ICICI Bank Personal Loan

Rated: 4.5/5
Based on 257 Customer Reviews
Author: Afinoz
Published on: 
Rated: 4.5/5
Based on 257 Customer Reviews
Author: Afinoz
Published on: 

About the bank

ICICI bank was founded in 1994 and presently it is the third largest bank in India both in terms of assets and market capitalization. It offers a varied range of banking and financial products to retail and corporate customers. The bank has a network of over 4,050 branches and 14,050 ATMs across the country and has a presence in 19 countries including India. Their range of products and services cover bank accounts, credit cards, loans, insurance, trading and investments. ICICI bank is constantly recognized as one of India’s leading financial institutions.

ICICI Bank Personal Loans

If you are dreaming of a vacation, a grand wedding for your daughter or home renovation and need finances? Then there is no other easy and genuine way of getting the desired money then taking personal loan. ICICI bank personal loans can be taken by salaried individuals, self employed individuals and working professionals. ICICI bank offers personal loans with a flexible tenure, low interest rates and higher loan amount facility, all that a personal loan seeker would want in a personal loan scheme. The loan amount offered by ICICI bank will be credited to your account within a short period of time if you meet all of the bank’s personal loan eligibility criteria.

What is Afinoz?

Afinoz.com is India's topmost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +918795021552 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

Feature and Benefits of ICICI Bank Personal Loan:

Personal loans are unsecured loan, which means there is no requirement of collateral. The loan amount offered can be used for any genuine purpose. Having such an advantage makes a personal loan the most opted and favorable one. Here are some features and benefits of taking a personal loan from ICICI Bank:

  • Multipurpose loans: You can use the loan amount for any purpose depending on how you would like to spend your money
  • Fixed rate of interest: The interest rate of ICICI bank personal loan is fixed and is charged on monthly reducing basis
  • Flexible repayment period: ICICI bank personal loan tenure ranges from 12 to 60 months as per the borrower’s convenience
  • No security or collateral required: No need to pledge any security or collateral to obtain personal loan from ICICI bank
  • Loan payable in easy installments: Easy repayment through auto debit/ ECS (Electronic Clearing System)/ PDC (Post Dated Cheques)
  • Applicant does not need to go through too much documentation process for getting personal loan from ICICI bank
  • ICICI bank facilitates quick loan approval and disbursal
  • Bank directly credits the loan amount through fund transfer (FT)

ICICI bank personal loan eligibility or ICICI bank personal loan interest rates can be easily assessed with Afinoz.com. If there is any query about ICICI bank personal loan application, you can log on to Afinoz.com or call us at +918795021552 or mail us at info@afinoz.com and get all the details quickly.

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  • Features and Benefits

    Feature and Benefits of ICICI Bank Personal Loan:

    Personal loans are unsecured loan, which means there is no requirement of collateral. The loan amount offered can be used for any genuine purpose. Having such an advantage makes a personal loan the most opted and favorable one. Here are some features and benefits of taking a personal loan from ICICI Bank:

    • Multipurpose loans: You can use the loan amount for any purpose depending on how you would like to spend your money
    • Fixed rate of interest: The interest rate of ICICI bank personal loan is fixed and is charged on monthly reducing basis
    • Flexible repayment period: ICICI bank personal loan tenure ranges from 12 to 60 months as per the borrower’s convenience
    • No security or collateral required: No need to pledge any security or collateral to obtain personal loan from ICICI bank
    • Loan payable in easy installments: Easy repayment through auto debit/ ECS (Electronic Clearing System)/ PDC (Post Dated Cheques)
    • Applicant does not need to go through too much documentation process for getting personal loan from ICICI bank
    • ICICI bank facilitates quick loan approval and disbursal
    • Bank directly credits the loan amount through fund transfer (FT)

    ICICI bank personal loan eligibility or ICICI bank personal loan interest rates can be easily assessed with Afinoz.com. If there is any query about ICICI bank personal loan application, you can log on to Afinoz.com or call us at +918795021552 or mail us at info@afinoz.com and get all the details quickly.

