | 2% of the amount + GST | Up to 2.50% of the loan amount | Up to 4.13% of the loan amount |
FAQ’S
How to close ICICI personal loan
If you’re willing to close your ICICI personal loan, you can do it anytime by visiting your ICICI home branch and follow the paperwork and instructions by the bank.
The terms and conditions may apply while closing your personal loan, this varies bank to bank.
How to login ICICI personal loan account
ICICI personal loan account login can be performed by entering the secret credentials in the bank’s online portal.
How to preclose ICICI personal loan
If you’ve decided to preclose your ICICI personal loan, you can end the tenure by just visiting your ICICI home branch and follow the paperwork and instructions by the bank.
Be aware of the terms and conditions that apply while pre closing your personal loan.
How to foreclose ICICI personal loan
Foreclosure in ICICI personal loan can be performed in your ICICI bank branch. This hardly takes the time, the documentation and paperwork needs to be filed for the foreclosure of ICICI personal loan.
How to check ICICI personal loan balance
You can easily check your ICICI personal loan balance by surfing the ICICI official mobile banking website. The statements and balance can be seen anytime anywhere.
How to get ICICI personal loan statement
ICICI personal loan statements can be seen online by opening the official mobile banking website. As we’ve discussed, the statements and balance can be seen anytime anywhere.
How to upload documents for ICICI personal loan
If you’ve applied for the personal loan online, you can submit your required documents in the requested file format on the bank portal. Either, documentations can be completed by giving a visit to your nearby ICICI branch.
ICICI Personal Loan Customer Care Number
You can call ICICI personal loan contact number 1860-120-7777 (toll-free number).
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