Icici Personal Loan

Last modified:2019-10-18


ICICI Personal Loan is sanctioned when the applicant satisfies all the eligibility criteria provided by the bank. ICICI Personal Loan helps the customers to meet the financial requirement and fulfill their dreams. ICICI Personal Loan types, required information, interest rates, MCLR and more related details are written in the article.

You Can Also Search for Personal Loan

#1. Personal Loan
#2. SBI Personal Loan
#3. HDFC Personal Loan
#4. Axis Bank Personal Loan
#5. Personal Loan Interest Rates
#6. HDFC Personal Loan Status
#7. Bajaj Finance Personal Loan
#8. SBI Personal Loan Interest Rate
#9. Loan Against Property
#10. HDFC Personal Loan Interest Rate
#11. Personal Loan Eligibility
#12. Personal Loan Calculator
#13. HDFC Personal Loan EMI Calculator

Highlighted Details of ICICI Personal Loan 

ICICI Personal Loan help the people to achieve their dreams in life. To fulfil their dreams, finance plays a major role whether it is education or marriage or anything else. Large amount cannot be immediately earned, so the banks provides personal loans which play a major role in these circumstances. ICICI Personal Loan are easily procured to meet their financial requirements with minimal procedures. ICICI Personal Loan provides flexible interest rates and also provides flexibility in repayment. ICICI Personal Loan key details are provided in the below table.
 

Interest rates

10.99% -17.99%p.a

Loan tenure

12 to 60 months

Loan amount

Rs.50000-Rs 40 lakhs

Pre-payment or foreclosure charges

5%p.a of principal outstanding+GST

Additional interest on Late payment charges

24% p.a

Loan processing charges

Upto 2.25% p.a of loan amount+GST (non-refundable)


What is the Interest Rate of ICICI Personal Loan?

ICICI Personal Loan are provided with the attractive interest rates varying between 10.99% and 17.99% per annum. It is advised to plan ahead of the loan amount in order to have no difficulty in paying the monthly EMI. The ICICI Personal Loan interest rates are influenced by some of the factors such as the age of the applicant, loan amount, tenure of the loan and the credit history. A person who has very high credit history can negotiate with the bank while the loan amount is being sanctioned. Most types of ICICI Personal Loan follow fixed interest rates. ICICI Bank offers ICICI Personal Loan at attractive interest rates to attract more customers. ICICI Personal Loan are provided with minimal procedures. ICICI Personal Loan are sanctioned within a few seconds for the borrowers who has a high credibility and repayment capacity. The interest rates of the ICICI Personal Loan for salaried and self-employed people are highlighted in the below table.
 
 

For Salaried

For Self-Employed

Interest rates

11.29%

11.29%

Loan tenure

Upto 5 years

Upto 5 years

Loan amount

Upto Rs.40 lakhs

Upto Rs.40 lakhs

Processing charges

Upto 2.25% of loan amount

Upto 2.25% of loan amount


What are the Other Charges of ICICI Personal Loan ?

There are some charges that come along with the ICICI Personal Loan other than the interest rates. Other charges are pre-payment charges, processing charges, stamp duty charges, late payment charges,etc. ICICI Personal Loan pre-payment attract some charges levied by the bank. Mostly it is charged 5% of the loan plus the GST charge.The pre-closure charges are calculated on the outstanding loan amount. Part prepayment is not allowed in ICICI Personal Loan. When the prepayment charges are more than Rs.50000, then the PAN Card must be provided. Also the customer must provide a written letter to the bank in case of prepayment.
ICICI Personal Loan attracts 2.25% of the loan plus the GST as charges for processing the loan application. Other charges related to the  ICICI Personal Loan are provided in the below table.
 

Description

Charges

Late payment charges

24% p.a

Loan cancellation charges

Rs.3000 plus GST

EMI bounce charges

Rs.400 plus GST

Processing charges

Upto 2.25% of the loan+ GST

Pre-payment charges

5% of principal outstanding + GST

Repayment mode swap charges

Rs.500 per transaction +GST

Amortisation schedule charges

Rs.200 per transaction +GST

Statement of account charges

Rs.200 per transaction +GST

Pre-payment/ foreclosure statement charges

Rs.100 per transaction +GST

Duplicate No Due Certificate

Rs.500 per NOC +Rs.200 GST per NDC + GST

Legal and incidental charges

At actuals


What is MCLR Rates of ICICI Personal Loan?

MCLR is the minimum rate of interest below which the ICICI Personal Loan cannot be provided. Exceptionally it may be provided with the reference to the permission of RBI, the loan can be allocated. MCLR varies for different time period. The following is the table that highlights MCLR i.e the Marginal Cost of Funds based Lending Rates.
 