  • Eligibility & Document Required
    ICICI bank personal loan eligibility criteria

    For getting personal loan from ICICI bank, borrower’s need to fulfill certain parameters in order to be eligible for a personal loan from ICICI bank. The eligibility criterion for a salaried individual is different from that of a self-employed individual as follows:

      ICICI bank personal loan eligibility for salaried individuals

    • Age limit: Minimum age required for salaried applicant to avail ICICI bank personal loan is 23 years and maximum age limit is 58 years at the time of loan maturity.
    • Net salary: Salaried individuals should have minimum monthly income of Rs.17,500 (Rs.25,000 for applicants residing in Mumbai and Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune and Kolkata)
    • Work Experience: Individuals who have had a job in the same profession for at least 2 years can apply for ICICI bank personal loan
    • Years in current residence: Applicant should be living in his/her current residence for a minimum of 1 year
    • The maximum loan amount a salaried individual can avail is Rs.20 lakhs.

      ICICI bank personal loan eligibility for self-employed individuals

    • Age limit: Required age of self-employed applicant for ICICI bank personal loan application is minimum 28 years to maximum 65 years at loan maturity whereas minimum age required for self employed doctors is 25 years
    • Minimum turnover: minimum turnover required for ICICI personal loan is 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 audited financials
    • Business stability: self employed individuals should be in current business for at least 5 years whereas minimum stability is 3 years for doctors to apply ICICI bank personal loan
    • Existing relation with ICICI bank: There should be minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required
    • Eligibility and EMI calculator: Now, you can easily evaluate and calculate your ICICI bank personal loan eligibility and ICICI bank personal loan EMI amount using utility tools like personal loan eligibility calculator and personal loan EMI calculator at afinoz.com. These calculators will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at Afinoz.com is free, easy and simple.
    • CIBIL score: Credit score is an important factor for approval of your loan. Usually, an applicant’s credit worthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest and be offered unfavorable terms and conditions on your loan as compared to someone who has an excellent credit score.
    ICICI Bank Personal Loan Documents Required

    ICICI bank personal loan is an unsecured loan and therefore, there is no involvement of asset verification in the documentation process. For obtaining the maximum amount of loan, a borrower should produce the following documents according to their business profiles:

      List of documents for Salaried Individuals

    • Proof of Identity: Passport / Driving License / Voters ID / PAN Card (any one)
    • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one)
    • Latest 3 months Bank Statement (where salary/income is credited)
    • Salary slips for last 3 months
    • Passport Size photographs.

      List of documents for Self-Employed Individuals

    • KYC Documents: Proof of Identity; Address proof; DOB proof
    • Proof of Residence: Leave and License 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

    Apply for ICICI bank personal loan online at Afinoz.com. You can call us at +918795021552 or email us at info@afinoz.com.You can check your eligibility and tentative EMI for ICICI bank personal loan using our utility tools like personal loan eligibility calculator and personal loan EMI calculator. We assure you of our best services without any hassle and effort at the click of a button from the comfort of your home or office. Once you complete and submit your Axis bank loan application throughAfinoz.com, you can effortlessly track your loan application status on our website on a real time basis, 24x7.

  • Interest Rate & Charges
    ICICI Bank Personal loan Interest Rates, Jan 2018
    ICICI Bank Personal Loan General -Interest Rates For salaried and self employed 11.49 TO 22% PER ANNUM
    ICICI Bank Personal Loan Tenure 12 TO 60 MONTHS
    ICICI Bank Personal Loan Processing Fee Up to 2.5% per annum of the total loan amount + service tax
    ICICI Bank Personal Loan Prepayment charges 5% per annum of principal outstanding + service tax
    Minimum Income For ICICI Bank Personal Loan Rs. 17500 PER MONTH
    ICICI Bank Personal Loan Amount UP TO 20 LAKHS
    ICICI Bank Personal Loan Repayment
    Mode Swap Charges
    Rs. 500 per transaction + service tax
    Additional Interest on late payment of ICICI Bank Personal Loan 24% per annum
    ICICI Bank Personal Loan of Amortisation Schedule Charges Rs. 200 per schedule + service tax
    ICICI Bank Personal Loan Statement of Account Charges Rs. 200 per schedule + service tax
    ICICI Bank Personal Loan Prepayment/Foreclosure Statement Charges Rs. 100 per schedule + service tax
    ICICI Bank Personal Loan Duplicate No Objection Certificate/ No Due Certificate Rs. 500 per NOC + service tax and Rs. 200 per NDC + service tax
    ICICI Bank Personal Loan Duplicate Prepayment/Foreclosure Statement Charges Rs. 200 per schedule + service tax
    ICICI Bank Personal Loan Loan Cancellation Charges Rs. 3000 + service tax
    ICICI Bank Personal Loan EMI Bounce Charges Rs. 400 per bounce + service tax

    Special Note: Rates are subject to periodic change. Personal loan interest rates in ICICI Bank and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with ICICI bank etc.

