ICICI Bank Limited Personal Loan

ICICI Personal Loan

A personal loan is the unplanned or emergency expense that an individual gets at any point of time in life. If you are planning to go on a vacation with family or if there is a marriage function at home, you can take a personal loan from a bank with the meager interest rate to fulfill his needs at that time.

One of the trustable banks is ICICI bank. They provide personal loans with meager interest rates. ICICI Personal Loan, offered by ICICI banks, can give a personal credit up to Rs. 20 lakhs. All you have to do is, apply the form online or offline at ICICI website or ICICI bank, fill all the necessary details along with a government ID proof which is verified by the bank immediately. If an individual is unable to provide any proper detail or is unable to provide government proof, then he may not be able to avail this offer.

How to apply for ICICI Personal Loan

To avail ICICI Personal Loan offer, one must have a source of income, either a business or job so that he can be able to repay the money. As soon as the person fills up this form, his detail will be verified by the bank, and once the bank approves his loan form, his account will be credited with the amount that he applied. A person does not have to provide any security for the repayment. He has to return the money within the given period along with ICICI Personal Loan Interest Rate.

Eligibility Criteria

Eligibility criteria to avail ICICI Personal Loan are:

·      For individuals working in government, private or any MNCs companies

Ø  Age criteria: 23-58 years

Ø  Minimum monthly income: Rs. 25,000 per month

Ø  Maximum eligible loan: 24x of monthly income

Ø  Maximum loan amount eligibility: Rs. 30 Lakhs

Ø  Minimum work experience: 24 months

 

·      For the profession as Doctors, CA, CS, Architects

Ø  Age criteria: 25-65 years

Ø  Minimum eligible income: Rs. Five lakhs gross annual receipt

Ø  Maximum loan amount eligibility: Rs. 40 lakhs

Ø  Minimum work experience: 36 months

 

Repayment to ICICI Bank

ICICI banks, when providing personal loans, take the money with a certain amount of interest called ICICI Personal Loan Interest Rate. The interest rate depends upon the tenure of repayment and the amount of investment. An individual can pay from his monthly income to the bank. Some additional payments are also made to the bank, which is as follows:

·      Personal loan interest: 11.25% to 22% per annum

·      Loan processing charges: up to 2.25% per annum of loan amount + GST

·      Prepayment Charges: 5% per annum of loan amount + GST

·      Added interest on late reimbursement: 24% per year

·      Repayment mode swap charges: Rs. 500/- per transaction + GST

·      Loan cancellation charges: Rs. 3000/- +GST

·      ^EMI bounce charges: Rs. 400/- per bounce + GST

 

Types of Loan provided by ICICI bank

Some of the personal loans offered by ICICI banks are:

·        Wedding loan

·        Holiday loan

·        Home Renovation loan

 

Benefits & Features

Some of the significant benefits of ICICI Personal Loan are:

·        Gets amount credited in your account in less than an hour

·        The interest rate does not increase during the payment period

·        The loan can be applied with minimum documentation

·        Tenure can be chosen from 12-60 months 

An individual uses the internet for downloading, ordering food, online shopping, and many other purposes, so why not use it for applying for a personal loan as well? ICICI banks provide attractive offers also for their customers. An individual must choose wisely to which loan he should ask for, at what interest rate and the tenure.

Service Charges

Other Charges

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