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ICICI Bank Personal Loan
Rate of interest
10.65% to 17%
Loan Amount
1 lakh to 80 lakhs ₹
Processing Fee
0.5% to 2.25% (One Time)
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Tenure
1 year to 7 years
You get funded from your trusted
Rate of interest %
10.65% to 17%
Loan Amount
1 lakh to 80 lakhs ₹
Processing Fee
0.5% to 2.25% (One Time)
Tenure
1 year to 7 years
Features
ICICI Bank Salary Account Holders
Personal Loan applicants holding a salary account in ICICI Bank will be given the benefit of a discounted rate of interest and processing fees. The Bank is comfortable to issuing increased loan amounts to ICICI Bank account holders as their financial history is readily available to the Bank. KYC details are being updated the Loan will be processed speedily.
Applicants Having A Relations With ICICI Bank
Individuals with a previous or existing relationship with ICICI Bank will be granted a Personal Loan easily giving weightier to successful repayment track of a Loan or regular usage and repayment of credit card dues. A Personal Loan being unsecured a track record of timely payment is the best guarantee for issuing a Personal Loan.
Salaried Professional Applicants
Professionals such as Doctors, Dentists, Chartered Accountants and Lawyers employed and earning regular salaries are preferred personal loan applicants and can Apply ICICI Bank Personal Loan. The highly valued education and Degree make them eligible to receive the maximum amount as an ICICI Personal Loan for Doctors, with the most suitable terms and conditions.
Products
ICICI Personal Loan Products
The ICICI Bank processes Personal Loans under different heads as per the requirement and the profile of the applicant. Further defining the basic Personal Loan product makes it convenient to process and helps satisfy the specific need of the customer.
ICICI Personal Loan Criteria for Premier Customers
High-income customers looking for a Personal Loan amount of ₹ 10 lakhs and above are prime customers ICICI Bank offers reduced rates of interest of 10.99% to customers eligible for a Loan amount of 10 lakhs and above. A Lump sum to be charged for processing and options for pre-closure and part payment of the loan post 12 months are offered. The Personal Loan application is processed within a record time to ensure speedy disbursal of funds.
Fresh Personal Loan
First-time loan seekers can apply to the ICICI Bank for a fresh Personal loan. A CIBIL Score is not mandatory to Apply ICICI Personal Loan the requirement for the loan amount will be processed as per the terms and conditions of the ICICI Bank. The amount approved will be transferred to the Bank account the loan amount may be conservative for applicants who have no previous credit score or history or declined if the ICICI Bank Personal Loan Eligibility Criteria are not met.
Personal Loan Top Up
A customer with a pre existing ICICI Bank Personal Loan can apply for extra funds as an ICICI Bank Top Up Personal Loan. With a Top Up the existing loan will be restructured to include the additional amount as per the ICICI Personal Loan Top Up Eligibility. The advantage is that a single EMI will be paid for the total amount, the applicant also has the choice of changing the tenure applied to the restructured loan to pay a suitable EMI.
Balance Transfer of a Personal Loan.
ICICI Bank offers to take over the Personal Loans of applicants with external Banks. Base rates with attractive terms and conditions are offered to customers with an on-time payment track, extra amounts are also offered as a Top up with the Balance Transfer. ICICI Bank will pay the external Bank on behalf of the applicant who can then enjoy the umpteen privileges of the ICICI Bank Personal Loan.
The Repayment Tenure Applied for a Personal loan from ICICI Bank
The tenure applied for personal loan from ICICI Bank is from 12 to 60 months: this is the time period within which the loan amount taken from the Bank is to be repaid. The tenure applicable to a personal loan is issued as per the policy of the ICICI Bank and depends on the income of the customer and the ability to pay the monthly EMI.
Eligibility Criteria
Age
The applicant must be above 21 years of age to process a Personal Loan from ICICI Bank: the maximum age for repayment of the loan is 60 years, and an extension up to the age of 65 years can be granted if proof of extension of the retirement age is provided.
Educational Qualifications
ICICI provides a Personal loan to applicants who have completed their education to the level of graduation and above. Weightage will be given to better-qualified, are professionals, and have completed their Degree from a Top college or institute.
