- ICICI Bank Personal Loan
- Main Features of ICICI Personal Loan
- Different Types of ICICI Personal Loans
- ICICI Personal Loan Top-Up
- ICICI Personal Loan Interest Rate
- Eligibility Criteria for ICICI Personal Loan
- For self-employed individuals:
- Documents Required for ICICI Bank Personal Loan
- How to Calculate Your EMI for ICICI Personal Loan
- ICICI Personal Loan VS Other Lenders
- Fees and Other Charges
- How to Apply for ICICI Personal Loan on Fincity
- How to Apply for Personal Loan on ICICI Portal
- How to Check Your ICICI Personal Loan Application Status on Fincity
- How to Check Your ICICI Personal Loan Application Status on ICICI Portal
- Things to Remember Before Applying for an ICICI Personal Loan
- Compare the Best Loan Options with Fincity
ICICI Bank Personal Loan
ICICI offers Personal Loans of up to Rs.20 lakhs for a tenure ranging from 12 up to 60 months. ICICI Personal Loans require minimum documentation, and are available to customers for purposes ranging from medical emergencies, home renovation, weddings, holidays, etc. Here is everything you need to know about ICICI Personal Loans.
Main Features of ICICI Personal Loan
- Loan Amount: ICICI offers up to Rs.20 lakhs of a personal loan to customers. The usage of funds may vary based on the borrower’s need.
- Interest Rate: ICICI Personal Loan interest rate starts from only 11.25% per annum. The actual interest rate a borrower may be eligible for depends on a number of factors such as credit score, current debts, and income.
- Loan Tenure: The tenure for ICICI Bank Personal Loans is flexible, ranging from 12 months to 60 months. This gives the borrower enough time to earn and repay the borrowed amount.
- Minimal Documentation: Getting an ICICI Personal Loan is easy and requires minimum documentation.
- Loan Disbursal: ICICI Personal Loans are disbursed instantly into the applicant’s account, sometimes as quickly as within 3 seconds. However, this facility is available to only select customers subject to completion of online verification and offer acceptance.
- Multiple Loan Scheme: ICICI Bank offers a number of personal loan schemes to borrowers, depending on the purpose of availing the funds.
- Loan Balance Transfer: A borrower paying a higher interest rate on a current personal loan with another bank can transfer their loan balance to ICICI Bank at a lower rate.
- Easy to Apply: A borrower can apply for an ICICI Personal Loan in merely a few steps on their official website or on Fincity. The application process is simple and the processing is fast.
Different Types of ICICI Personal Loans
Below are the main features of various personal loan schemes offered by ICICI Bank.
|Type of ICICI Bank Personal Loan||Interest Rate (p.a.)|
|Wedding Loan||Starting at 11.25% p.a.|
|Home Renovation Loan||Starting at 11.25% p.a.|
|Holiday Loan||Starting at 11.25% p.a.|
|Fresher Funding||Starting at 11.25% p.a.|
|Top up Loan||Starting at 11.25% p.a.|
|NRI Personal Loan||Starting at 15.49% p.a.|
1) Wedding Loan: Have a wedding in the family? ICICI Bank Wedding Loan offers you all the funds you need for last-minute expenses, venue booking, catering, jewellery, accommodation for guests, and a lot more. It is easy to avail of this loan and requires minimum documentation. Below we highlight some key feature of this type of ICICI Personal Loan.
- An applicant can avail up to Rs.20 lakhs for wedding expenses.
- Borrower does not need to offer a collateral against the loan.
- The application process is simple requiring minimum documentation, and loan processing is quick.
- Interest rate for this loan starts at just 11.25% per annum.
2) Holiday Loan
All your holiday expenses can now be covered with a Holiday Personal Loan from ICICI Bank. With this loan, you can easily handle all your costs for booking flight tickets, guided tours or hotel accommodations. Below are some of its features you should know about.
- An applicant can avail up to Rs.20 lakhs of loan for their upcoming vacation.
- The loan interest rate starts at just 11.25% per annum.
- The loan comes with the requirement of minimum documentation.
- The loan is processed quickly into the applicant’s account.
3) Home Renovation Loan
If you are planning to renovate your home in the near future, the Home Renovation Personal Loan from ICICI is just what you need. This can help you with funds for renovation needs ranging fitting and fixtures and furniture to repairs. Some of its key features are noted below.
- An applicant can avail up to Rs.20 lakhs for the purpose of home renovation.
- The interest rate for this loan starts at only 11.25% per annum.
- Minimum documentation is required, and the loan application is simple.
- The loan is typically credited into the applicant’s account in just 72 hours after the bank approves the loan application.
4) Fresher Funding
Most loans are designed for customers with a decent income. The Fresher Funding ICICI Personal Loan serves borrowers who have recently graduated and are looking for their first job. Let’s look at some key features of this type of ICICI personal loan.