  • Why Afinoz?

    Why should you apply for ICICI Bank Personal Loan through Afinoz.com

    Afinoz.com is one of India's leading personalized financial marketplace. It has created a personal loan platform which lets you choose the best personal loan from the multiple options available to you. All the options are system generated taking into consideration your specific needs and requirements.

    • Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 days.
    • Real-time application tracking – Keep track of the application status in real-time with a unique transaction id which is generated at the time of loan application submission. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
    • Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from ICICI bank for your personal financing.
    • Secure Environment - Afinoz.com has a built-in security for your personal information which is stored in a secure environment in our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secure.
    • 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to the bank to discuss loan specifications with bankers.
    • No third-party agent Afinoz.com online loan application process is absolutely free. Through Afinoz one can directly approach multiple banks online without involving any agent and therefore avoiding unnecessary delays and hassles.
    • Free quotations – Get online deals on ICICI bank personal loans and free unbiased quotes of the best personal loan rates. All you have to do is select the loan amount you want to borrow and the tenure of the personal loan. You will get a targeted online quote within minutes of application.
  • FAQs

    Query-How can I apply for ICICI Bank Personal Loan online?

    Reply-You can apply for ICICI bank personal loan online by simply entering your personal and financial details on our website or you can directly contact our team by calling us at +918795021552 or by emailing us at info@afinoz.com.

    Query-What is the minimum and maximum amount of personal loan that I can get with ICICI Bank?

    Reply-ICICI Bank offers one of the highest quantum of loan amount to personal loan applicants. Salaried individuals can avail a loan of up Rs. 20 lakhs while self employed professionals can avail a personal loan of up to Rs. 40 lakhs. ICICI Bank provides personal loan according to the financial requirement of each applicant.

    Query-What is the maximum tenure for which I can avail a personal loan with ICICI Bank?

    Reply- ICICI Bank offers personal loans with a flexible tenure ranging between 12 to 60 months.

    Query-Are the Personal Loan calculator tools of Afinoz.com free to use?

    Reply- Yes, Afinoz.com loan calculator tools are completely free to use, as we don’t charge any fee for the services we provide.

    Query-Can I know the EMI amount for my personal loan in advance?

    Reply- Afinoz.com has a unique EMI calculator tool that offers EMI breakup for all loans by entering the loan amount, tenure and rate of interest. You can compare the EMI for different loan amounts and tenures with our tool and finalize the best suited plan as per your budget before applying for ICICI bank personal loan.

    Query-Is my data safe with Afinoz.com?

    Reply- Absolutely. Afinoz.com does not share data with any third party other than the financial institution you are applying. All data is sent with high level of encryption making it safe and secure at all times.

    Query-After applying online with Afinoz.com, when will I get the loan amount and how long it will take ?

    Reply- Afinoz.com immediately submits your ICICI personal loan application at your nearest ICICI branch. A representative from the us will get in touch with you soon to collect documents like salary certificate, identity proof etc. On submitting these documents, the bank initiates verification process and checks your CIBIL score and disburses the loan if you are deemed eligible. The process may take 48 to 72 hours.

    Query-What is the pre-closure criterion?

    Reply- The pre-closure charges are typically low for ICICI Bank when compared to other private banks in India. The bank levies a penalty of 5% on the remaining principal amount on pre-closure of personal loan. Prepayment is possible only after 6 EMIs. Part prepayment is not allowed.

    Query-What is the average processing time for ICICI personal loan?

    Reply- The bank claims to process applications without guarantee or security requirements within 72 hours of receiving the application.

    Query-Is there a top-up option for personal loan from ICICI bank?

    Reply: Yes, you can choose top up loan with minimal formalities once you have received a personal loan from ICICI Bank. The top up loan can be availed any time after the payment of the first 12 EMIs.

    Query-What is the importance of CIBIL score in ICICI personal loan applications?

    Reply: CIBIL score is a standard score, which ICICI Bank and other financial institutions use to determine the credit worthiness of an applicant. The bank will most likely request for your credit profile from CIBIL while processing loan applications. The interest rate and the loan amount are decided after the credit score of the applicant is taken into consideration.

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

    Reply: ICICI bank personal loan interest rates today ranges from 11.29% to 22.00% p.a.

    Query-How much processing fee is charged by ICICI Bank on personal loan?

    Reply: ICICI Bank charges a processing fee of 2.25% with applicable service tax on the total loan amount.

    For any query about ICICI Bank personal loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at info@afinoz.com.