ICICI Personal Loan – Apply Online 2023

As one of the Big Four Banks of India, ICICI Bank offers you a personal loan at interest rates as low as 10.50%. Having its presence in 17 countries and more than 5000 branches across India, it enables you to avail a loan from the comfort of your home and office. And, when you get the freedom of flexible tenure options, your workload will only double. Read the page below to know more features and benefits.

ICICI Personal Loan Interest Rate Enero 2023

Applying for a personal loan is easy but you should always know the interest rates offered by ICICI Bank on your personal loan before you apply for it. The reason is that the rate sets the tone for your loan payments. Currently, the lender offers personal loans at an interest rate of 10.50% – 18.00% per annum to eligible applicants. The rates are relatively low, thereby enabling pocket-friendly EMIs to be paid.

Details Details
Interest Rate 10.50% – 18.00%
Loan Amount Up to INR 50 Lakh
Loan Tenure 5 Years
Processing Fee INR 4999(>=10 Lac) or 2% of loan amount + GST
Prepayment Charges 5% of principal outstanding + GST
Safety Not needed

Why Choose ICICI Personal Loan?

A personal loan can be taken for any purpose, be it marriage, education, medical treatment or even business needs. A personal loan from ICICI bank helps you meet your diverse financial needs and the quick approval process ensures that you have an easy borrowing experience However, it is very important to know the uniqueness of the personal loan offer. So, here are some of the key factors that make ICICI personal loans stand out.

  • Customized Personal Loan: ICICI Bank offers customized personal loans for every applicant. The bank provides maximum loan amount up to INR 40 lakh. You can also choose the loan repayment option between 12-60 months as per your convenience.
  • Attractive Interest Rate: ICICI Bank offers personal loans at interest rates starting from 10.50% and above.
  • Fast Loan Approval: Online application ensures that the loan gets approved and disbursed to the individuals account quickly. This minimizes the time and effort of individuals while they apply for the loan.
  • Minimal Documentation: The documentation process is easy and hassle-free.
  • Cover Loan Liability: ICICI Bank offers Personal Loan liability with ‘All Safe’ Insurance to a personal loan applicant.
  • Instant E-Approval: Now, a loan applicant can apply for a personal loan online and get instant e-approval.
  • No Collateral Required: No collateral (security) is required to get a personal loan from ICICI Bank.

ICICI Personal Loan Top-up

In case you need more money apart from your current personal loan, you can easily opt for a top-up with ICICI Personal loan. The ICICI personal loan top-up interest rate starts at 11.25% per annum. For this facility, you do not need to submit any security or collateral. You can easily apply for it with minimal documentation.

To get a top-up on your current personal loan, you can choose a new loan that will cover your current loan amount and new funding needs or a new loan just for your new need. While paying the loan amount, you will have to pay one full EMI for the total loan amount in the first case, there will be separate EMIs for the existing and new loan if you opt for the second case. You can apply through Internet Banking, Mobile App, SMS banking. You can also visit the bank branch to apply for the said loan.

ICICI Personal Loan Calculator

Want to know the exact calculations of your EMI and that too in the smallest time frame? Consider using the ICICI personal loan EMI Calculator online. The smart algorithms of this magical tool let you know the exact EMI in a hassle-free way. All you have to do is simply enter the Loan Amount, Tenure and Interest Rate on the device, and within seconds, it will fetch the accurate EMI as well as the total interest outgo.

For a better understanding of ICICI Bank Personal Loan EMI Calculator Online , below is a table showing the calculations of INR 5 Lakh loan taken at an interest rate of 10.99% for 5 years.

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 79,394 ₹ 51,030 ₹ 4,20,605
2 ₹ 88,573 ₹ 41,851 ₹ 3,32,031
3 ₹ 98,813 ₹ 31,611 ₹ 2,33,218
4 ₹ 1,10,237 ₹ 20,188 ₹ 1,22,981
5 ₹ 1,23,079 ₹ 7443 ₹ 0

ICICI Personal Loan Eligibility Criteria January 2023

For personal loans, ICICI Bank has set eligibility criteria that one must meet. For example, the bank has different criteria for salaried and self-employed individuals. So, before you apply for this credit facility, it is better that you should know the same. You can also check your personal loan eligibility online . You can check ICICI personal loan eligibility criteria below.

