A personal loan is technically an unsecured loan that helps the user manage his/her expenses, pay medical bills, or plan his/her dream vacation. Personal loans act as a support or a cushion, and you can say that, in the case of an emergency, they basically cater to all your needs. A personal loan is not only given in emergency situations but it can also be taken to manage your day-to-day activities, so it could be for an INR 1 Lakh Loan or a 5 lac loan. You can also check your EMI with the help of the Personal Loan EMI calculator. You can take personal loans from various banks, whichever you are comfortable with; you can apply for a personal loan by visiting the bank’s website. The loan process is also very quick and can easily be done from home. In case of an emergency, you can take out a loan of up to 50 lakhs rupees.
The process of getting a loan is very instant and can be done while sitting at home. The loan-taking process is very easy and stress-free. It’s a seamless process. It is so fast that you can get funds within 3 seconds.
| ICICI Bank Personal Loan Highlights | |
| Interest rate | 10.80% p.a. onwards |
| Loan Amount | Up to INR 50 lakh |
| Tenure | 1-6 years |
| Processing Fee | Up to 2.50% of the loan amount |
| Minimum Monthly Salary | INR 30,000 |
| Prepayment Charges |
|
| Documentation |
|
ICICI Bank Personal Loan Processing Fees and Charges
| Processing Fee | Up to 2.50% of loan amount + GST |
| Pre-payment Charges | For salaried customers- 3% plus applicable taxes on principal outstanding after payment of 1st EMI, Nil if 12 or more EMIs are paid. |
| For MSE classified customers, charges are Nil after payment of the 1st EMI for a loan amount of up to INR 50 lakh. | |
| Loan Cancellation Charges | INR 3,000 + GST |
| Penal Interest | 24% p.a. |
| EMI Bounce Charges | INR 400 per bounce + GST |
| Repayment mode swap charges | INR 500 per transaction + GST |
Eligibility Criteria for ICICI Bank Personal Loan –
ICICI Bank has its own eligibility criteria for job profile, age, monthly income of the customer, work experience, and business vintage in the case of a self-employed person. Below mentioned are some of the criteria by ICICI Bank.
1. For Salaried Individuals –
- The applicant’s minimum age at the time of loan application should be 23 years, and the maximum age should be 58 years at the age of loan maturity.
- The minimum monthly income of an applicant should be at least INR 30000.
- Applicant should have at least 2 years of experience.
- Applicants applying should stay in their current address for more than 1 year.
For Self-Employed Employees –
- Self-employed individuals who are applying for minimum age should be at least 28 years and 65 years old at the time of loan maturity. The minimum age of the applicant should be at least 25 years of age.
- The minimum turnover eligibility requirement is INR 40 lakh for non-professionals and INR 15 lakh for professionals, as per audited financials.
- Applicants applying should have at least 3 years in the current business, and if doctors want to apply, they should have at least 3 years in current practice.
- Applicant should have at least 1 year liability relationship/asset relationship with the bank in the last 3 years.
Documents Required for ICICI Bank Personal Loan:
If you want to apply for an INR 2 lakh loan, the following are the documents required for salaried as well as self-employed individuals –
For Salaried Employees
- ID proof, such as a driver’s license, passport, PAN card, or voter ID, will be required.
- Address proof any 1 is required, such as a passport or utility bills less than 3 months or a license agreement.
- 2 passport-size photographs
- Bank Statement for the last 3 months with salary and income credits
- Salary slips for the last 3 months
For Self-Employed Employees –
- KYC Documents: ID Proof, Address Proof, Date of birth proof
- Residence Proof: Passport, Leave and License Agreement, Utility Bill not more than 3 months old
- Income Proof
- Proof of office address
- Bank Statement for the last 6 months
- Residence Proof or Office ownership proof
- Proof of continuity of business
Details of the ICICI Bank Personal Loan Scheme
| ICICI Personal Loan Interest Rate | 10.75% p.a. to 19% p.a. |
| Term | 72 months |
| Processing Fee | 2.5% |
| Maximum Amount | INR 50 lakhs |
| Salary | Individuals with salaries up to INR.30,000 p.m. |
| Profession | Two years |
| Prepayment Charges | 5% p.a. of the outstanding loan amount |
| CIBIL | 700 and above |
Types Of ICICI Bank Personal Loan Schemes –
Following are the types of ICICI Bank Personal Loan schemes-
- Flexi Cash – To provide a short-term quick credit or personal loan overdraft facility to ICICI Bank salary account holders in order to pay any unexpected needs.
- NRI Personal Loan from ICICI Bank – The goal is to satisfy the personal needs of Non-Residents Indians. The maximum amount of loan that a Non Resident Indian can get is INR 10 lakhs.
- Pre-Approved Personal Loan Scheme -The purpose of this scheme is to select ICICI customers with loan disbursements within 3 seconds. The minimum loan amount is INR 50 lakhs, and the tenure is 1 to 5 years.
- ICICI Bank Balance Transfer – The purpose of ICICI Bank Balance Transfer is to allow existing borrowers to transfer their existing loans to ICICI Bank at cheaper interest rates.
- ICICI Bank Fresher Funding – The aim of this personal scheme is to help freshmen and new staff with their personal costs. The loan amount that can be taken is up to INR 1.5 million.
Other Bank Interest Rates
| Banks/NBFCs | Interest Rates (p.a.) |
| SBI | 10.30%-15.10% |
| ICICI Bank | 10.75% onwards |
| Axis Bank | 10.25% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.75% onwards |
| Bajaj Finserv | 13.00% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 10.99% onwards |
| HDFC Bank | 11.00% onwards |