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ICICI Personal Loan

Online ICICI Bank Personal Loans

Last Updated 14th Jul 2021

ICICI Bank Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of ICICI Personal Loan are:

  • ICICI Bank Personal Loan interest rate starts from 10.50%.
  • The processing fee charged on ICICI personal loan is Upto 2.25% of Loan Amount.
  • ICICI also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your ICICI personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • ICICI has special schemes for different income and occupation groups.
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ICICI Personal Loan Details

  • Interest Rate on ICICI personal loan ranges from 10.50% to 22.00%.
  • Lowest EMI per lakh works out to be ₹ 2,149 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by ICICI are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 23 to 58 years.
  • Loan amount can range from ₹ 50,000 to ₹ 30 Lakh
  • ICICI Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by ICICI on personal loan is Upto 2.25% of Loan Amount%
  • ICICI Bank allows personal loan foreclosure and part prepayment after 6 months with charges of 5%.
  • ICICI Bank also has various other post loan disbursement charges including
    • Cheque Bounce Charges - ₹ 400+GST
    • Loan Cancellation Charges - ₹ 3000 + GST
    • Other Charges - ₹ 500 + GST
  • Schemes of ICICI Bank as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on ICICI Personal Loan?

There are various factors that impact your chances to get the best offers on ICICI Personal Loan, as listed follows:

  • Loan Amount - ICICI Bank offers loans between ₹ 50,000 and ₹ 30 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - ICICI Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 25,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - ICICI Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for ICICI personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - ICICI Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 10.50%
  • Credit Score - ICICI Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

ICICI Personal Loan Documents

You require the following documents to avail personal loan from ICICI

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of ICICI Personal Loan Schemes

ICICI Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Holiday Loans
  • If you want to get finance for a dream vacation with your family or friends, you can avail of ICICI Bank Personal Loan for travel at attractive rates starting at 10.25% for a loan amount ranging from Rs. 25000 to Rs. 25 Lakhs.
Loan for Home Renovation
  • If you want to get finance for your home renovation, you avail of ICICI Home Renovation loan at rates starting at 10.25% for a loan amount ranging from Rs. 25000 to upto Rs. 25 Lakhs. The benefits of a personal loan for home renovation includes minimum documentation, no security/collateral requirement.
Marriage Loans
  • You can take an ICICI wedding loan starting at a 10.25% rate of interest p.a. to finance your wedding at no hidden costs. Other Benefits of ICICI Personal Loan for a wedding includes minimum documentation, no requirement for security. Under this scheme, you can avail of loans for an amount upto Rs. 25 Lakhs.
Top Up Loan
  • If you have an existing personal loan and require more funds, you can avail personal top-up loan from ICICI Bank. You do not require any security/collateral, and the loan processing is quick and requires minimum documentation for such a loan. Also, you can avail of ICICI Bank Top-up Loan for an amount ranging from ₹ 50,000 to ₹ 25 Lakhs.
Fresher Funding
  • If you have landed a new job and require funds for your dreams or fulfilling any personal or business need, you can avail of ICICI Bank Fresher Funding for an amount upto Rs. 1.5 Lakhs. To get this age, you should have a minimum age of 18 years.
  • ICICI Bank also offers a Personal Loan for NRIs for loan amount upto Rs. 10 Lakhs for a maximum tenure of upto 36 months. The rate of Interest for NRI Personal Loan starts at 15.49%. However, you must be a resident Indian with the co-applicant NRI to be a close relative to avail funds.

How to Apply for ICICI Personal Loan?

The step-by-step procedure to get a personal loan online from ICICI Bank is mentioned below:

  • Visit the official website of ICICI Or contact your nearest ICICI Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, ICICI Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by ICICI Bank, and on successful approval of the loan, the funds will be disbursed to your ICICI Bank account immediately.

You can also apply for ICICI Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest ICICI Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The ICICI Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your ICICI Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan ICICI
Maximum Annual Percentage Rate (APR) 10.95% to 22.45%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • ICICI Bank Personal Loan Interest Rate: 10.50% to 22.00%
  • Processing Fee payable to: Upto ₹ 2,250
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.50% (lowest rate, longest time period) to ₹ 9,359 for 12 Months ₹ 1,00,000 loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.95% to 22.45%
  • Total cost payable over loan tenure: ₹ 1,08,028 for 12 Months loan to ₹ 1,31,213 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the ICICI Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days. The turnaround time for a ICICI Bank instant loan can be 2 to 3 days.

