Personal loan from ICICI Bank

ICICI Bank Personal Loan interest rates, eligibility, documents needed for instant approval

Reading Time – 10 min.

What you can expect in this article

  1. ICICI Bank personal loan introduction
  2. How can you use an ICICI Bank Personal Loan
  3. Why should you choose ICICI Bank Personal Loan
  4. Eligibility for ICICI Bank Personal Loan
  5. Documents required for ICICI Bank Personal Loan (Salaried and self-employed).
  6. ICICI Bank Personal Loan interest rates and other fees
  7. Calculation of EMI ICICI Bank Personal Loan.
  8. Personal Loan for NRIs.
  9. ICICI Bank personal loan insurance.
  10. ICICI Bank personal loan balance transfer.
  11. FAQs on ICICI Bank – Answers from Loanyantra.

ICICI BANK PERSONAL LOAN Instant Approval

ICICI Bank Personal loan offers the double benefit of quick access to funds and zero need for collateral to be put up as security. Personal loans have emerged as a great way to finance purchases that otherwise would have been challenging with a regular pay check.

Life is, and so are the requirements. What if you suddenly need some money. You will either ask your friends or tackle help from your relatives. What if you don’t have time for all this, for all such unplanned expenses and emergencies you have a personal loan. Whether you are getting married or planning an exotic vacation or any other emergency, you can take a personal loan. Personal loan offers dual benefit, firstly you get instant money and secondly there is no need to keep anything for security which is a must when it comes to other forms of loan.

When it comes to banking and financial institutions offering personal loan, there are a number of options to choose from. But it is always advisable to choose the one which not only offers good interest rate but also offers hassle-free loan application and approval process. ICICI Bank is one such bank offering quick and easy personal loan.

The bank has a strong foothold in the banking sector and is one of the most renowned banks and also much preferred bank in India. ICICI Bank was recognised as one of the ‘Prestigious Brands of India’ in a list published by Herald Global, a portal that features national and international news as well as brand reviews.

Coming to its various offerings, ICICI Bank is known to offer superior customer services, quick loan services, and hassle-free loan approval.  Apart from a personal loan, the bank also provides a home loan, car loan, etc., at attractive interest rates thus making it one of the popular choices amongst the individuals seeking various loans.

How can you use a personal loan?

What are the various reasons you can opt for personal loan.  Go for this if you place yourself in any of the below mentioned situations.

ICICI Bank offers personal loan for the following purposes :

  1.    Holiday expenses
  2.    Marriage
  3.    Buying large appliances like television, laptop, etc.
  4.    If you are willing to renovate your home

Note: Moreover, ICICI Bank also offers fresher funding loan which helps the people avail personal loan on their first salary.

ICICI Bank Personal Loan interest rates, eligibility, documents needed for instant approval
ICICI Bank Personal Loan via Loanyantra.com

Why should you choose ICICI Bank personal loan as your funding partner?

If you are looking for a bank that is able to comprehend your situation and provide easy loan approval services, then ICICI Bank is the name to trust. Here are the advantages why you should go with ICICI Bank personal loan

  1. The first is, ICICI Bank is the most trusted bank in the private sector with low interest rates as SBI in Public sector.
  2. You are free to use the personal loan amount as per your need
  3.  Flexible tenure for up to 60 months
  4.  The personal loan is available at the fixed interest rate, and it is charged on a monthly reducing basis
  5. You can set up auto repayment by ECS, auto-debit, and PDC
  6. There is no need to put something as a guarantee

Eligibility Criteria for ICICI Bank Personal Loan – 

The collateral is not required for Personal Loan. Hence, the banks ensure the eligibility criteria is met before approving the loan. Also you get detailed information about the bank’s requirements from Loanyantra’s experts. Loanyantra’s experts guide you to keep you safe with correct and reliable lender like ICICI Bank.

Eligibility Criteria for Salaried Individuals

 

Eligibility for Personal Loan ICICI Bank Salaried Individuals
Age 23 years – 58 years
Years in Job The applicant must be employed with the current company for at least 2 years
Years in current residence The applicant must be staying in their current residence for at least 1 year

Eligibility Criteria For Self-employed Employees For ICICI Bank Personal Loan – 

Eligibility for Personal Loan ICICI Bank Self-employed Individuals
Age Minimum Age – 28 years for self-employed individuals. 25 years for doctors.

