How to Apply for an ICICI Bank Personal Loan
How to Apply for an ICICI Bank Personal Loan
What is a Personal Loan?
A personal Loan is an unsecured loan that fulfills all financial needs like travel, home renovation, online course, wedding, or any medical emergency.
Customers can easily apply for ICICI Bank’s personal loan, online up to INR 50 lakh without any collateral security but subject to eligibility. With the help of an instant Personal Loan online facility, ICICI Bank personal loans can be availed in seconds.
Eligibility Criteria:
ICICI Bank offers Personal loans to salaried individuals as well as to self-employed. Personal loan eligibility for a pre-approved personal loan can be checked with the help of the iMobile Pay app or via ICICI Net Banking. ICICI Bank customers can check their eligibility in the below-mentioned manner:
1. For Salaried Individuals:
| Criteria* | Salaried |
|---|---|
| Age | 23 years - 58 years. |
| Net Salary** | Salaried individuals with a minimum monthly income of INR 30,000 |
| Total years in job/profession | 2 Years |
| Years in current residence | 1 Year |
**The minimum salary requirement will differ depending on the profile (Type of employer, having a relationship with ICICI Bank, etc.) of the customer.
2. For Salaried Individuals:
| Criteria* | Self Employed |
|---|---|
| Age | 28 years (self-employed individuals) and 25 years (for doctors); Maximum age - 65 years |
| Minimum Turnover | INR 40 lacks for non-professionals; INR 15 lac for professionals; as per audited financials |
| Minimum Profit After Tax | INR 2 lac for Proprietorship Firm/Self-employed individuals and INR 1 lac for non-professionals as per audited financials |
| Business Stability | In current business for at least 5 years and a minimum of 3 years for doctors |
| Existing relationship with ICICI Bank | Minimum 1-year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required |
Note: ICICI Bank provides Personal Loans to self-employed individuals under Business Installment Loans.
3. Interest Rates:
In India, the interest Rates and charges are based on the type of credit facility. Let us now go through ICICI Bank Personal loan rates:
| Type of credit facility | Interest Rate and Charges Applicable |
|---|---|
| Personal Loan Interest Rates | 10.75% to 19% per annum |
| Loan Processing Charges / Origination Charges (Non-Refundable) | Up to 2.50% of the loan amount plus applicable taxes |
| Prepayment Charges | For salaried customers, 3% plus applicable taxes on principal outstanding after payment of 1st EMI and 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 up to 50 lakhs. |
| Additional Interest on late payment | 24% per annum |
| Repayment Mode Swap Charges | ?500/- per transaction plus applicable taxes |
| Loan Cancellation Charges | ?3000/- plus applicable taxes |
| EMI Bounce Charges | ?500/- per bounce plus applicable taxes |
Notes:
The specific interest rate applicable to a customer would be dependent on the segment, asset category, and location.
ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.
GST and other govt. taxes, levies, etc., applicable as per the prevailing rate will be charged over and above these charges at the discretion of ICICI Bank Ltd.
The charges or fees given in the above table are subject to change and the one recorded in the agreement will be binding over this site.
Auto Debit Bounce charges: ₹50 + applicable taxes#
#Amount will be debited from your savings account.
4. Service Charges; Fees for Personal Loans
Below mentioned are the service charges for an ICICI Bank Personal Loan:
Pre-payment of the loan is possible anytime during loan tenure after payment of 1 EMI with applicable foreclosure charges i.e. 3 % plus applicable taxes.
The waiver, if any, of the prepayment charges will be applicable provided that
Minimum 1st EMI is paid.
If 12 EMIs paid then NIL, Pre-payment charges are applicable.
For MSE (Micro and Small Enterprises) tagged customers, Nil Pre-payment charges are subject to the loan amount being less than or equal to 50 lac.
The facility of part pre-payment is not available.
5. Annual Percentage Rate
The Annual Percentage Rate (APR) is a method to compute annualized credit cost, which includes the interest rate and processing fee. The APR calculator does not include charges such as prepayment charges, etc.
The interest can be calculated on the outstanding balance a customer has in his/ her account which can be checked in many different ways.
Following are some of the popular methods to check ICICI account balance:
By calling on ICICI Bank Balance Check Number
By visiting ICICI Bank ATM
Via SMS Banking
By getting ICICI Bank Passbook updated
Via ICICI Bank Net Banking
By calling ICICI Bank Customer Care Number
Via ICICI Bank Mobile Banking
Via ICICI Bank UPI
To know the ICICI Bank Account Balance, account holders should give a missed call on the ICICI Balance Check Number i.e. 9594 612 612
Benefits of ICICI Personal Loan
Below mentioned are the benefits of applying for an ICICI Bank Personal Loan:
No restriction on Fund Usage
There is no restriction on the manner in which the funds shall be used. It can be used for a child’s education, to incur wedding expenses, to plan a vacation, etc. whatever the purpose of the loan may be, customers will get a loan of up to INR 50 lakh.
Instant Approval
ICICI Bank provides stress-free borrowing as once it gets approved, the funds get credited into the bank account instantly.
Flexible Tenure
Customers can apply for a personal loan from 12 to 72 months, as per their repayment capacity as ICICI bank provides flexibility to choose the loan tenure.
Online Services
ICICI Bank provides a seamless Personal loan application process. Customers are required to provide some basic details like residential address, loan amount required, preferred tenure, etc.
Also, in case of any queries, ICICI bank provides Customer Care assistance which can be availed of 24*7 without bothering about the ICICI Bank Timings.
Minimum Documents
The supplication process becomes easier as there is very minimum documentation.
Fixed Interest
The interest rates are based on fixed interest rates and not on floating interest rates, hence the interests do not vary for the entire loan tenure.
No Collateral Needed
ICICI bank does not ask for any collateral security.
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