Being 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 of loans from the comfort of your home and office.
| ICICI Bank Personal Loan – A Snapshot | |
| Interest rate | 10.50% 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 |
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| Documentation |
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Documents Required for ICICI Bank Personal Loan
For Salaried
- ID Proof (any 1): Driving License, Passport, PAN Card, Voter ID
- Address Proof (any 1): Passport, Utility Bill less than 3 months old, Leave and License Agreement
- 2 passport size photographs
- Bank Statement for last 3 months with salary and income credits
- Salary slips for last 3 months
For Self-Employed
- 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 last 6 months
- Residence Proof or Office ownership proof
- Proof of continuity of business
Eligibility Criteria
ICICI Bank set up its own unique eligibility criteria for granting personal loans based on age, minimum monthly income, total work experience of the individual, and business vintage of personal loan applicants (in the case of self-employed persons). Below are the mentioned are the eligibility criteria set by ICICI Bank:
- For Salaried Individuals
- At the time of loan application, the minimum age of the loan applicant should be 23yrs of age and the maximum age of the loan applicant should be 58yrs of age at the time of loan maturity,
- The minimum monthly income of the loan applicant should be INR 30,000.
- The minimum work experience of the individual who is applying for an ICICI bank personal loan should be at least 2years
- .Applicant applying for a personal loan should have stayed in the current residence for at least 1 year.
- For Self Employed Individuals
- At the time of loan application, the minimum age of a self-employed individual should be 28 years of age and at the time of loan maturity, the maximum age of loan applicant should be 65 years of age. However, for doctors, the minimum age requirement for applying personal loan is 25 years of age.
- The minimum turnover eligibility requirement for non-professionals is INR 40 lakh and INR 15 lakh for professionals, as per audited financials.
- As per audited financials, the minimum profit earned should be at least INR 2 lakh for proprietorship firms or self-employed individuals and INR 1 lakh for non-professionals.
- Applicant should be in the current business for at least 5 years. Doctors who are applying for a personal loan should be in stable business for at least 3 years.
- Applicant should have at least a 1-year asset relationship or liability relationship with the bank existing or closed in the last 3 years.
Types of ICICI Personal Loans:
Below mentioned are the different types of ICICI Personal Loan:
- ICICI BANK FLEXI CASH
Purpose:
ICICI Flexi Cash is a short-term instant credit personal loan overdraft facility offered to ICICI Bank salary account holders to meet their personal expenses.
PROCESSING FEE- The processing fee for ICICI Bank Flexi Cash is INR 1999 + Taxes.
- ICICI BANK PERSONAL LOAN FOR NRI
Purpose – ICICI Bank offers personal loans to meet the personal requirements of Non-Resident Indians.
- Loan Amount- The maximum amount of loan an NRI can take is up to 10 lakhs.
- ICICI BANK PRE-APPROVED PERSONAL LOAN
Purpose – ICICI Bank offers instant personal loans to the selected existing customers and their loan disbursal is done within 3 seconds.
Loan Amount – The maximum amount of a pre-approved loan is 50 lakhs.
Tenure – The tenure is 1 to 5 years.
- ICICI BANK PRE-QUALIFIED LOAN
Purpose – ICICI Bank Pre Qualified loan is given to its selected customers with a simple application process and processing time is also very less.
- ICICI BANK TOP-UP LOAN
Purpose – ICICI Bank offers a Personal loan Top up facility on the existing loan with quick processing time and disbursal time is also very less, making it easy to fulfill the personal requirements of the applicants.
Loan Amount – The loan amount is between 50,000 to 25 lakhs.
- ICICI Bank Personal Loan Bank Transfer
Purpose – ICICI Bank Personal Loan Bank transfer is a facility that allows the existing personal loan borrowers of other banks or any NBFC to transfer their personal loans at lower rates to ICICI Bank.
- ICICI BANK FRESHER FUNDING
Purpose – This excellent facility of ICICI Bank allows freshers and new employees to finance their personal expenses.
Loan Amount – The loan amount for fresher funding is 1.5 lakhs.
Reasons to Select ICICI Bank Personal Loan
Below mentioned are a few reasons to choose ICICI Bank personal loan
- Affordable and flexible interest rates
- Fast loan approval
- Easy Documentation Process & 100% Transparency
- Maximum Loan up to INR 25 lakhs
- Flexible Repayment options, ranging from 1 to 5 years
- Zero Hidden Charges and Low Processing Fee
- Fast disbursal with money in your account within 2 days
Interest Rates
Below mentioned are the ICICI Personal Loan Interest Rates:
| Loan Product | Interest Rate (p.a.) |
| Personal Loan | 10.50% onwards |
| Flexi cash (Overdraft facility for salary account holders) | 12%-14% |
| Personal Loan for NRIs | 15.49% onwards |
Processing Fees & Charges
Below mentioned are the Processing fees and charges for ICICI Bank personal loan:
| 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 |