ICICI Bank Personal Loan – Interest Rate, Eligibility and Documentation

ICICI Bank Personal Loan – Interest Rate, Eligibility and Documentation

ICICI Bank Personal Loan – ICICI Bank is India’s second-largest private sector bank and offers up to Rs 40 lakh personal loans. ICICI personal loans are quick to apply for online or offline, have attractive interest rates, and have flexible repayment options.

Here are all the details regarding how to get a personal loan from ICICI Bank.

ICICI Bank Personal Loan Details

• Loan amount – Up to Rs 40 lakh
• Interest rate – 10.99% to 21.99% p.a.
• Tenure – 12 to 84 months
• Loan purpose – wedding, medical expenses, travel, home renovation, etc.

Eligibility Criteria to Get ICICI Bank Personal Loan

• To apply for ICICI bank personal loan, the primary borrower must:
• Be aged between 23 – 65 years for salaried applicants
• Be aged between 24 – 65 years for self-employed applicants
• Be an Indian citizen residing in India
• Have a strong credit score of 750 or higher to avail lowest interest rates
• Have documents supporting a regular source of income from salary or business
• Have a clean credit record of timely repayments on past debts
• Have adequate repayment capacity as per age, job stability, and income level.

So, by meeting these basic eligibility criteria regarding age, residency, income, and credit score, you can apply for a personal loan from ICICI.

Documents Required to Apply for ICICI Bank Personal Loan

When applying for a personal loan from ICICI, keep the below documents handy:

• Duly filled and signed loan application form
• Identity proof (PAN card, Aadhaar card)
• Residence proof (driving license, passport, utility bills)
• Bank account statements for the last six months
• Salary slips of last three months (for salaried)
• Form 16 / ITR documents (for salaried)
• Business ownership proof (for self-employed)
• Financial statements of the company for three years (for self-employed)
• CIBIL report
• Passport-size color photographs

So, gather all these details, documents, and information before visiting your nearest ICICI branch to submit the personal loan application form. For faster processing, apply for pre-approved offers online.

How to Apply for ICICI Bank Personal Loan Online

The online personal loan application process is simpler and faster in case of pre-approved loan offers from ICICI. Here are the steps for online application:

• Visit the ICICI Bank website or use their iMobile app
• Provide basic personal and employment details
• Mention loan tenure, amount, and repayment preferences
• E-sign the application form and submit
• Upload soft copies of your documents as required
• ICICI will evaluate your profile and confirm loan eligibility
• On approval, visit the nearest branch with physical documents for verification
• Once documents are verified, the loan amount gets disbursed into your bank account

Offline Process to Get ICICI Bank Personal Loan

If you want to apply directly at the ICICI branch, here is the offline process:

• Visit the nearest ICICI Bank branch and get a copy of the personal loan application form
• Fill all details in the application form accurately as per printed instructions
• Attach attested copies of all the required documents
• Submit the application form along with the attached documents to the bank officer
• The officer will check all your details and documents submitted
• Your CIBIL score and profile gets evaluated for credit-worthiness
• If approved, the branch representatives will call to inform amount, tenure, and interest rate offered
• Once accepted, visit a branch to complete the final loan agreement signing formalities
• The loan amount gets disbursed into your account as per the agreed disbursal date

Things to Remember About ICICI Bank Personal Loan

• Part prepayment and foreclosure are allowed without any penalty charges
• A credit score is crucial in availing the lowest rate of 10.99% p.a.
• ICICI provides the option of customized EMIs as per your cash flows
• The bank offers personal loans exclusively for doctors as well
• You can apply through the bank’s Insta Online Loans page for quicker approval
• Their pre-approved personal loan offers require the least documentation

Interest Rate Charges on ICICI Bank Personal Loans

ICICI offers attractive interest rates between 10.99% and 21.99% p.a. on their loans. The major factors determining your personal loan interest rate are:

• Your CIBIL score – The higher, the better
• Your income level
• Your city of residence – Tier 1 or other
• Chosen loan tenure
• Your employer profile for salaried applicants
• For self-employed, their business revenues and ITRs

So, based on these factors, ICICI will offer you a customized personal loan interest rate per their internal guidelines. Generally, rates are between 10.99% and 21.99% p.a.

ICICI Bank Personal Loan Tenure Offered

Another positive feature of ICICI bank personal loans is the longer repayment tenures, from 1 year to 7 years. Based on your current age and planned retirement age, you can choose the most affordable loan tenure:

• 12 to 60 months tenure for salaried applicants
• 12 to 84 months tenure for self-employed applicants

The EMI and interest outgo vary for different loan tenures. So opt for a repayment period that conveniently fits your budget to avoid future default. Discuss options with ICICI executives before applying.

Tracking Online Status of ICICI Bank Personal Loan

After submitting a personal loan application to ICICI Bank through online or offline mode, you can easily check its processing status online via:

• iMobile App – Use your credentials to log in and go to the ‘My Accounts’ section
• Net Banking Website – Log in and check under ‘Loan Accounts’ option
• By calling the ICICI customer care helpline at 1800 420 1919
• Visiting the ICICI Bank branch you applied at with your acknowledgment slip

The executives will guide you on the application status and any pending actions from your side. After approval, they will inform the expected date for the loan amount to be credited to your bank account.

How to Contact ICICI Bank for Personal Loans

If you need any assistance while applying for an ICICI personal loan, you can contact their customer service team by:

• Calling helpline numbers – 1860 120 7777 or 1800 420 1919
• Emailing your queries to care@icicibank.com
• Using the ‘Request a Call-back’ option on their website
• Visiting the nearest ICICI bank branch

So, based on your age, income stability, credit score, past repayment history, and submitted documents – you can get ICICI bank personal loan approval of up to Rs 40 lakhs.

Use funds for any personal or lifestyle expenses like higher education, family vacation, home makeover or wedding in the family. Apply online via the website for a quicker process, or visit the nearest branch for further assistance.

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