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ICICI Bank NRI Personal Loan

Icici Bank Nri Personal Loan

Gone are the days where it was difficult for an NRI to get personal loans in India. You can help your family financially if they are planning to renovate the home, or if they are planning your wedding, etc.. ICICI bank offers personal loans of which one of them is for NRIs. With these loans, you can plan the expenses for the events that are coming up.

What is an NRI Personal Loan?

People shift to other countries when they get a better job, or in search of better education, etc. There are two scenarios where they might require financial assistance. The first one is the unforeseen financial expenses that can arise when they are abroad, or for any event that is happening back in their home country. Whatever the reason be, nowadays banks are offering personal loans to NRIs with a lot of benefits and they can use the loan amount for planning a vacation, renovating the house etc. These loans are short-term loans which need to be repaid in instalments and for this, the bank never asks for security. Before applying for the loan, you must calculate the amount you require for the purpose. Once you submit the loan application, the bank will decide the repayment period. If you can repay the loan before the tenure given by the bank, it can help in creating a good track record for you.

Key Features of ICICI Bank NRI Personal Loan

Credit Rating: As an NRI, you have the options to apply for other loans such as housing loans, car loans, etc. For all this, you need to have a good credit score. One of the easiest ways to get a good credit score is to repay the loan amount on time. Since ICICI Bank NRI Personal Loan is a short-term loan, it is a good way to create a good track record.

Interest Rates: One of the major features of ICICI Bank NRI Personal Loan is the interest rates of the loan. The rate of interest is pretty much affordable for the working class when compared to other major loans.

Fast Processing: When you apply for ICICI Bank NRI Personal Loan, you need to make sure that you have submitted all the required documents. Once the documents have been verified, the processing of the loan happens quickly and the amount will be credited to your bank account within no time.

Features & Benefits Of ICICI Bank NRI Personal Loan

Simple Procedure: Sometimes, sanctioning of a loan goes through a lot of procedures. ICICI Bank values their customer’s time and has made the loan procedures as simple as possible. The application procedure for ICICI Bank NRI Personal Loan includes the application form and submission of necessary documents which makes it easy for the customer.

Loan Amount: The maximum amount the bank can allow under ICICI Bank NRI Personal Loan is Rs 10 lakhs. The bank allows the borrower to repay this amount with interest within 36 months.

Fast Processing and Disbursal: The procedures for ICICI Bank NRI Personal Loan happens quite fast once the bank verifies all the submitted documents by the borrower. If the verification is successful, then the bank will disburse the loan amount as soon as possible.

Security: ICICI Bank NRI Personal Loans are for a short period of time. That means the borrower has to repay the loan amount within 36 months. Since it is a short term loan, the bank does not ask for any security or collateral security. Because of this feature, the processing of the loan happens quite fast and so is the disbursal of funds.

Interest Rate:

The rate of interest is a vital part when you decide to take a loan. ICICI Bank NRI Personal Loan interest rate starts from 15.49 % which is quite affordable when compared to other major loans such as housing loans ,car loans, etc. If you have a history of not paying the loans on time, then the bank may change the interest rate.

EMI:

Once the customer gets the loan then they can start the repayment of the same through EMI. There is no hard and fast rule that you should only pay the EMI amount mentioned by the bank. If you want and if you are capable enough then you can close the loan before its tenure. This will help you to increase your credit score which is important if you apply for any future loans

Eligibility Criteria of ICICI Bank NRI Personal Loan

The eligibility criteria of ICICI Bank NRI Personal Loan is as follows

  • The minimum age to apply for ICICI Bank NRI Personal Loan for a salaried individual is 23 years and the maximum is 58 years. For self-employed individuals and doctors, the minimum age is 28 years and 25 years respectively and the maximum age is 65 years.
  • The minimum net salary of the salaried individual should be Rs 17,500 and should have been in the job for at least 2 years.
  • A good credit score is an important aspect which will be checked when you apply for ICICI Bank NRI Personal Loan.
  • The applicant of the loan should be an Indian resident and the co-applicant NRI to be a close relative.

Additional Information on ICICI Bank NRI Personal Loan

  • Simplified documentation and less paperwork is required for applying ICICI Bank NRI Personal Loan
  • The maximum loan amount is given to the borrower under ICICI Bank NRI Personal Loan is Rs 10 lakhs
  • No collateral security or any other security is required for ICICI Bank NRI Personal Loan
  • The interest rate starts from 15.49 % p.a
  • The processing of ICICI Bank NRI Personal Loan is quick if the documents submitted has been verified successfully.

How to apply for ICICI Bank NRI Personal Loan?

There are 4 ways to apply for ICICI Bank NRI Personal Loan. They are

iMobile: This banking app is quite handy when you want to apply for ICICI Bank NRI Personal Loan. This app can help you in applying for the loan without any problem.

Branch Visit: ICICI bank has branches across the country. If you are in India for a vacation, you can pay a visit to the nearby branch and get your queries cleared before you apply for ICICI Bank NRI Personal Loan.

Internet Banking or Official Website: When you are in need of ICICI Bank NRI Personal Loan, the first thing you need to check is the bank’s official website. You will find all the information regarding the loan application format, the documents needed, the benefits of the plan, etc. If you have an existing ICICI bank account, then it will be easier for the bank to check your eligibility as your information is already there in the database. If you are a new customer, you can fill out the application form and the bank will get back to you with the details they need.

SMS: If you are not savvy with the internet or banking app, there is another way to get in touch with the bank and that is through SMS. You can send an SMS to the bank in the format PL to 5676766. Upon receiving this text, a customer service associate will assist you in clearing your queries.

Documents Required for ICICI Bank NRI Personal Loan

When you apply for ICICI Bank NRI Personal Loan, you will have to submit certain documents without fail. Only after verifying the documents, the bank will sanction the loan. To apply for ICICI Bank NRI Personal Loan, the bank will need the following documents

For non-resident Indian

  • Passport Copy
  • Visa Copy
  • Official email Id or employer’s/HR email Id
  • Bank Statement
  • Salary certificate or salary slip
  • NRO/NRE bank statement for the past 6 months.

For Resident Indian

  • Id proof and address proof such as Driving license, Passport, Voter's ID, Aadhar, etc.
  • Proof of residence in the name of applicant and co-applicant.
  • Bank statement for the last three months.

FAQs on ICICI Bank NRI Personal Loan

1. Can I apply for ICICI Bank NRI Personal Loan when I am abroad?

You can apply for the loan. However, a close relative should be present in India and they should be a resident at the time of application.

2. What is the loan processing charge for ICICI Bank NRI Personal Loan?

The loan processing charge for ICICI Bank NRI Personal Loan is up to 2.25% of the loan amount plus GST.

3. If I fail to pay the instalment on time, will I incur any charges?

There is an additional interest on late payment which is 24 % per annum. It is advised to pay the instalments on time so that you can create a good track record and a good credit rating which can help you in getting other loans in the future.

4. Will the bank allow me to close ICICI Bank NRI Personal Loan if I repay the loan before the repayment period?

Yes, the bank allows to close the loan well before the repayment period. However there is a standard pre-closure charge of 5 % plus GST.

5. What is the repayment tenure for ICICI Bank NRI Personal Loan?

The borrower can repay ICICI Bank NRI Personal Loan in 36 months.

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