- An applicant must be at least 21 years old to be eligible.
- An applicant can avail up to Rs.1.5 lakhs of loan.
- The loan interest is decided by the bank based on the borrower’s profile. Some factors that may influence the rate are their credit score and credit history, borrower’s location, age, etc.
ICICI Personal Loan Top-Up
In case you have an existing personal loan with ICICI Bank but have an urgent need for additional funds over and above the personal loan amount, you can either take a fresh personal loan besides the one that’s already running or you can avail of a top-up on the existing personal loan. If you opt to go for a fresh loan, you will have to pay EMIs separately for both loans – the existing and the new personal loans. If you choose to get an additional top-up on your existing personal loan, you can pay a consolidated EMI on the entire loan amount borrowed. Here are some features of an ICICI top-up loan you must know.
- This does not require any security/collateral.
- The interest rate for this loan starts at as low as 11.25% per annum.
- This loan requires minimum documentation, and the processing and fund disbursal are quick.
ICICI Personal Loan Interest Rate
As mentioned previously, the loan interest rate starts at just 11.25% and can go up to 17.99% per annum. The rate available to a particular borrower depends on their creditworthiness and risk profile. Multiple factors are taken into account before the interest rate is finalized; some noteworthy factors are the applicant’s credit score, age, location, loan amount, repayment history, and current debts.
Eligibility Criteria for ICICI Personal Loan
To be eligible for an ICICI Personal Loan, an applicant must meet the below criteria:
For salaried professionals:
|Particulars of Applicant||Eligibility Criteria|
|Minimum Monthly Net Salary||Rs.17,500 (Rs.25,000 in case the applicant resides in Delhi or Mumbai; Rs.20,000 if the applicant resides in Chennai, Hyderabad, Bangalore, Kolkata, or Pune)|
|Minimum Total Working Experience||2 Years|
|Years in Current Residence||1 Year (min.)|
Note: The criteria are completed decided by the lender and can change from time to time. The minimum salary requirement can also vary from applicant to applicant based on their relationship with the bank, type of employer, and other aspects of their profile.
For self-employed individuals:
|Particulars of Applicant||Eligibility Criteria|
|Age||The minimum age is 28 Years for self-employed individuals & 25 Years for doctors. The maximum age is 65 Years|
|Minimum Turnover||● Rs.15 lakhs for professionals |
● Rs.40 lakhs for non-professionals
|Business Stability||● Must be at least 5 years in the current business |
● Must be practicing for at least 3 years in case of a doctor
|Min. Profit After Tax||● Rs.2 lakhs for Self-Employed Individuals/Proprietorship Firms |
● Rs.1 lakh for non-professionals
|Relationship with Bank||● At least 1 year of Liability relationship (savings or current account) |
● Asset relationship (Loan) either closed or current in the last 36 months & repayment tracks (if any) as required
Documents Required for ICICI Bank Personal Loan
Documents required for an ICICI Bank Personal Loan differ based on whether the applicant is salaried or self-employed. Here is a general list of documents the bank requires:
Documents required for salaried personal loan applicants:
- ID Proof: Any one document of PAN card, passport, driving license, or voters ID
- Residence Proof: Any one document of recent utility bills, passport, or lease or rent agreement
- Salary slips for the last 3 months
- Bank statement for the last 3 months
- 2 passport size photographs
Documents required for self-employed personal loan applicants:
- KYC Documents: residence proof, ID proof, proof of date of birth
- Income Proof: Audited financial statements for the previous 2 years
- Proof of office or residence ownership
- Proof of office address
- Bank statements for the last 6 months
- Proof of continuity of business
How to Calculate Your EMI for ICICI Personal Loan
To find the right option from the myriad of personal loan schemes available can be overwhelming. The best way to narrow down your options is to check the EMI amount for the schemes you shortlist. With the Fincity Personal Loan EMI Calculator, you can find the EMI amount and repayment schedule for each scheme by entering a few details such as the loan amount, tenure and interest rate. The calculator is user-friendly and gives you the result in just seconds.
Now, let’s take an example. If Mr. A takes an ICICI Personal Loan of Rs.10 lakhs for a period of 4 years at an interest rate of 11.25%, the EMI he will need to pay each month towards this loan is Rs.25,967.
