About ICICI 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.
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.
|ICICI Personal Loan at a Glance|
|Interest Rate||Starts at 11.25%|
|Lowest EMI per Lakh||₹2187 for a tenure of 60 months|
|Tenure||12 to 60 months|
|Processing Fee||2.25% + GST|
|Prepayment Charges||5% + GST|
Why Should You Apply for ICICI Personal Loan?
ICICI Personal loan is one of the best products of the bank.
- 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.
- 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.
- 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.
- Easy repayment options – Furthermore, the customer is free to choose the repayment options. It can be a Term Loan, Over Draft, or EMI.
- Fixed and reducing interest rates – Also, the customer is free to choose fixed or reducing interest rate.
- 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 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:
There are different eligibility criteria for both applicants.
ICICI Personal Loan for Salaried Applicant
- The minimum age of the applicant should be 21years and maximum up to 60 years.
- 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.
- The applicant should have the work experience of the last three years, and the salary should come in their bank account only.
- The applicant must have a good credit history, and credit score should be between 650 or above.
- The applicant has to submit his bank statement of the last three months and the salary slip of the last six months.
ICICI Personal Loan for Self-Employed Applicant
- The minimum age of the applicant should be 25 years and maximum up to 65 years.
- The applicant should have filed the ITR for the last three years.
- The credit score of the applicant should be good, and no debt should be due.
- The ITR filed should be of Rs 2.5 lakhs per annum at least.
- 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 Personal Loan Documents
- ID proof- PAN card/Aadhar card/Passport/Driving License/Employee ID.
- 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.
- PAN card of the applicant has to be submitted under KYC formality.
- Proof of ownership – Electricity or water bill/property papers/maintenance bill.
- Current job proof – Current employment certificate or appointment letter (in case of more than two years).
- Two passport sized colored photos.
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 Personal Loan Interest Rates
The present rate of interest of ICICI bank personal loan status is that it starts from 10.50 % 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.
ICICI Bank Personal Loan 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 Personal Loan?
- An applicant whose age is less than 21 years.
- An unemployed person.
- A person whose earnings are less than Rs. Fifteen thousand a month.
- In metro cities, the salary of the applicant should be Rs. 18000 at least.
- A person with a bad CIBIL score.
- 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:
- Visit www.dialabank.com and fill the application form.
- Then, you will receive a call from our relationship managers.
- Our experts will guide you through the entire process and tell you the details of the loan.
Things you must do before applying for a Personal Loan
- Visit www.dialabank.com.
- After that, check Personal Loan Eligibility online.
- 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.
FAQs About ICICI Personal Loan
1. What is ICICI personal loan?
A personal loan is the best way to arrange funds for any emergency or to cater to any unplanned activity such as a wedding or a vacation. It provides the benefit of the availability of funds without the need of collateral security for approval. ICICI Bank provides personal loans at attractive rates with minimal documentation and quick disbursal with a maximum tenure of 60 months.
2. How does ICICI personal loan work?
ICICI Bank provides personal loans of up to ₹20 lakhs at a minimum interest rate of 11.25% per annum depending on your eligibility. ICICI personal loan applications are approved within 72 hours and once approved the loan amount is disbursed within a few hours. Repayment of the loan is done through EMI which is calculated using the loan amount, rate of interest, and tenure. Eligible borrowers can apply for ICICI personal loan by visiting the nearest branch or apply with Dialabank to get the best deals and offers.
3. What is personal loan rate of interest in ICICI?
Rate of Interest of ICICI Bank personal loan varies between 11.25% to 22% per annum depending on the eligibility of the customer. For more information and a detailed comparison for offers across banks apply online at Dialabank’s website.
4. What is the procedure of personal loan in ICICI?
The process of applying for personal loans is simple and easy.
- Log in to ICICI Bank Netbanking and apply online,
- Visit the branch with the required documents (Id proof, Residence proof, Bank statement, payslip),
- Contact us at Dialabank for easy approval and hassle-free loans.
5. How can I get ICICI personal loan?
Unlike other loans like a Home loan or Gold loan, Personal loans are unsecured and do not require any security. The average approval and disbursal time in ICICI is up to 72 hours for new customers and 30 seconds for existing or pre-approved customers. Getting an ICICI Bank personal loan is easy all you need to do is visit the nearest branch with required documents and apply for a personal loan.
6. How to apply for personal loan in ICICI?
You can easily apply for an ICICI personal loan by visiting the nearest bank branch with your documents or you can fill up the application form on ICICI Bank’s online portal and mobile application. You can also apply online with Dialabank and get the best deals and offers from different banking and non-banking financial companies across India.
7. Why apply for ICICI personal loan?
ICICI Bank personal loans can be used for all your urgent monetary needs. The bank gives competitive and low-interest rates starting from 11.25% per annum with minimal documentation for hassle-free processing. If you are a pre-approved or existing ICICI customer you can get a personal loan in just 3 seconds.