Tenure

MCLR

Overnight

8.95%

 

1 month

8.95%

 

3 months

9.05%

6 months

9.10%

1 year

9.15%

What is the Eligibility Criteria for Obtaining ICICI Personal Loan 

ICICI Bank has introduced a useful feature to know if an applicant is eligible for a ICICI Personal Loan through online mode. One has to visit the ICICI official website and open the loan eligibility page. Provide the applicant’s basic details and within seconds, one can assess their eligibility easily from sitting at their home or work place. The loan amount is sanctioned only when the applicant satisfies the eligibility criteria listed by the bank. The eligibility criteria for salaried and self-employed applicants are given in the below table.
 

For Salaried Applicants

Age

23-58 years

Net salary

  • Rs.17,500 monthly income

  • Rs.25,000 per month for people residing in Delhi and Mumbai

  • Rs.20,000 per month for people residing in Chennai, Hyderabad, Pune, Kolkata and Bangalore

Total years in profession

2 years

Years in current residence

1 year

For Self-Employed Applicants

Age

Minimum - 28 years for self employed individuals and 25 years for doctors.

 

Maximum - 65 years

Minimum Turnover

Rs. 40 lakhs for non-professionals

 

Rs.15 lakhs for professionals

Minimum Profit after Tax

Rs.2 lakhs for proprietary firms

 

Rs.1 lakh for non-professionals

Business Stability

In current business at least 5 years and 3 years for doctors

Existing Relationship with ICICI Bank

Minimum 1 year liability or asset relationship with account live or closed in last 36 months.



What are the Documents Required to obtain ICICI Personal Loan ? 

Applicant must be ready with all the necessary document in order to apply for the  ICICI Personal Loan. The loan application form must be duly filled and the details must be written clearly. Keep your passport size photos ready which is took recently. One should submit the following documents along with the loan application form.
  • Identity Proof
  • Address Proof
  • Age Proof
  • Passport size photographs
  • Income Proof - Salary certificate to be provided and the bank statement where the salary amount is been credited.
  • PAN Card
  • Aadhar Card
  • Bank Statements in case of self-employed people


What are the Details to be Furnished to Apply for ICICI Personal Loan?

Applicants must be eligible to apply for the  ICICI Personal Loan. Check your eligibility in the above eligibility criteria provided. Alternatively check in the eligibility calculator available in the bank’s official website. When one is eligible, he/she can proceed the application process by providing the details required.  When accurate information are provided, the  ICICI Personal Loan are easily sanctioned after scrutinising. The following personal and professional details of the applicant must be furnished to the ICICI bank for obtaining  ICICI Personal Loan. 

Required Personal Details

For applying for the  ICICI Personal Loan one has provide the required personal details like name, age, address, duration at the current residential address and nature of employment. The city in which the applicant resides must be mentioned, so that the bank’s branches in the particular city can contact the applicant. The details provided must be accurate. The applicant must also mention the details about any loan he/she has acquired.

Required Professional Details

The applicant must also furnish their professional details like the type of business or the organization where the applicant is working with, number of years the applicant is been working with the current employer, monthly income. This information is verified before sanctioning the loan amount. ICICI Bank requests the customers to provide only minimal and very necessary information for the purpose of sanctioning the personal loan amount.


What are the Features of ICICI Personal Loan?

ICICI Personal Loan are very beneficial to the people. ICICI Personal Loan are of many types and the borrowers can choose it according to the requirement. The interest rates on ICICI Personal Loan are comparably low and are fixed throughout the tenure of the loan. The special features and benefits of choosing  ICICI Personal Loan are listed below.
  • ICICI Personal Loan is provided with minimal procedures and easy documentation procedure.
  • ICICI bank provides EMI calculators and Eligibility Assessment for helping the customers to plan things ahead.
  • ICICI Personal Loan tenure is minimum 12 months and maximum 60 months.
  • ICICI Personal Loan tenure is flexible.
  • ICICI Personal Loan does not require any collateral or guarantor.
  • ICICI Personal Loan is provided with e-approval facility.


What are the Types of ICICI Personal Loan?

ICICI Bank provides different types of personal loans for the customer’s convenience and customer’s needs. Personal loans are obtained for various expenses like vacation, education, wedding, etc. Each  ICICI Personal Loan types have varied interest rates and other charges. Below are the types of ICICI Personal Loan are as follows.
  • Wedding Loan
  • Holiday Loan
  • Home Renovation Loan
  • Top Up Loan
  • Fresher Funding Loan

What are the Stages in the Processing of the ICICI Personal Loan?

