What is ICICI Bank Personal Loan?

Personal Loan is a financial help provided by the banks and NBFCs to their customers. Personal loans can be provided for any requirements of the customer, varying from paying off their medical bills, going on a vacation trip, getting the home renovated, etc. Personal Loan is an unsecured loan. No collateral mortgaging is required. It is a hassle free loan as it requires only minimal paperwork. Personal Loan can be availed based on specific points like monthly income, banking history, CIBIL score, and ability to pay it back. The interest rates for a personal loan vary according to the banks.

Why Should You Apply for ICICI Bank Personal Loan?

ICICI Personal loan is one of the best products of the bank.

  1. Flexible loan tenure – The customer is free to choose the loan tenure in case of ICICI Personal Loan, ranging from 1 year to 5 years.
  2. Quick approval- The ICICI Bank provides quick approval of the personal loan. If you are eligible and have all the documents, then the loan will get an approval within 24 hours.
  3. No collateral required – It is also important to know that there is no need of any collateral in a Personal Loan. The Personal Loan is a collateral free loan. It is based on your salary and credit history.
  4. Easy repayment options – Furthermore, the customer is free to choose the repayment options. It can be a Term Loan, Over Draft, or EMI.
  5. Fixed and reducing interest rates – Also, the customer is free to choose fixed or reducing interest rate.
  6. Multi-purpose loan – The personal loan is also known as a multipurpose loan. You can use this loan for any purpose. It can be a wedding, vacations, business, medical, or any other personal need.

ICICI Bank Personal Loan Eligibility

Personal Loan does not apply to everyone, and there are some eligibility criteria, based on which the bank provides a loan to the applicant. There are two categories of applicants:

  1. Salaried
  2. Self-employed

There are different eligibility criteria for both applicants.

Salaried Applicant

  1. The minimum age of the applicant should be 21years and maximum up to 60 years.
  2. If the applicant is residing in a metropolitan city, then they should have a minimum income of Rs 18,000, and if the person is living in a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
  3. The applicant should have the work experience of the last three years, and the salary should come in their bank account only.
  4. The applicant must have a good credit history, and credit score should be between 650 or above.
  5. The applicant has to submit his bank statement of the last three months and the salary slip of the last six months.

Click here to know more - Salaried Applicant

Self-Employed Applicant

  1. The minimum age of the applicant should be 25 years and maximum up to 65 years.
  2. The applicant should have filed the ITR for the last three years.
  3. The credit score of the applicant should be good, and no debt should be due.
  4. The ITR filed should be of Rs 2.5 lakhs per annum at least.
  5. And if the applicant has a business then his business should be running for the last three years.

Click here to know more - Self-employed Applicant

ICICI Bank Personal Loan Documents

  1. ID proof- PAN card/Aadhar card/Passport/Driving License/Employee ID.
  2. Address proof- PAN card/Aadhar card/Passport/Driving License/Bank passbook/Ration card/any Utility bill (telephone, electricity, water, gas) of last two months/Letter from a recognized public authority verifying the customer’s residence/LIC policy or receipt.
  3. PAN card of the applicant has to be submitted under KYC formality.
  4. Proof of ownership - Electricity or water bill/property papers/maintenance bill.
  5. Current job proof - Current employment certificate or appointment letter (in case of more than two years).
  6. Two passport sized colored photos.

Salaried Individual

Self Employed People

Last 3 months salary slips & last 6 months bank statement

 ITR of minimum 2.5 lakhs for last 3 years

Identity Proof: Aadhar Card/Pan Card/Voter Id/ Driving License/ Passport

Address Proof: Aadhar Card/Pan Card/Voter Id /Passport/Driver License and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address

 Two colored photographs

 PAN Card photocopy

 

ICICI Bank Personal Loan Interest Rate

The present rate of interest of ICICI bank personal loan status is that it starts from 10.75 % per annum.

ICICI Bank Personal Loan Tenure

Tenure is the time for which you have to repay the loan. It can be from 1 year to 5 years. The bank lets the borrower decide the tenure according to his/her comfort.