Monthly Income
As per ICICI Personal Loan Eligibility, ICICI loans to salaried persons earning a regular monthly income of 25k and above. The minimum net amount of 25k payable should reflect in the salary slip and be credited to the Bank account of the applicant month on month.
Bank Account
The applicant should hold a salary account in any recognised Bank to which the salary is transferred month on month. Receipt of salary by cheque may be accepted, if the cheque is being deposited regularly but applicants receiving cash salary are not eligible.
Work Experience
To successfully Apply ICICI Personal Loan the applicant must have a work experience of 12 months or more. If there is a change in employment there should not be a break, the applicant should be continuously employed proof of the same will need to be provided when applying.
Profile of Current Company/Organization Currently Employed With
The company the applicant is currently employed with should be registered as Ltd, private ltd, PSU or, a Government owned. The company should have been in existence for 5 years or more with a healthy turnover. Employees of proprietorship and partnership companies will not be funded.
Credit Score
ICICI Bank funds applicants who have a 0 or -1 CIBIL if there is no CIBIL history. Applicants having a credit history should have a CIBIL Score of 720 points or more, with no defaults or settlements in the track record. Over usage of credit or too many inquiries will be viewed negatively.
Fees and Charges
The Rate of Interest
This is the major charge for the cost of funds forwarded as a Personal Loan. The ICICI Personal Loan Interest Rate ranges from 10.65% to 22% charged at a monthly reducing balance. ICICI Bank Charges a Rate of Interest as per the net salary of the applicant variations will be applied based on the following norms.
The net income of the applicant is the major variable for the rate of interest to be applied. High-income applicants are considered to be premier customers and are offered lower rates of interest.
Customers applying for increased loan amounts will be offered a discounted rate of interest. Thus, high-income personnel eligible for loan amounts above 10 lakhs will be offered the best rate.
ICICI Bank publishes a list of special offers for applicants working in organisations that are progressive, currently showing increasing trends and sound future prospects. The ICICI Bank Personal loan interest rates offered to these applicants are with discounts.
Processing Fees
The processing fees or file charges are one-time charges that apply only if the loan amount is approved an amount of 0.5% to 2.5% of the loan amount is charged as the cost of the process, the fee is deducted from the loan amount transferred to the applicants account.
Pre-Closure Charges
ICICI Bank allows the Pre-closure of a Personal Loan after 12 EMI'S. Charges are applicable on the principal balance of the loan amount for paying back the Loan amount. Special offers for 0% pre-closure are applicable for a loan amount of 10 Lakhs+
Personal Loan Insurance Charges
ICICI Bank offers Personal Loan applicants the opportunity to avail of insurance for their Personal Loan. A minimal amount of 900/- per lakhs is charged protecting the applicant from an inability to pay the regular Emi due to loss of job, illness, or any eventuality.
Documents Required
Documents To Be Submitted as Proof of Income
Salary Slips for the Last 3 months
Bank Statement from Salary account for the last 3 months showing 3 salary credits.
Form 16 for the last financial year.
Pan card copy.
KYC Documents
Proof of Identity - Passport / Driving License / Voters ID
Proof of Residence - Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
Aadhaar Card Copy
2 passport size photographs
Income Proof
Pan Card Copy.
Latest 3 months Bank Statement (where salary/income is credited).
Salary slips for the last 3 months.
Form 16 (latest).
Policies
Bank / NBFC :
ICICI Bank
Applicable to :
salaried / Self-employed.
NTH Salary:
Pvt (listed): 30K (Govt 25K) Open Market: 40K.
Age (Min/Max):
Loan Amt (Min /Max):
CIBIL (0 / -1):
Tenor (Min /Max):
Hostel Accommodation:
Listed/Non-Listed MCA:
Present Employment:
Total Employment:
Minimum Locking period :
Balance Transfer (BT):
Top up Policy:
Foreclosure/partial Policy:
21 yrs. / 61 yrs. (pensioner: 65 yrs.)
1 lakh / 1 Cr ₹
12 / 72 months (84 months for top 6 companies)
Yes
Yes
Listed and Unlisted companies.
1 month
2 years
1 EMI
up to 5 BTs
Allowed after 3 months.
After 1 EMI
Qredit
FINSAMUDRA PRIVATE LIMITED,
1ST FLOOR, NO.3013/7, SIMHA ARCADE, MKK road , Bangalore
560021 ( opposite metro pillar 207 )
