ICICI Bank offers personal loans to satisfy all your crucial financial needs, borrower can avail of collateral-free online loans up to Rs.50 lakhs depending upon the eligibility. They offer personal loans at a starting interest rate of 10.65% p.a. for up to 6 years.
It also provides pre-approved instant loans to its selected customers with fast disbursement. ICICI Bank provides a balance transfer facility at reasonable interest rates. The ICICI bank also offers an overdraft facility to customers maintaining salary accounts with them.
|ICICI Bank Personal Loan Highlights|
|Loan Amount||Up to 50 Lakhs|
|Loan Tenure||1 year to 6 years|
|Interest Rate||10.65% to 16% p.a.|
|Processing Fees||Up to 2.5% of loan amount + taxes|
|Age Limit||20 years – 65 years|
|Occupation||Salaried or Self-employed|
|Minimum Income||Rs.30,000 per month|
Benefits and Features of ICICI Bank Personal Loan
- No restriction on the use of funds- There are no restrictions for funds usage, you can use the money for multipurpose such as education fees, meeting wedding expenses, buying lifestyle products, vacations, etc.
- Instant loan approval- ICICI Bank provides you with a stress-free borrowing experience. Once your application is approved, the funds are speedily credited to your account.
- Flexible loan tenure- You have the flexibility to choose the loan tenure, you can apply for a personal loan from 12 to 72 months, as per your repayment capacity. Because of high repayment tenure and borrower’s need to pay low EMIs, there would be a lesser burden on the borrower.
- Availability of online services- They have a continuous personal loan application process, and your loan application is approved within less duration. In case of any concerns, you can seek assistance from ICICI Bank anytime.
- Minimum documents- They have a minimal documentation process, which makes the application process easier for all.
- Fixed interest rate- The interest rates for ICICI Bank personal loans are calculated on the basis of fixed interest rates but not on floating interest rates, the interests do not vary for the complete loan tenure.
- No collateral required- For personal loans, ICICI Bank does not ask for any collateral or security.
ICICI Bank Personal Loan Interest Rates and Other Charges/Fees
ICICI bank personal loan interest rate loan matrix is not pre-defined, and it is based on the type of loan availed by borrowers. Multiple factors such as credit score, occupation, employer, monthly income, loan amount, and more are responsible for deciding the interest rate.
|ICICI Bank Personal Loan Interest Rates|
|Personal loan interest rate||10.65% to 16% per annum|
|FlexiCash (ICICI bank salary account customers)||12%-14% per annum|
|NRIs personal loan||Starts at 15.49% p.a.|
|Other Charges or Fees|
|Processing fees (non-refundable)||Up to 2.50% of loan value + taxes|
|Prepayment or foreclosure charges||For salaried customers, 3% on the principal outstanding loan amount after repayment of 1st EMI, and charges are NIL if 12 or more EMIs are paid.|
|Charges are NIL for MSE classified customers after repayment of the 1st EMI for a loan amount of up to Rs.50 lakhs.|
|Late payment penalty||24% per annum|
|Repayment mode swap charges||Rs.500 per transaction + applicable taxes|
|Loan cancellation charges||Rs.3000 + applicable taxes|
|EMI bounce charges||Rs.500 per bounce + taxes|
|Auto debit bounce charges||Rs.50 + Applicable taxes|
Note:-The specific interest rate applicable to a customer would be dependent on the segment, asset type, and location.
ICICI Bank reserves the right to revise the rate of interest and charges from time to time, at its sole decision.
Eligibility Criteria for ICICI Bank Personal Loan
ICICI Bank offers personal loans to salaried or self-employed individuals based on various criteria. You may quickly check your loan eligibility criteria if you are an existing customer of ICICI Bank. Personal loan eligibility for a Pre-approved Personal Loan can be checked through the iMobile app or net banking platform.
- Borrower must have a good bureau score
- Applicants having a savings account with any of the operating banks in India
Personal loan eligibility standards for salaried individuals
|Age limit||20 years to 58 years|
|Minimum net salary||Salaried applicants with a monthly income of Rs.30,000|
|Total years in job or profession||2 years|
|Minimum years in current residence||1 year|
Note- The minimum salary requirement will differ depending on the occupation profile (type of employer, current relationship with ICICI Bank, etc.) of the customer.
Personal loan eligibility standards for self-employed individuals
|Minimum age limit||28 years for self-employed individuals, and 25 years for doctors|
|Maximum age limit||65 years|
|Minimum annual turnover||Rs.40 lakhs for non-professionals and Rs.15 lakhs for professionals (as per audited financials)|
|Minimum profit after tax (PAT)||Rs.2 lakhs for proprietorship firms or self-employed Individuals and Rs.1 lakhs for non-professionals as per audited financials|
|Business stability||Borrower must be in current business for at least 5 years and a minimum of 3 years for doctors|
|Applicants 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 or 3 years.|
Note- ICICI Bank offers personal loans to self-employed individuals under business installment loans.