Maximum Age – 65 years

Turnover in Business Rs. 40 lakh for non-professionals; Rs. 15 lakh for professionals; as per audited financials
Profit after tax deduction Rs. 2 lakh
Years in current business 5 years in case you are self-employed and if you are doctor then you must be practicing for at least 3 years

If you put yourself in a satisfied bucket based on the above criteria, then just go ahead for your instant loan approval through Loanyantra.

Documents Required for Personal Loan from ICICI Bank

For successful application and approval of a personal loan from ICICI Bank, the documentation for loan approval has to be as per the norms of the bank. Here is the list of documents you need to submit for a personal loan application :

Documents for ICICI Bank personal loan that salaried individuals need to submit :

  1. ID Proof-  Passport, Voter ID, Aadhar Card, Pan Card, Driving License ( any of these would work)
  2. Proof of residence-  Utility bills like electricity bill, telephone bill ( it should not be more than three months old), Passport, Adhar Card
  3. Last three months’ bank statement
  4. Passport size photographs.

Documents for Personal Loan ICICI Bank that self-employed individuals need to submit :

  1. ID Proof-  Passport, Voter ID, Adhar Card, Pan Card, Driving License ( any of these would work)
  2. Proof of residence-  Utility bills like electricity bill, telephone bill ( it should not be more than three months old), Passport, Adhar Card
  3. Proof of Income (audited income proof (audited financials for the last two years).
  4. Bank statement of last six months
  5. Address proof of the office
  6. Office ownership proof

ICICI Bank Personal Loan Interest Rates and Other fees – 

Interest rate for a loan determines your loan EMI and loan tenure. The interest rate varies for different categories.  Here is the quick view of the ICICI Bank Personal Loan interest rate, loan amount limit, tenure and extra fees to be paid after the disbursal.

ICICI Bank Personal Loan Salaried Person Self-Employed
Interest Rate 10.99% to 22.00% 10.99% to 22.00%
Minimum Loan Amount Rs. 50,000 Rs. 50,000
Maximum Loan Amount Rs. 20 lakhs Rs. 20 lakhs
Minimum Loan Tenure 12 months 12 months
Maximum Loan Tenure 60 months 60 months
Processing Fees Up to 2.25% of loan amount per annum + Applicable GST Up to 2.25% of the loan amount + Applicable GST
Prepayment Charges 5% of principal outstanding loan amount + applicable GST 5% of principal outstanding loan amount + applicable GST

Calculation of EMI ICICI Bank Personal Loan:

Today, it has become very easy to calculate the EMI of the home loan. On Loanyantra’s website, you have an easy-to-use EMI calculator which can be accessed by any loan applicant. All you need to do is feed in the data and based on it the calculator does the calculation

You will only have to key in your ICICI Bank personal loan details in this calculator. First, you will need to go to the ‘Finance Tools’ section in the main menu of the website. Here, you will have to select ‘EMI Calculator’ and then begin your calculation!

All you need to do is to fill in the data and based on the following formula the EMI is calculated:  E = P*r*[(1+r)^n/((1+r)^n-1)].

E is the EMI

N= Number of years

R = Personal Loan Interest Rate charged by the bank

ICICI Bank Personal Loans for NRI

If you are an NRI and want to apply for the personal loan, then ICICI Bank is a good choice. It can immediately take care of your needs.

The best part about ICICI is that you can apply for the personal loan online and submit all the documents for processing. Here are the benefits of ICICI Bank You apply online to avail the loan through the ICICI bank website. Here are some of the key benefits of the NRI Personal Loan Plan:

  1. There is no need for collateral to get the loan
  2. Simple application procedure
  3. Online application submission
  4. Interest rate starting from 15.49%
  5. The applicant has to be Indian, and the co-applicant NRI should be a family member or a close relative
  6. Easy loan sanctioning

ICICI Bank Personal Loan Insurance

Seeing the unpredictability of life, ICICI Bank has the provision of ICICI personal loan insurance. The objective of this feature is to provide protection to your family from the burden of payment on the loan in case of the death of the borrower. The ICICI Pru Loan Protect Plan will help you face the unforeseen situation. Under this policy, ICICI Bank provides a lump sum amount which is at par with the loan amount. If you opt for this policy, then you can pay a premium based on the number of years as chosen by you.