ICICI Personal Loan VS Other Lenders
Below is a view of how ICICI Personal Loan compares to personal loans offered by other lenders.
|Particulars||ICICI Bank||Citi Bank||Axis Bank||HDFC Bank||Bajaj Finserv|
|Interest Rate||11.25% to 22.00%||Starting from 10.50%||11.49% to 17.49%||10.75% to 21.30%||Starting from 12.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Up to Rs. 20 lakhs||Up to Rs. 30 lakhs||Rs. 50,000 to Rs. 15 lakhs||Up to Rs. 15 lakhs||Up to Rs. 25 lakhs|
|Processing Fee||Up to 2.25% of the total loan amount plus GST||Up to 3% of the loan amount||2% of loan amount plus GST||Up to 2.50% of the loan amount||Up to 4.13% of the loan amount|
Fees and Other Charges
Here’s a list of the key fees and other charges levied by ICICI Bank for their Personal Loans.
|Prepayment Charges||5% per annum of outstanding principal plus GST|
|Loan Processing Charges (Non-Refundable)||Up to 2.25% per annum of total Loan Amount plus GST|
|Loan Cancellation Charges||Rs 3000/- plus GST|
|EMI Bounce Charges||Rs 400/- per bounce plus GST|
|Repayment Mode Swap Charges||Rs 500/- per transaction plus GST|
|Additional Interest on Late Payment||24% p.a. (2% per month)|
How to Apply for ICICI Personal Loan on Fincity
You can apply for an ICICI Personal Loan on Fincity in seconds! Simply follow the steps below:
1) Click https://app.fincity.com and sign up.
2) Click ‘Personal Loan’ under Loan Type.
3) Enter the required personal, professional and income details, and upload necessary documents.
4) Click Submit.
How to Apply for Personal Loan on ICICI Portal
Here are the steps to follow to apply for an ICICI Personal loan on the bank website:
1) Visit ICICI Bank’s official website.
2) Click on the ‘Apply Online’ button on the top-right corner of the page and select ‘Personal Loan’ from the drop-down menu.
3) Enter all the required details and upload documents as required.
4) Click Submit.
How to Check Your ICICI Personal Loan Application Status on Fincity
Checking you loan application status on Fincity is easy.
- First, click https://app.fincity.com and sign in.
- You can see your active applications on the Fincity dashboard.
- Click ‘View Application’ below the one whose status you wish to check.
- You can see the application status on the top-right section of the page.
How to Check Your ICICI Personal Loan Application Status on ICICI Portal
Here’s how you can check the status of your personal loan application on the ICICI website.
- Visit the ICICI Loan Tracking Page.
- Enter your mobile number, application number, and your date of birth.
- You can check the status of your ICICI personal loan application here.
Things to Remember Before Applying for an ICICI Personal Loan
Here are some things to keep in mind before you apply for an ICICI Personal Loan.
- Maintain a Good Credit Score: This goes without saying. ICICI Bank and every other lender looks for loan candidates who have a good credit score as it indicates that the borrower has a good credit history and a clean repayment track of previous debts. A credit score of 700 and above will definitely increase your chances to having a loan application approved.
- Do not Overborrow: Taking a huge loan increases your burden of EMIs every month and takes away your capacity to invest in anything else. Plus, a higher loan amount translates to a higher interest payout. If the EMI is too high and you default on payments, your credit score is affected negatively, lowering your chances of getting a loan or credit card in the future. Therefore, it is best to take a loan amount that you can easily repay without stress.
- Lower Your Debt: Your debt-to-income ratio is an important factor every lender looks into before deeming you eligible for a personal loan. Try to keep your debt to less than 50% of your income. This will free up your income, increasing your repayment capacity, and may even make you eligible to borrow a higher loan amount. A lower debt also makes you look less financially stressed and improves your credit score. Before you opt for a new personal loan, it’s better to either pay off all your existing loans or at least pay off a few to lower the burden.
- Do not Apply for Multiple Loans with Multiple Lenders Simultaneously: Every loan application leads to a credit report enquiry by the lender, and every enquiry leads to a negative impact on your credit score. Applying with too many lenders at the same time will significantly lower your credit score. This will also make you appear credit hungry to future lenders, and reduce your chances of getting your loan approved. Even if you do get a personal loan, you are more likely to get it at a higher interest rate.
- For Fast Approvals, opt for Lender You Have an Existing Relationship With: People who have an existing relationship with a bank by means of a salary or savings account or fixed deposits are likely to get their loan approved faster than those who don’t. Banks tend to give first preference to their existing customers.
- Pay Dues on Time: Paying EMIs and credit card bills on time is very important if you want to maintain a good credit score. Having a clean repayment track increases your creditworthiness and reflects that you are disciplined with your finances. To lenders, it also indicates that you are less likely to miss future payments, and in turn, encourages them to approve your loan request.
Compare the Best Loan Options with Fincity
Your hunt for the lowest rate personal loan ends here! Explore over 1000 loan options from India’s top lenders on Fincity and find the loan scheme that best matches your requirements. In case you are short on time and need help, reach out to our financial advisors at firstname.lastname@example.org; once they note down your requirements, they’ll take on the task of finding you a personal loan tailored to your profile.