CreditMantri matches your credit and demographic profile to ICICI Bank Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.
In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for ICICI Bank Personal Loan. Hence the chances of your ICICI Bank Personal Loan application getting approved is higher.
0.0 0.0/5.0 | 0 Review(s)
ICICI Bank is one of the leading private sector banks in India. ICICI Bank was founded in 1994 and provides a wide range of banking products and financial services. It offers an array of credit products designed to suit the many differing needs of its customers.
Sometimes, all you need is that little something extra to make life easier. You can make your dream come true with an ICICI Bank Personal Loan. Now, that much desired vacation is no longer a dream, you can turn it into a reality – relatively simply and quickly! That perfect gadget or the lavish wedding or even emergency cash fund is now within your reach with an ICICI Personal loan.
ICICI Bank’s personal loan is multi-purpose in the sense that there is no restriction in the way you can utilize your loan amount. You could use your ICICI Personal Loan for home improvement or renovation, the perfect holiday, purchase of electronics, your children’s education, your child’s marriage, working capital for your business, a medical emergency, or any other reason.
ICICI Bank offers loans of up to Rs. 20 lakhs for salaried professionals, up to Rs.30 lakh for self-employed professionals and up to Rs. 40 lakh for doctors.
Fixed rate of Interest
The interest rate is fixed, and is charged on monthly reducing basis.
Flexible tenures, EMI and Payment Options
Choose from tenures ranging from 12 months to up to 60 months. You can pay the loan in easy installments. You can choose from a range of simple repayment options:
No security, no collateral
Absolutely no collateral or security is required for obtaining an ICICI Personal Loan.
The documentation is straightforward and simple.
Get funds in 72 hours in your bank account
A personal loan could give you the much needed respite from a financial crunch. In such cases, quick disbursal of the loan amount is a relief. Loan amount is disbursed within 72 hours of document submission, subject to terms and conditions.
Online application facility:
You can apply online at the convenience of your home. You can use ICICI Bank’s EMI Calculator in order to plan your finances more easily and check what kind of loan you can afford. You can also use the eligibility calculator to determine whether you are eligible for an ICICI Bank personal loan.
Interest rates start 11.49% onwards on your personal loan. Interest rates can change at any time and can vary with each customer depending on his/her credit score and repayment history and the internal policies of the bank.
For salaried employees
Age requirement: Minimum 23 years of age and maximum 58 years of age.
Minimum Net salary:
Total years in Job/profession: 2 years
Total years in current residence: 1 year
For the self- employed:
Age requirement: Minimum 28 years of age (25 years for doctors) and maximum 65 years of age.
Minimum Profit After Tax: Rs. 2 lakhs for Proprietorship Firm/Self-employed Individuals and Rs. 1 lac for non-professionals as per latest audited financials.
Stability: In current business for at least 5 years (minimum 3 years for doctors).
For the salaried:
For the self-employed:
The interest rates vary from 11.49 to 22% p.a., depending on the customer’s credit score, credit history and the relationship with the bank, and the bank’s internal policies. Interest rates can change at any time.
Up to 2.50% of the loan amount plus service tax is levied as the processing fee. It is non-refundable.
5% of principal outstanding plus service taxes.
Late Payment fee:
24% per annum plus service taxes.
Prepayment/Foreclosure Statement Charges:
Rs. 100/- per schedule plus service taxes.
Loan Cancellation Charges
Rs. 3000/- plus service taxes.
EMI Bounce Charges
Rs. 400/- per bounce plus service taxes.
Note: As on June 01, 2016, the current Service Tax applicable is 15.00%.
Prepayment of the loan is only possible on payment of a minimum of 6 EMIs of the existing loan. Prepayment charges are 5% of the outstanding loan.
Part prepayment facility is not available.
What are the minimum and maximum loan amounts?
You can avail of loans ranging from Rs. 50,000 to Rs. 40,00,000. The approval of the loan amount depends on various parameters like your income, credit history, repayment patterns and capacity, your eligibility among various other factors.
What are the tenures available?
You can choose from tenures ranging from 12 months to 60 months.
I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If you are found eligible, loans are approved within 72 hours of submission of completed application with the required documentation.
Do I have to pledge any collateral in order to secure a personal loan?
No collateral or security is required for obtaining ICICI Bank Personal Loan.
I want to prepay my loan. Is it possible, and if so, what are the charges?
Once you have paid 6 instalments, you can prepay the entire loan outstanding. Prepayment charges are 5% of the outstanding loan amount. No part prepayment is allowed.
You can apply for an ICICI Personal Loan in the following ways:
Alternatively, if you think you need help with your loan application and advice on eligibility, CreditMantri can guide you and match you with the Personal Loan offer that best suits your profile.