The policy gives you two options:

  • You can choose lump sum amount
  • Limited pay option

ICICI Bank Personal Loan Balance Transfer

Well, the best part about ICICI Bank that it has the feature which makes your life easy. If you have already taken the personal loan from other BANK or NBFCs, ICICI Bank has the provision for you to transfer the balance loan amount from your current bank to ICICI at the lower interest rate, lower EMIs, and higher loan tenure.

In case of a balance transfer, ICICI Bank offers the interest rate of 10.99 %.

FAQs on Personal loan from ICICI Bank

1.How much time does it take for personal loan approval from ICICI Bank?

ICICI bank offers easy and simple personal loan application and approval process. ICICI Bank responds to the loan application within 2-3 days if you go via Loanynatra.

2.What is the interest rate on personal loan offered by ICICI Bank?

ICICI bank offers an interest rate of 10.99%. If you have taken a personal loan at a higher interest rate than this, then you must do the personal loan balance transfer to ICICI Bank and reap the benefits of lower interest rate, higher loan tenure, and lower EMIs. Loanyantra’s experts will help you in every step and calculate your emi and decide instantly.

3. What are the minimum and maximum personal loan tenure by ICICI Bank?

The minimum loan tenure offered by ICICI Bank is 12 months and the maximum can go up to 60 months

4. How is the personal loan amount credited?

ICICI Bank will directly credit the fund using the Fund Transfer to your account. Also after disbursement, get cash back offer as Loanyantra’s customer by availing personal loan via Loanyantra from ICICI Bank

5. How can I repay my personal loan amount to the bank?

You can choose from the following Repayment options to make payment to the ICICI Bank:

  • Electronic Clearing Service (ECS),
  • Post-Dated Cheque (PDC)
  • Standing Instruction (SI)

6. What is the maximum personal loan amount that ICICI Bank gives?

The maximum loan amount is Rs. 20 lakhs.

7. Is there a provision for prepayment of ICICI Bank’s personal loan amount, if yes, then after how long can I prepay my personal loan?

Yes, ICICI Bank gives you the benefit of prepaying your personal loan amount. You can do so after completion of 6 months from the date of disbursement of the personal loan.

8.Does ICICI Bank require a guarantor for approval of personal loan?

No, you don’t need a guarantor for getting the personal loan from ICICI Bank.

9. I am an NRI, can I get the personal loan from ICICI Bank?

Yes, ICICI Bank offers the personal loan to NRIs. NRIs can get the maximum personal loan of 10 lakhs and the EMI should be paid in INR. You need not be present for the loan approval if you have a POA (Power of Attorney) in your bank’s branch place. Let Loanyantra know your details, all the process is done free with door step service. Let you POA enjoy the free customer service and avoid going around the banks on behalf of you.

10.What interest rate the bank charges from NRIs for ICICI Bank Personal Loan ?

The NRIs can get the personal loan from ICICI Bank at the interest rate of 15.49%.

11. What is the maximum loan tenure for NRIs applying for the personal loan from ICICI Bank?

The maximum loan tenure is 36 month.

12.Is there a provision for personal loan balance transfer to ICICI Bank?

Yes, you can transfer the balance personal loan amount to ICICI Bank.

13.Is there personal loan insurance provision in ICICI bank?

Yes, ICICI bank ICICI Pru Loan Protect Plus plan which gives your coverage on the personal loan and the amount is at par with the personal loan amount.

14.Is Credit score important for Personal loan approval?

Yes, credit score should be atleast 650 for your instant loan approval. the credit score determines your credit history and repayment capability. So, the lower the credit score, the tougher the loan approval process.

A word from Loanyantra – When it comes to applying for the personal loan or any other type of loan, people get usually stuck with tedious application procedures and lack of awareness adds to the burden of the entire process of loan application. To make the entire process easy for you, Loanyantra has developed this platform where you will get access to all the information related to different types of loan and interest rates offered by the banks and other financial institutions. You also get to know about the various interest rates, calculation of EMIs and other benefits that you can get by applying for the loan from a particular bank. Loanyantra helps with the entire process of loan application and instant approval. Moreover, Loanyantra lets you know about the bank and NBFCs which offers a lower interest rate and easy application processing and approval. You also get a SPOC who let you know about the entire details about the loan process. All-in-all we bring the entire services related to loaning at your doorstep. A reliable connect with us help you explore the loan process in the entirely new manner with the first ever fintech startup in India, Loanyantra.

 

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