How to get a personal loan from ICICI Bank

Financial shortage or unplanned expenses can take place at any time in life. You may face budget crunch for your daughter’s marriage, medical expenses, or shortage of funds for your long pending exotic vacation. In a situation like this, getting a personal loan is a smart choice.

ICICI Bank offers a personal loan up to Rs. 20 lakhs to help customers meet several financial needs, such as wedding expenses, holiday expenses, home repair expenses, medical expenses, and a lot more. Getting a personal loan from ICICI bank is simple and fast. You can apply for a personal loan online from ICICI bank through.

Step-by-step guide to getting a personal loan online from ICICI bank

Step 1: Got to the official website of ICICI bank and click on ‘Apply Online’ and choose personal loan.

Step 2: Fill in an easy online loan application form with your basic details to check your eligibility for and offers on a personal loan.

Step 3: You will receive an exclusive offer with the loan amount, interest rate and repayment tenure based on your basic detail.

Step 4: Now, you need to complete the loan application form with your personal loan and professional details.

Step 5: The final step is to upload your documents and after verification, you will get the loan amount credited into your bank account.

You can log in to ICICI bank internet banking and request for statement of your loan account, repayment schedule, interest certificate, and personal loan foreclosure statement.

Features and benefits

Lowest interest rates: ICICI bank offers a personal loan at one of the lowest rates in the market, starting from as low as 11.25% p.a. Moreover, the interest is charged on the outstanding balance every month.

Online application: When you apply for a personal loan from ICICI bank, you don’t need to visit the bank for paperwork. Check your eligibility for a personal loan on bank’s website and fill the ICICI bank personal loan application form online and submit the required documents to get your loan approved.

Minimal documentation: ICICI bank personal loan application needs only basic details about you and your profession to get an instant eligibility assessment done.

Maximum loan amount: You can get a personal loan up to Rs. 20 lakhs for any requirements.

Flexible loan tenure: The Bank offers a personal loan for a flexible tenure ranging from 12 months to 60 months.

Quick disbursal: A pre-approved customer can get a personal loan disbursed in only 3 seconds after completion of online verification and acceptance of a final offer.

Personal loan balance transfer facility: Existing customers of a personal loan with another bank can transfer their personal loan to ICICI bank for better services and lower interest rates.

ICICI Bank personal loan rates and other charges

ICICI Bank personal loan EMI calculator

Personal loan borrowers can use ICICI bank personal loan EMI calculator to find out their monthly EMI and interest rate payable on their personal loan. Using online EMI calculator is a short and simple process. Use the slider to select your personal loan amount, interest rate and loan term to know the monthly EMI and total interest rate payable on your personal loan.

Eligibility for ICICI Bank personal loan

Salaried

• Salaried person whose age is between 23 years and 58 years can apply for ICICI bank personal loans.
• Monthly salary should be at least Rs. 17,500. For applicants residing in Mumbai & Delhi Rs. 25,000; and for applicants residing in Chennai, Hyderabad, Bangalore, Pune and Kolkata Rs. 20,000.
• Applicant should be in employment for a minimum of 2 years.

Self-employed

• Any self-employed individual who is between 25 years and 65 years old can apply for an ICICI bank personal loan.
• Minimum turnover for a self-employed non-professional is Rs. 40 lakh and for a professional Rs. 15 lakh.
• Should have been in current business for at least 5 years; for doctors, minimum 3 years.

Documents required to apply for a personal loan

For salaried person

• Identity proof: Aadhaar Card/ Passport / Driving License / PAN Card
• Residential proof: Utility Bills (not more than 3 months old)/ Leave and License Agreement
• Salary slips for last 3 months
• Bank statement showing salary being credited for at least last 3 month
• Passport size photographs

For self-employed individuals

• Identity proof: Aadhaar Card/ Passport / Driving License / PAN Card
• Residential proof: Utility Bills (not more than 3 months old)/ Leave and License Agreement
• Date of birth proof
• Office address proof
• Income proof: Audited financials for the last 2 years
• Bank statement for the last 6 months
• Proof of office ownership
• Proof of continuity of business

Types of personal loan

ICICI Bank offers a personal loan under various categories:

• Wedding loan: Borrowers can get a personal loan from the ICICI bank to cover their wedding-related expenses such as for the purchase of precious jewellery, top catering, elegant wedding venue, etc.
• Home renovation loan: If you are considering getting your house repaired, you can get a personal loan from the ICICI bank to pay for interior designers, contractor and workers; and buy materials.
• Travel loan: Are you postponing your dream holiday due to cash crunch? Getting a personal loan from ICICI bank is the right option for your vacation. You can get a personal loan now and pay the bank later.
• Top-up personal loan: For any reason, if you need extra money on top your existing loan, ICICI bank offers a top-up personal loan for your extra financial requirements.

ICICI Bank customer care number

ICICI bank values its customers and offers 24X7 customer services on various touchpoints. You can contact the bank for any query, complain, and grievances.