If you ever need an instant personal loan, there is no choice better than the ICICI Bank personal loan. It provides vital services—the process from applying for the Loan to get the Loan. So, today, we are going to speak everything about it.
You need to know the loan amount, rate of interest, eligibility criteria, required documents, and how to apply. We will tell you everything. So, when you need to use it, you can do it very quickly. Please keep reading to know more.
ICICI Bank Personal Loan Details
Here are the details, in a nutshell, you should know.
| Loan amount | Up to Rs 20 Lakhs |
| Rate of Interest | Onwards 10.99% |
| Loan tenure | From 12 months to 60 Months |
| Processing Fee | Up to 2.25% of the loan amount |
| Prepayment Charges | 5% p.a of the outstanding amount |
| Collateral | NIL |
ICICI Bank Personal Loan Eligibility Criteria
The eligibility criteria for salaried individuals and self-employed are different for personal loan.
For Salaried Individuals
- The candidate age should be between 23 years to 58 years.
- The applicant salary should be at least Rs 17,500 P.M
- The applicant minimum work experience should be at least 2 years in the current organization for 1 year.
For Self Employed Professionals
- The applicant age should be between 28 years to 65 Years.
- The minimum turnover should be Rs 40 Lakhs for non-professionals. Rs 15 Lakhs for professionals.
- The business should be running for at least 3 Years.
Documents Required for Personal Loan
Now ,the list of documents you will need to submit.
For Salaried Individuals
- Two passport size photographs
- Proof of Identity( PAN Card, Aadhar Card, Passport, Driving License)
- Proof of Residence ( Utility bill for 3 Months, Rental agreement)
- Salary slips and bank statement for the last 3 Months
For Self- Employed
- KYC Documents: DOB Proof, Proof of Identity, Address prof
- Proof of Residence( Rent agreement, utility bill)
- Income proof
- Office address proof
- Proof of continuity of business
- Bank statement for last 6 months
What is a personal loan balance transfer to ICICI Bank?
Suppose you have any other loan, but it is harder to pay the high EMI every month. In that case, You can use a Personal loan balance transfer to ICICI Bank for lower interest rate and better repayment flexibility.
There are several benefits to doing this.
- While your Loan EMI will get reduce, both Loan will be converted into a single loan benefitting you getting two Loan at one loan price.
- You will have a chance to increase the loan term. However, it is purely your choice to do it.
- For doing a personal loan balance transfer to ICICI Bank, there is no charge.
- The process happens quickly, requiring minimal documentation.
- You will also get to have a top-up facility.
ICICI Bank Personal Loan EMI Calculator
Before you apply, you need to use the personal loan EMI calculator to know your monthly instalment. You will need three things, Loan amount, internet rate and Loan tenure. After you put them, the result will appear.
How to Apply?
Now, the only things that remain to know are how to apply for personal loan at ICICI Bank. Here is the step by step process you need to follow.
- First, you can download the ICICI bank app from the Google Play Store or iOS store.
- You can apply on the official website of ICICI as well.
- Create an account.
- Check for eligibility.
- Fill out the applicant, along with submitting the required documents.
- Once you are done, a representative from ICICI will call you to verify the details.
- After approving, you will receive the funds.
Conclusion
The above information is enough to get you started for ICICI Bank personal loan. However, do make sure to read the term and conditions before you apply.