What is a Personal Loan?
A personal Loan is an unsecured loan and one of the best loans that can be used for marriage expenses, paying medical bills, or planning a dream vacation. ICICI Bank Personal Loans caters to all needs of a client. Availing Personal Loans are not restricted to just emergencies, it can be applied for a Personal Loan to fund the vacation as well.
What are the required documents for a Personal Loan with ICICI Bank?
Documents required to avail of an Instant Personal Loan with ICICI Bank are quite simple
For Salaried Individuals:
Proof of Identity: Passport/Driving Licence/Voters ID/PAN Card (anyone)
Proof of Residence: Leave and Licence Agreement/Utility Bill (not more than 3 months old/Passport (anyone)
Latest 3 months Bank Statement (where salary/income is credited)
Salary slips for the last 3 months
2 Passport size photographs
For Self-Employed:KYC Documents: Proof of Identity, Address proof, and DOB proof.
Proof of Residence: Leave and Licence Agreement/Utility Bill (not more than 3 months old)/Passport (any one)
Income proof (audited financials for the last two years)
Latest 6 Months Bank Statement
Office address proof
Proof of residence or office ownership
Proof of continuity of business
Is it required to provide security or collateral to apply for a Personal Loan with ICICI Bank?
No, ICICI Bank offers its customers a collateral-free Personal Loan without any security.
What is the minimum and maximum amount of Personal Loan offered by ICICI Bank?
ICICI Bank offers Personal Loans starting at Rs 25,000 up to Rs 50,00,000.
What is the interest rate on an ICICI Bank Personal Loan?
ICICI Bank currently offers Personal Loans at interest rates ranging from 10.50% to 16%.
What is the repayment tenure of a Personal Loan?
ICICI Bank Personal Loan tenure ranges from 12 months to 84 months.
What is the Personal Loan processing time?
The loan approval process at ICICI Bank is simple, quick, and instant. Once a customer's Personal Loan is approved it takes only 6 hrs to 3 working days for the amount to be disbursed into the client's Account.
What are the advantages of taking a Personal Loan with ICICI Bank?
The advantages of ICICI Bank Personal Loan are:
Attractive Interest Rates
Flexible Tenure Options
Low EMI Amount
Easy Application Process
Pre-Approved Offers
No Collateral Required
Quick Disbursement
Digital Process
No Restrictions on Usage
Minimal Documentation
Can a client foreclose the loan with ICICI Bank?
The personal Loan foreclosure facility is extended to all customers availing of a Personal Loan with ICICI Bank. Customers can foreclose their Personal Loan after the payment of at least one EMI. However, 5% of foreclosure charges (and taxes) will be applicable.
Does a Personal Loan offer tax benefits?
No, there are no tax benefits and tax deductions for Personal Loans.
What are the eligibility criteria for a Personal Loan?
Eligibility criteria for salaried individuals:
Age: 23 years to 58 years
Monthly Income: Rs 30,000 and above (The minimum salary requirement will differ depending on the customer's profile.)
Work Experience: 2 years
Years in current residence: 1 year
Eligibility criteria for self-employed individuals:
Age: 28 years (self-employed individuals) and 25 years (for doctors); Maximum age - 65 years
Minimum Turnover: Rs 40 lakh for non-professionals; Rs 15 lakh for professionals; as per audited financials
Minimum Profit After Tax: Rs 2 lakh for Proprietorship Firm/Self-employed Individuals and Rs 1 lakh for non-professionals as per the audited financials
Business Stability: 5 years minimum for the current business and 3 years minimum for doctors
How do I repay the Personal loan?
The client can repay the loan in Equated Monthly Instalments (EMIs). If he/she has an ICICI Bank Account, they can mandate us to debit the same through auto debit mandate directly, or if they have an alternate bank account, then through the NACH mandate.