Salaried Individuals Self-Employed Individuals and Working Professionals
  • The age of the loan applicant should be between 23 years and 58 years
  • Applicant’s Minimum Net Monthly Income should be INR 17,500 and above
  • Minimum 2 years work experience with at least 1 year work experience with current employer
  • The age of the loan applicant should be between 28 years and 65 years (Minimum 25 years for Doctors)
  • The applicant’s minimum business turnover should be INR 40 lakhs in case of non-professionals
  • Applicant’s minimum business turnover should be INR 15 lakhs in case of professionals
  • Minimum income should be INR 2 lakhs for self-employed individuals and proprietors (excluding tax)
  • Minimum income should be INR 1 lakh for non-professionals (excluding tax)
  • Minimum 5 years of business experience (3 years for doctors)
  • Applicants must have a relationship with ICICI bank for at least 1 year as an account holder or an existing loan customer where the loan is running or will expire in the first 36 months of the loan period

How to Apply Online for ICICI Personal Loan

Do you want to apply for an ICICI personal loan online but don’t know how to do it? Well, there is nothing to worry about because all you have to do is just read it. An online application process is very simple and fast and allows you to immediately get the necessary funds to meet your various needs.

Step 1: Check Eligibility

Use the EMI loan calculator to decide how much of the loan you are looking for and how much you can afford to pay.

Step 2: Provide basic details

The next thing is to provide your basic details to check the available offer according to your profile.

Step 3: Offer for you

Based on your details, the bank will provide you with an exclusive offer available for you with complete details of loan amount, interest rate and tenure.

Step 4: Application form

Now you have to complete your application form by visiting the website and fill you personal and professional details and submit the form.

Step 5: Upload documents

Now you just need to upload documents as required by the bank and you will receive the loan amount in your account.

Here is the list of documents you need to upload –

For Salaried Applicants For Self-employed Applicants
  • Signed loan application form with photograph
  • Proof of identity- Copy of Passport/Voter ID Card/Driving License
  • Processing fee review
  • Latest 3 months bank statement (where salary/income is credited)
  • Last 3 months salary slips
  • Signed loan application form with photograph
  • Proof of identity- Copy of Passport/Voter ID Card/Driving License
  • Processing fee review
  • Latest 6 months bank statement
  • Proof of income with last 2 years audited financials

Can You Get a Top-up Loan on Your ICICI Personal Loan?

yes you can All you need to do is apply for a top-up loan with ICICI Bank. You can get the loan on your current outstanding loan balance. The bank will total the total loan by adding the top-up portion with the remaining balance. Thus, it will charge interest on the aggregate loan amount.

ICICI Personal Loan Login

You can login to your ICICI account anytime using your credentials. Yes, with the help of your login credentials like ID and password, it becomes easy for you to view all your account activities on the go.

ICICI Personal Loan Status

Now you can easily track the status of your personal loan application online just by following a simple process. All you need to do is simply visit the site, enter your mobile number, followed by either date of birth or application number. After that, you will know whether your application has been approved, pending or rejected. Looks good, doesn’t it? And, it’s simple and easy.

See also  10 Best Banks for Business Loan in India

ICICI Bank Personal Loan Balance Transfer

You can easily transfer your outstanding balance to ICICI Bank if you have paid 12 EMIs in your current bank. By doing this, you can get low interest rates on both. While availing this facility, you will save a lot as the low rate results in reduced EMI. Ultimately, this reduces your overall loan burden. So what are you waiting for? Use ICICI Personal Loan Balance Transfer and reduce your debt burden.

Instant Approval

Approval for a personal loan application depends on an individual’s profile. If your profile suits the bank and your documents are complete, you can get instant approval within 72 hours of submitting the documents. Yes, getting instant approval is that simple and hassle-free process. With the help of availing both, you can instantly fulfill your various personal needs.

Get Instant Personal Loan Upto INR 15 Lakh Through ICICI Bank ATM

ICICI Bank now provides instant repayment of personal loans up to INR 15 Lakh for a fixed tenure of 60 months through ATMs. Yes, that’s right! Existing salaried customers of the bank can get the personal loan amount directly in their account in a completely digital and paperless manner through ATMs. This facility enables customers to get pre-qualified personal loans instantly in their savings account.By introducing this service, the bank’s main effort is to offer an enhanced customer experience with many unique features such as smooth application in easy steps, based on pre- assessed CIBIL score , multiple options in loan amount up to INR 15 Lakh and instant fund transfer to the customer’s account.

Customers, after completing the transaction for a balance inquiry or cash withdrawal, will see the personal loan option. They can visit any ICICI Bank ATM and follow the steps below to avail this credit facility.

  • Select the required pre-approved offer. Different loan amount options will flash on the screen, based on your eligibility.
  • Accept automatically generated interest rate, processing fee and EMI amount
  • Confirm the displayed terms and conditions
  • Submit debit card PIN

After completing this process, you can get the loan amount in your account. However, you can also apply for an ICICI Personal Loan on the bank’s website, iMobile as well as its branches.

