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The simple and quick guide to ICICI Bank Personal Loan

Author: Apoorv Chaudhary
by Apoorv Chaudhary
Posted: Dec 04, 2020

A borrower could put blind faith upon a few lenders. The ICICI Bank Personal Loan is one such lender credited as simply one of the best lenders in India. The reason is simple, its robust and swift approach to borrowers who need an instant loan.

So, if you need a personal loan, ICICI bank should be one of your top choices. It offers a massive loan amount, with a good rate of interest and flexible loan tenure. Here, in this post, we will share every bit of information you needed to know to apply for an ICICI instant personal loan.

ICICI Bank personal loan

ICICI Bank's personal loan usage is not restrictive, unlike other lenders' loans. Furthermore, it also does not require collateral to grant the loan. The loan is instantly approved and there is a balance transfer facility available as well.

  • ICICI Bank offers personal loans from Rs 25,000 to Rs 20 lakhs.

  • The ICICI bank personal loan interest starts from 10.99% to 18.49% P.A

  • The offered loan tenure ranges from 12 months to 5 years.

  • The processing fee is up to 2.25% of the loan amount.

  • The prepayment charge is 5% of the principal outstanding loan amount.

  • The mode swap charge is Rs 500 per transaction.

  • The amortization schedule charge is Rs 200 per schedule.

  • The statement of account charging is Rs 200 per schedule.

  • The no-objection certificate charge is Rs 500 per NOC.

  • The loan cancellation charge is Rs 3000.

  • The loan EMI bounce charge is Rs 400 per bounce.

Features & Benefits of ICICI Bank personal loan

  • The rate of interest is affordable and low, making it popular among the borrowers.

  • The process requires minimal documents which help in fasting the loan process.

  • The loan is fast approved and has quick disbursal.

  • The loan repayment tenure is quite flexible.

  • There is a customized personal loan depending upon borrowers' needs.

  • There is a Personal Loan Balance Transfer facility and top up facility available.

  • The lowest EMI is Rs 2,187 per lakh.

The eligibility criteria for ICICI Bank instant loan

The eligibility criteria for ICICI Bank personal loan is divided into two types of borrowers. Salaried individuals and self-employed professionals.

For salaried individual

  • The borrower’s minimum age should be a minimum of 23 years and a maximum of 58 years.

  • The borrower's minimum salary should be at least Rs 17,500 monthly. For Delhi and Mumbai, It should be minimum of Rs 25,000.

  • The borrower should have a minimum of 2 years of work experience.

  • The borrower should be living in the current residence for a minimum of 1 year.

For self-employed professional

  • The borrower's age should be between 28 years and 65 years.

  • The borrower business minimum annual turnover should be at least Rs 15 lakhs.

  • The business should be making a minimum profit of Rs 2 lakhs.

  • The borrower should be up and running for a minimum of 5 years.

  • The borrower should have a minimum 1-year liability relationship with ICICI bank.

Why you should choose ICICI bank

  • The loan amount is disbursed within 3 seconds, once the loan application is approved.

  • The borrower is given the choice to choose the loan repayment tenure.

  • The loan application is tracked online giving you real-time information about the process.

  • The personal loan interest rate is fixed throughout the tenure.

  • There is no need for collateral or security.

Types of personal loan offered by ICICI banks

Majorly there are five types of loans offered by ICICI Bank.

  1. Wedding loan

  2. Fresher funding

  3. Holiday loan

  4. Home renovation

  5. Top up loan

Required documents for ICICI bank personal loan

Here too, the required documents are different for Salaried individuals and self-employed professionals.

For Salaried Individual

  • Proof of identity( Aadhar card, PAN Card, Passport, Driving license, Voter ID card)

  • Proof of residence ( rent agreement, telephone bill, postpaid bill, utility bill)

  • Bank statement for the last 3 months

  • Application form

  • Passport size photographs

  • Salary slips for the last 3 months

For Self-employed professional

  • KYC documents such as Proof of identity, address proof, and DOB proof

  • Proof of residence ( Rent agreement, Utility bill)

  • Income proof ( Audited finance for the last 2 years)

  • Bank statement for the last 6 months

  • Proof of continuity of business

  • Proof of residence or office ownership

  • Office address proof

ICICI Bank personal loan EMI Calculator

It is natural to know what will be the EMI when you start repaying the loan. For this, you can use the ICICI personal loan EMI Calculator. It is available on the ICICI Bank official website.

Using it is very simple to do. You will have to enter three things in the calculator. The loan amount you want, the rate of interest you are expecting, and the loan tenure. Once you enter these three things, the calculator will show you the loan EMI as well as the Total payment ( Payment + Interest).

How to apply for an ICICI bank personal loan at Afinoz?

  • First, download the Afinoz app from the Google play store.

  • Check out the personal loan eligibility.

  • From the lender's list, choose the ICICI bank.

  • Fill out the personal and professional details.

  • Submit the loan application.

  • The verification process will begin.

  • When the verification process is completed, the loan is approved, then the loan amount is disbursed.

Tracking ICICI bank personal loan application

You can track the ICICI bank personal loan application in the Afinoz app. Open the app, from the menu, choose the tracking option. Enter the necessary details and the app will tell you the loan application status.

Conclusion

So, this is everything you needed to know about ICICI instant personal loans. There is also a personal loan balance transfer facility to check out. Make sure to read the loan documents before you sign the papers. And if you want to contact the customer card, you can do it via Customer.care@icicibank.com.

About the Author

Experienced Search Engine Optimization Executive with a demonstrated history of working in the Information technology and services industry. Strong marketing professional with a focus on Finance & Marketing.

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Author: Apoorv Chaudhary

Apoorv Chaudhary

Member since: Nov 12, 2020
Published articles: 8

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