Why should I take a personal loan from ICICI Bank ?

Below-mentioned is the reason why you must avail a personal loan from ICICI Bank.

  • Online approval & disbursal during Covid
  • Special offers for top corporates
  • Waiver on Pre payment after 12 EMIs
  • Top up facility available
  • Balance transfer facility available

How much interest is charged by ICICI Bank on personal loan?

Personal loan interest rates in ICICI Bank are 10.50% to 22.00%. ICICI Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from ICICI Bank ?

If you apply for loan from ICICI Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,149 which corresponds to lowest interest rate of 10.50% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in ICICI Bank?

ICICI Bank personal loan has a minimum tenure of12 months to maximum 60 months.

How much personal loan amount I can borrow from ICICI Bank?

ICICI Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 30 Lakh

Can I add my spouse's income while applying for personal loan from ICICI Bank?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from ICICI . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get ICICI Bank personal loan?

You can get a personal loan from ICICI Bankby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with ICICI’s application process.

How can I check my ICICI Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from ICICI Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at ICICI Bank's website. In case you are unable to track your application online, you can get ICICI Bank loan assistance at ICICI Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a ICICI Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from ICICI Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from ICICI Bank?

No, ICICI Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my ICICI Bank personal loan after 1 year?

You can close your personal loan from ICICI Bank after 6 months by paying charges: 5%

Can I negotiate with ICICI Bank on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your ICICI Bank personal loan EMI?

You can pay your ICICI Bank personal loan EMI by using ECS facility or through Standing Instruction.ICICI Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


ICICI Bank Personal Loan Reviews 4.5/5  by 300 customers
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Mahesh, Delhi
Reviewed on 08th Jul 2021
4 / 5 stars
ICICI Bank Personal Loan Availed in Jun 2021

Best service provided by MyLoanCare. Supporting staff.Read more...

Ashish, Hyderabad
Reviewed on 06th Jul 2021
4.5 / 5 stars
ICICI Bank Personal Loan Availed in Jul 2021

Great service by MyLoanCare team, they really helped me a lot during the whole process. Extremely thRead more...

Avantika, Delhi
Reviewed on 06th Jul 2021
5 / 5 stars
ICICI Bank Personal Loan Availed in Jul 2021

Highly appreciate Harshit Taneja for cooperating so well.Read more...

Girish, Hassan
Reviewed on 11th Jun 2021
5 / 5 stars
ICICI Bank Personal Loan Availed in Jun 2021

MyLoanCare and the ICICI bank officials are highly responsive and service oriented.Read more...

Abhishek, Gurdaspur
Reviewed on 03rd Jun 2021
5 / 5 stars
ICICI Bank Personal Loan Availed in Jun 2021

Very well facilitated process by the team of MyLoanCare.Read more...

Sairam, Delhi
Reviewed on 06th May 2021
5 / 5 stars
ICICI Bank Personal Loan Availed in Sep 2018

If anyone needs personal loans, they will process very fastly for corporate employees.Read more...

NARENDRA, Varanasi
Reviewed on 09th Apr 2021
5 / 5 stars
ICICI Bank Personal Loan Availed in Apr 2021

Excellent service by MyLoanCare. They provided all the details timely, with all term and conditions.Read more...

Ashwani, Jhajjar
Reviewed on 25th Mar 2021
5 / 5 stars
ICICI Bank Personal Loan Availed in Mar 2021

Service is very good and fast. I am very glad with the service of MyLoanCare.in
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ICICI Bank Personal Loan News - Jul 2021
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
  • 2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 2021-03-25 : ICICI Bank launched an instant EMI facility
    For the first time in the banking industry, ICICI Bank launched an instant EMI facility on its internet banking platform. The facility will enable customers to break their high-value transactions of over Rs 50,000 into suitable EMIs. The facility will be applicable on transactions up to Rs 5 lakh and will bear no additional cost on the customers.
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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