8. How much EMI on ICICI personal loan?
EMIs for ICICI personal loan starts at ₹2187 per lakh. Your EMIs depend on the loan amount disbursed, tenure of your loan, and rate of interest. You can calculate your estimated EMI using Dialabank’s EMI Calculator.
9. How much CIBIL score required for ICICI personal loan?
Higher CIBIL score helps in easy approval of your personal loan application at ICICI Bank whereas a low CIBIL score results in fewer chances of personal loan approval. The minimum CIBIL score required for ICICI Bank personal loan is 650.
10. Minimum credit score needed for ICICI personal loan?
A credit score is a number based on the credit history of a person. It ranges between 300-900 and a credit score above 700 is considered good. Banks use this number to check the probability of a borrower to return their money. The minimum credit score required for a personal loan from ICICI Bank is 650.
11. How to calculate ICICI personal loan EMI?
ICICI Bank personal loan repayment is done on an EMI basis which can be calculated using the EMI calculators available online. All you need is the amount of the loan, rate of interest, and the tenure for which the loan has been taken.
12. What can I use ICICI personal loan for?
ICICI Bank provides hassle-free personal loans with minimum documentation and attractive rates of interest. Personal loans can be used for any and every financial need, be it payment of credit cards, funding your or your child’s education, pending utility and medical bills, a family event or marriage, and etc.
13. Can I prepay ICICI personal loan?
Yes, prepayment for your ICICI personal loan is allowed anytime before the end of tenure once you have paid 12 or more EMIs. A pre-closure fee of 5% of your outstanding loan amount is charged by the bank. ICICI does not allow for part prepayments.
14. How to prepay ICICI personal loan?
To prepay your ICICI personal loan you need to visit the loan branch with a written letter requesting the closing of the loan along with all the loan documents. In case the applicant cannot visit the branch personally, the representative must carry the authorization letter signed by the applicant along with the Id proof of the main applicant. You will be required to pay the outstanding amount along with any foreclosure charges as applicable.
15. How to repay ICICI personal loan?
Repayment of ICICI Bank personal loan can be made on EMI (Equated Monthly Instalment) basis. You can also make online payments by visiting the net banking portal of ICICI and using your preferred payment method.
16. How to repay ICICI personal loan online?
You can repay your ICICI personal loan using a number of online options that include, net-banking, use of the i-mobile app, UPI, and debit cards.
17. What documents are needed for ICICI personal loan?
ICICI Bank provides personal loans with minimal documentation. You will need basic KYC documents like PAN Card, Aadhar Card, and Voter ID along with financial documents such as the last 3 month’s bank statement (where salary is credited) and salary slips. You will also need two passport-sized photographs.
18. How to check ICICI personal loan status?
You can check your ICICI Bank personal loan status by either visiting the ICICI bank website or logging on to the iMobile App. You can also check the status of your personal loan by visiting your loan branch and asking your loan officer for the same.
19. What is ICICI personal loan top up?
Sometimes during your loan tenure, you might feel the need for additional funds, but instead of applying for a fresh loan application you can avail a top-up on your existing ICICI personal loan. You can merge this top-up amount with your existing loan or treat it separately.
Table of Contents
- 1 About ICICI Personal Loan
- 2 Why Should You Apply for ICICI Personal Loan?
- 3 ICICI Personal Loan Eligibility
- 4 ICICI Personal Loan Documents
- 5 ICICI Personal Loan Interest Rates
- 6 ICICI Bank Personal Loan Tenure
- 7 ICICI Bank Personal Loan Pre-closure Charges
- 8 Who Can’t Apply for ICICI Personal Loan?
- 9 How To Apply for ICICI Personal Loan?
- 10 Things you must do before applying for a Personal Loan
- 11 FAQs About ICICI Personal Loan
- 11.1 1. What is ICICI personal loan?
- 11.2 2. How does ICICI personal loan work?
- 11.3 3. What is personal loan rate of interest in ICICI?
- 11.4 4. What is the procedure of personal loan in ICICI?
- 11.5 5. How can I get ICICI personal loan?
- 11.6 6. How to apply for personal loan in ICICI?
- 11.7 7. Why apply for ICICI personal loan?
- 11.8 8. How much EMI on ICICI personal loan?
- 11.9 9. How much CIBIL score required for ICICI personal loan?
- 11.10 10. Minimum credit score needed for ICICI personal loan?
- 11.11 11. How to calculate ICICI personal loan EMI?
- 11.12 12. What can I use ICICI personal loan for?
- 11.13 13. Can I prepay ICICI personal loan?
- 11.14 14. How to prepay ICICI personal loan?
- 11.15 15. How to repay ICICI personal loan?
- 11.16 16. How to repay ICICI personal loan online?
- 11.17 17. What documents are needed for ICICI personal loan?
- 11.18 18. How to check ICICI personal loan status?
- 11.19 19. What is ICICI personal loan top up?