Pre-closure Charges

ICICI Bank applies some charges on the pre-closure of the personal loan. It is 4% of the outstanding balance.

Who Can't Apply for ICICI Bank Personal Loan?

  1. An applicant whose age is less than 21 years.
  2. An unemployed person.
  3. A person whose earnings are less than Rs. Fifteen thousand a month.
  4. In metro cities, the salary of the applicant should be Rs. 18000 at least.
  5. A person with a bad CIBIL score.
  6. A person who is self-employed but does not pay the ITR.

How To Apply for ICICI Personal Loan? 

Availing a personal loan is very simple, all you have to do is to:

  1. Visit www.dialabank.com and fill the application form. 
  2. Then, you will receive a call from our relationship managers.
  3. Our experts will guide you through the entire process and tell you the details of the loan. 

FAQs 

Q: What is the maximum amount of Personal loan that can be approved?

A: Loan amount offered is up to Rs 20 Lakh.

Q: Are there any foreclosure charges for Personal Loan?

A: Yes, there are foreclosure charges in ICICI Bank.

Q: How is EMI on a personal loan calculated?

A: EMI Formula

    E = P*R (1+r) n/ ((1+r) n-1))

    Where

    E is EMI

    P is Principal Loan Amount

    R is the Rate of Interest calculated every month. 

Q: How much time it takes for the approval of Personal Loan?

A: It takes 72 hours to get personal loan approval in ICICI Bank.

Q: Does ICICI Bank provides top up on existing loans?

A: Yes ICICI Bank provides top-up facility on existing loans.

Q: What is the Interest Rate offered by the ICICI Bank for the Personal Loan?

A: The current ICICI bank Personal Loan status is that it varies from 10.75% to 16.00% per annum; it depends on the Applicant’s profile, CIBIL score, and financial history.

Q: How much CIBIL score is required for a personal loan?

A: The minimum CIBIL score required for a personal loan is generally 700. This would mean that the applicant is creditworthy and the applications are processed without hassle. In general credit       scores range from 300 - 900; 300 being on the lower end of the range and 900 on the higher end.

Q: What is the Loan Repayment Tenure?

A: ICICI Personal Loan has a tenure of 1-5 years. The applicant is free to choose the loan tenure

Q: How can you repay a Personal Loan?

A: You can repay the Loan in the form of EMIs.

Q: How is the interest on ICICI personal loan calculated?

A: To calculate the personal loan interest rate you can use ICICI Personal Loan EMI Calculator.

Q: How to use ICICI personal loan calculator?

A: You just have to visit ICICI Personal Loan EMI Calculator. After that enter the amount, tenure and rate of interest.

Things you must do before applying for a Personal Loan

  1. Visit www.dialabank.com .
  2. After that, check Personal Loan Eligibility online.
  3. You can do every possible research at home before applying for a Personal Loan, even you can calculate your EMI using ICICI Personal Loan EMI Calculator Online.

About ICICI Bank

The Industrial Credit and Investment Corporation of India, popularly called as ICICI Bank, is one of the leading private sector banks in the country. It is the second largest bank in India with a branch network of about 31,000 branches and 10,486 ATMs across India. The bank is present in 19 countries including India. The bank is a pioneer in mobile banking and is trying to provide the best services to people in every field of banking like personal loan.

The Current Personal Loan Status of Interest Rates

Bank

Interest Rate

HDFC Bank

10.75%

ICICI Bank

11.00%

Bajaj Finserv

10.75%

Tata Capital

11.12%

Kotak Bank

12.00%

Fullerton India

10.76%

IndusInd Bank

10.98%

Axis Bank

11.89%

Andhra Bank

11.45%

Bank of Baroda

13.00%

Corporation Bank

11.06%

United Bank Of India

13.45%

Vijaya Bank

11.56%

Indian Bank

12.00%

Bank of India

12.87%

Canara Bank

10.99%

Yes Bank

12.02%