ICICI Bank Moratorium Process

You can apply for moratorium process on your personal loans with ICICI Bank. ICICI bank has announced a moratorium on all personal loans for up to 6 months of EMIs to provide relief to customers in the COVID 19 crisis. Please note that this is optional for customers if you can continue to pay your loan EMI as normal if your funds allow you to do so.

Below are the steps to follow if you want to opt for the moratorium process –

  • Visit the ICICI Bank website or use the mobile app
  • Click on the “choose your option” link and follow the subsequent steps.
  • On the application page, mention your registered mobile number.
  • After that enter your other details like date of birth, loan type, your loan number and mention your EMI amount
  • Then make a decision and choose a suitable service
  • Click on the EMI deferral option that says I agree to pay the accrued interest on the outstanding balance
  • Click on the ‘Submit’ button
  • The bank will scrutinize the details and process your moratorium request
  • You will be given a reference on successful completion of the process.to your registered mobile number and email address

Please note that interest (on the remaining principal and interest thereon) will continue to accrue during the moratorium and the term of the loan will increase. We suggest making the decision after considering all the options you have. If you are in a position to pay in EMIs then keep paying on your due dates.

ICICI Bank Personal Loan FAQs

 

1. How to get personal loan from ICICI Bank?

You can get a personal loan from ICICI Bank by filling the loan application online on their official website. You can also apply for the same loan by filling the form above and the bank representative will call you to discuss the loan details.

 

2. How much time does ICICI Bank take to approve a personal loan?

 

3. How long does it take to get a personal loan from ICICI Bank?

ICICI Bank personal loan disbursal takes 2 to 3 working days. You can get a quick disbursal if you meet all the loan eligibility criteria and submit proper documents.

 

4. What is the minimum amount of ICICI Bank personal loan?

The minimum personal loan you can borrow from ICICI bank is INR 50000 and the EMI on this loan will also be low.

 

5. Can I take 2 personal loans from ICICI Bank?

Yes, if you have high credit score and high income, you can take two personal loans from ICICI bank. You must also have a high credit line to get two loans from the same bank.

 

6. What are the documents required to apply for ICICI personal loan?

You will need an identity proof like PAN or Aadhar, an address proof like Aadhar/Passport/Voter ID/Electricity Bill, and an income proof like Salary Slips/Bank Statement/ITR to apply for ICICI Bank Personal Loan.

 

7. Who is eligible to take an ICICI bank personal loan?

A person who meets all the eligibility criteria can apply for ICICI Bank personal loan:-
– 23 Years to 58 Years of Age
– Net Monthly Income of INR 17500.
– A minimum of 2 years of working experience.
– 1 year experience with current employer.
– A Credit Score of 750 and above.

 

8. What documents are required for ICICI Bank personal loan?

You will need the following documents to apply for ICICI Bank Personal Loan:-
– Pan Card/Aadhar Card for Identity Proof
– Aadhar Card/Driving License/Passport/Voter ID/Electricity Bill for address proof.
– Salary Slips/ITR/Bank Statement for income proof.
– Loan application form and multiple passport-size photographs.

 

9. How to check the status of my ICICI bank personal loan?

You can check the status of ICICI Bank Personal by logging into ICICI net banking or iMobile App. You can see the status of your loan through these two methods.

 

10. Who can be your co-borrower in an ICICI Bank personal loan application?

Your spouse, children, parents, and siblings can be co-borrowers in an ICICI Bank personal loan application.

 

11. What is the minimum CIBIL score required for ICICI Bank personal loan in India?

You will need a minimum Cibil Score of 750 and above to apply for an ICICI bank personal loan in India.

 

12. How to close ICICI bank personal loan?

You can follow below steps to close ICICI Bank personal loan:-
– Visit nearest ICICI Bank branch.
– Ask the bank manager or representative to close the ICICI Bank Personal Loan.
– Fill out the loan application closing form.
– Clear all outstanding dues and submit the form to the manager.
– The manager will close the ICICI Bank personal loan and issue NOC.

 

13. How to foreclose ICICI bank personal loan?

You can foreclose ICICI bank personal loan by paying the outstanding amount on the foreclosure date and also paying the foreclosing fee charged on the outstanding loan amount.

 

14. How to repay ICICI bank personal loan?

You can use the auto-debit feature of ICICI bank to repay the personal loan through EMIs. the bank will automatically debit the monthly EMI from your account on a specific date and this is how you will repay the entire ICICI bank personal loan.

 

15. How to check ICICI bank personal loan balance?

To check your ICICI personal loan balance, you can login to ICICI net banking or the iMobile app and go to the loan section to know your outstanding loan balance.

To Know More Details:- https://www.icicibank.com/

 

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