ICICI Personal Loan is sanctioned only after few stages of application process. comparatively , ICICI Personal Loans are provided with basic and minimal procedure. For any emergency situations, the  ICICI Personal Loan are even sanctioned with even less processing time. The following are the processing stages of the  ICICI Personal Loan.
  • Submission of the application form and necessary documents.
  • Scrutinizing the details in the application form.
  • Verification of the proof documents.
  • Agreement between the bank and the customer.
  • Agreement Signature by the applicant.
  • Sanctioning the loan amount by the bank.
  • Disbursal of the loan amount.


How to Calculate ICICI Personal Loan EMI Using EMI Calculator?

ICICI bank provides an EMI Calculator to calculate their monthly loan EMI. It can be easily calculated through online mode. One must enter the details like the loan amount, loan tenure, rate of interest to calculate the EMI. It can be calculated within seconds. This EMI Calculator helps the customer to plan for the loan amount, so that the repayment does not disturb their monthly financial needs. Follow the below instructions to calculate the   ICICI Personal Loan EMI using EMI calculator.
  • Visit the ICICI official website.
  • Choose Personal Loans
  • Under the menu, choose EMI Calculator or directly choose this link .
  • In that page, you will able to calculate your EMI and also there is a option for you to check your eligibility.
  • Choose Calculate EMI.
  • Enter the loan amount, loan tenure and interest rate.
  • The ICICI Personal Loan EMI amount is instantly calculated.


ICICI Personal Loan for NRI

The NRI can approach the bank for ICICI Personal loan to meet their immediate financial needs. The interest rates for NRI are normally higher in mostly all the banks.  ICICI Personal loan for NRI are provided with simplified documentation.  ICICI Personal loan for NRI related information are listed below.
  • NRI need not provide any collateral for obtaining the ICICI Personal loan 
  • Maximum loan amount for NRI is 10 lakhs.
  • ICICI Personal loan can be obtained through online mode.
  • Interest rates for NRI is quite high than the Indian customers.
  • The interest rates charged is minimum 15.49% per annum
  • The applicant should be a Indian and co-applicant can be the NRI where NRI should be a close relative of the applicant.
  • Easy processing and disbursal of  ICICI Personal loan for NRI is possible .
  • Loan tenure is 36 months for NRI applicants.


How to Check the ICICI Personal Loan Status?

ICICI Bank provides an online feature to check their ICICI Personal loan status through the online mode. It can be checked through the bank’s official website. Alternatively the customers can check the status of the ICICI Personal loan by contacting the bank branch either through the telephone call or visit the bank directly. The bank provides 24/7 hours customer support for any queries. To check the  ICICI Personal loan Status online, follow the below steps.
  • Visit the bank’s official website.
  • Choose Personal loans.
  • Under the menu “More” choose “Loan Application Status”. Or use the direct link .
  • Track your application by entering the details of the mobile number, application number and date of birth.
  • Click Continue.
  • The application status of the ICICI Personal Loan is displayed.
  • If your not sure of the application number, enter the mobile number and date of birth, click “Send OTP”.
  • The OTP is sent to the registered mobile number which is provided in the application form.
  • Enter the OTP and  choose “Continue” to view the ICICI Personal Loan Status.

Guidance for ICICI Personal Loan Applicants

The very first step is that the applicant must search for the loan schemes available and compare the interest rates. ICICI Bank provides various types of personal loan for the customers to choose. The applicant can check your eligibility online in the bank’s website to save time. The approximate EMI amount is to be calculated to avoid the burden in the future. Decide carefully about the loan amount and apply for the ICICI Personal Loan. Fill in the application form clearly and with accurate details. Affix the recent photographs of the applicant and sign in the required places. Documents should reflect updated current information for easy and quick sanctioning of the ICICI Personal Loan. It is advisable to repay the loan amount on time to avoid unnecessary charges.

ATM Transcations - RBI related Articles

Whatsapp Messenger related Articles

Virat Kohli Hits a century related Articles

Reliance Jio related Articles

CIBIL related Articles

GST related Articles

Passport related Articles

Reliance Jio GigaFiber related Articles

Two Wheeler Loan related Articles

HDFC Loan Status related Articles

Gold Loan related Articles

Business Loan related Articles

Car Loan related Articles

Education Loan related Articles

Mudra Loan related Articles

Personal Loan related Articles

Home Loan related Articles

PAN Card related Articles

RRB related Articles

related Articles

Paytm Payments Bank related Articles

Vodafone Idea related Articles

Link Aadhar With Bank Account related Articles

AADHAR CARD related Articles

Link Aadhar With OTHERS related Articles

Link Aadhar With Mobile Number related Articles






सरकारी नौकरी अब हिंदी में





FreshersLive - No.1 Job site in India. Here you can find latest 2019 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.