Mandatory Documents Required for Availing ICICI Bank Personal Loan
Documents for Salaried Individuals
- Proof of Identity- Passport/Driving License/Voters ID/PAN Card (any one is required)
- Residence Proof- Leave & Licence Agreement/Utility Bill (not more than 3 months old)/Passport (anyone)
- Latest 3 month’s bank statements (where income is credited)
- Salary slips are required for the last 3 months
- Two passport-size photographs.
Documents for Self-Employed Individuals
- KYC Documents- Proof of Identity, Address proof, DOB proof.
- Proof of Residence- Leave and License agreement/utility bill (not more than 3 months old)/passport (anyone is required)
- Income proof (audited financials for the last 2 years)
- The latest 6 months bank statement is mandatory
- Address proof of the office
- Proof of current residence or office ownership
- Proof of continuity of business.
Note- ICICI Bank reserves the right to call upon additional documents at its decision.
Step-by-Step Process to Apply for ICICI Bank Personal Loan Online
First, you need to visit ICICI Bank’s official website to secure an instant loan with them.
Step 1. Check your eligibility- you can use their EMI calculator to decide how much you would like to borrow and for how much time.
Fill out the online application form with all your basic details and check the loan offer available for you.
Step 2. Offer available for you- On the basis of your entered details, an exclusive loan offer will be provided to you with the details of the loan amount, interest rate, and loan tenure, you can select the loan amount and tenure as per your current need.
Step 3. Complete application form- Fill out an online application form completely by giving them your personal and professional details as well. It takes very less time to complete the form.
Step 4. Upload KYC documents- The last step is to upload your documents and after instant approval, you will receive the loan amount in your bank account.
Different Types of Personal Loans Offered by ICICI Bank
You can avail of multipurpose personal loans such as medical emergencies, marriage expenses, home renovation, loans for appliances and gadgets, travel, online courses, and more from ICICI Bank which has no restriction for end usage.
- Top-Up personal loan- With ICICI Bank’s top-up offering you can opt for a new loan that covers both your existing and new financial necessities. In this case, you can pay consolidated EMI for both loans or you can pay separate EMIs for both loans.
- Wedding loans- You can avail of a wedding personal loan for the urgent need for venue booking, catering, jewellery, shopping, or guest accommodation.
- Home Renovation- You need to carry out repairs or get new home furniture, furnishings, or fixtures the smart way. You can renovate your house with a personal loan.
- Personal loan balance transfer- ICICI Bank helps you to reduce the burden of an existing loan. You can reduce your current EMI by transferring your existing personal loan with ICICI Bank and also avail of extra funds with additional benefits.
- FlexiCash (instant overdraft facility against salary)- Borrower can avail of a line of credit or overdraft facility to meet unplanned or recurring expenses. It is designed to protect ICICI Bank customers from missing their EMIs by providing short-term instant credit.
- Personal loan for NRIs- ICICI Bank also provides personal loans for NRIs. To fulfill a dream wedding, renovate your home, or any other personal expenses.
- Pre-approved personal loan- A pre-approved personal loan is a facility for selected customers. A person with a good credit history can become eligible with less processing time.
- Business installment loan- Business Loan is a collateral-free loan that is provided to a self-employed individual and entity. Business Loan can be availed for any business renovation or equipment purchase, and offer you a specially designed business loan which suits your business needs.
Pros and Cons of ICICI Bank Personal Loan
Following are the pros and cons of availing of a personal loan from ICICI Bank as per ratings (4.6*/5) and reviews of the existing users of the iMobile Pay App.
|Great technological advancements||So many ads pop-up|
|The user interface is great||Not compatible with all versions|
|App with multiple features||Things are not synchronized|
|App is user-friendly|
|Speedy processing of transactions|
iMobile Pay App Ratings & Reviews
The rating given by the users for iMobile App is amazing on google playstore, more than 1 crore users download their app. You can quickly read the below table for review detail.
|2.||Number of Downloads||5 Crore+|
|3.||Number of Users Review||51,82,802|
|5.||App Size||146 MB|
|6.||OS Required||Android 8.0 and above|
|7.||App Permissions||Calendar, Camera, Contacts, Location, Microphone, Telephone, SMS, Other|
ICICI Bank Customer Care Details- Personal Loan
For any queries, complaints, or requests you can directly contact ICICI Bank on the following customer care details.
- ICICI Bank customer care number- 1800 1080
- ICICI Bank domestic customers travelling overseas- +91-22-33667777
- Backup customer care contact number- 1860 120 7777
- Write to ICICI Bank at ICICI Bank Limited, ICICI Phone Banking Center, ICICI Bank Tower, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally, Hyderabad, Pincode- 500032.
- Visit their Help Desk at any Branch or drop a line at- Branch / ATM / Bank@Home DropBox / ATM Sharing
- ICICI Bank Corporate Office- ICICI Bank Towers, Bandra-Kurla Complex, Mumbai 400 051, Tel No: 1800 1080, Fax : +91-22-26531122
Conclusion- ICICI Bank provides various types of personal loans to salaried or self-employed existing or new applicants for a higher loan amount with lower interest rates. As per recommendation ICICI bank personal loan is suitable for all types of personal loan applicants.
ICICI Bank ratings and reviews are great on google playstore, many users are satisfied with the app features. But you always need to compare multiple lenders before availing of a personal loan from anyone.
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