How To Apply ICICI Bank Personal Loans?

ICICI Bank was established in 1994, and its strong corporate relationships have helped the bank firmly establish its position in the industry. ICICI Bank is recognized today as one of the most reputed banking institutions in the country and is renowned for its customer-centric services and policies. ICICI also has a country-wide presence with an extensive network of branches and ATMs in the country.

ICICI Bank Personal Loans

ICICI Bank provides personal loans to its customers for different financial needs at very affordable rates of interest along with benefits like reasonable repayment options, hassle-free documentation process, top-up loan facilities, and quick loan disbursals. mymoneykarma gives you all the information you need on ICICI Bank personal loans.

Benefits of ICICI Bank Personal Loans

ICICI Bank personal loans are loaded with a host of customer-oriented benefits and features. Here are a few highlights of ICICI Bank personal loans.

1. Significant loan amounts ranging from a minimum of Rs 25,000 to a maximum of Rs 20 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.

2. Long loan tenures ranging from a minimum of 12 months and a maximum period of 60 months.

3. Attractive interest rates ranging between 11.50% - 16.75% per annum.

4. Loans available for salaried individuals, public and private company employees, and government employees.

5. Special offers on the applicant being an existing customer of ICICI Bank.

6. Various feasible repayment channels such as NEFT, post-dated cheques, and ICICI net-banking.

7. Facility of personal loan transfer from other banks to ICICI Bank.

8. Simplified loan application and approval process with minimal documentation.

9. Dedicated 24/7 customer service desk for query resolution.

Here is a summary of all the information regarding ICICI Bank personal loans.

Interest Rate	11.5% - 16.75%
Minimum Loan Amount	Rs 25,000
Maximum Loan Amount	Rs 20 lakhs
Minimum Repayment Tenure	12 months
Maximum Repayment Tenure	60 months

Types of ICICI Bank Personal Loans

ICICI Bank offers the following types of personal loans to its customers.

Holiday Loans

These loans from ICICI Bank can be used for planning holidays to exotic locations in India and abroad. 

Eligibility Criteria

1. Minimum income of Rs 17,500 per month in non-metro cities.

2. Minimum income of Rs 20,000-25,000 per month in metro cities

3. Sound repayment capability

4. Competetive credit score

5. An age range of 25-58 years for salaried individuals.

6. An age range of 28-65 years for self-employed individuals.

7. Minimum work experience of 2 years for salaried people, 5 years for self-employed people, and 3 years for doctors.

Wedding Loans

These personal loans from ICICI Bank can be used to cover the costs of a wedding in the family or of the applicant.

Eligibility Criteria

1. Minimum income of Rs 17,500 per month in non-metro cities.

2. Minimum income of Rs 20,000-25,000 per month in metro cities

3. Sound repayment capability

4. Competetive credit score

5. An age range of 25-58 years for salaried individuals.

6. An age range of 28-65 years for self-employed individuals.

7. Minimum work experience of 2 years for salaried people, 5 years for self-employed people, and 3 years for doctors.

Home Renovation Loans

These personal loans from ICICI Bank can be used much like a home loan, to upgrade or renovate the applicant’s house.

Eligibility Criteria

1. Minimum income of Rs 17,500 per month in non-metro cities.

2. Minimum income of Rs 20,000-25,000 per month in metro cities

3. Sound repayment capability

4. Competetive credit score

5. An age range of 25-58 years for salaried individuals.

6. An age range of 28-65 years for self-employed individuals.

7. Minimum work experience of 2 years for salaried people, 5 years for self-employed people, and 3 years for doctors.

NRI Personal Loans

These personal loans from ICICI Bank can be to mitigate costs of medical and family emergencies and is available for NRI customers.

Eligibility Criteria

1. Minimum income of Rs 17,500 per month in non-metro cities.

2. Minimum income of Rs 20,000-25,000 per month in metro cities

3. Sound repayment capability

4. Competetive credit score

5. An age range of 25-58 years for salaried individuals.

6. An age range of 28-65 years for self-employed individuals.

7. Minimum work experience of 2 years for salaried people, 5 years for self-employed people, and 3 years for doctors.

Top-Up Loans

These personal loans from ICICI Bank can be used to add a considerable sum to the original principal amount of an existing loan to save the hassle of applying for a new loan.

Eligibility Criteria

1. Minimum income of Rs 17,500 per month in non-metro cities.

2. Minimum income of Rs 20,000-25,000 per month in metro cities

3. Sound repayment capability

4. Competetive credit score

5. An age range of 25-58 years for salaried individuals.

6. An age range of 28-65 years for self-employed individuals.

7. Minimum work experience of 2 years for salaried people, 5 years for self-employed people, and 3 years for doctors.

Apart from these types of ICICI Bank personal loans, the bank also offers fresher funding loans to fresh graduates above the age of 21 years to assist their career development. For further information regarding these types of loans, please contact the customer care service of ICICI Bank.

Best Personal Loan Interest Rates 2019

The interest rates of personal loans from other banks are also given below.

Banks	Interest rates
Axis Bank	11.25% - 24%
HDFC Bank	10.99% - 20.00%
SBI	12.50% – 16.60%
Kotak Mahindra Bank	11.00% - 24.00%
Bajaj Finserv	2.00% - 16.00%
Standard Chartered	10.99% - 16%
Fullerton India	12% - 25%
IndusInd Bank	10%-30.50%
CitiBank	10.99% - 18%
IDBI	12.45% - 13.50%
IDFC Bank	11.69% - 15.00%
PNB	11.65% - 12%
YES Bank	10.75% - 16.99%
Andhra Bank	11.55% - 14%
RBL Bank	14.5% - 23%
Canara Bank	13.5% - 14.5%
Tata Capital	11.75% - 19.00%
Bank of Baroda	11.05% - 11.6%

Documents Required for ICICI Bank Personal Loans

Applicants need to submit the following documents while applying for ICICI Bank personal loan.

1. A filled loan application form with necessary details such as income, occupational details, and personal information.

2. Three copies of recent passport sized photographs

3. Copies of the applicant's PAN card and Aadhaar card.

4. Copies of income proof such as salary slips of the previous six months, bank statements of the last six months, and a copy of Form 16.

5. Residence proof copies such as telephone bills, electricity bills, or rental agreement attested by the applicant.

How to Apply for ICICI Bank Personal Loans Online

Customers can apply for ICICI Bank personal loan by following the following steps.

1. Go to the ICICI Bank website.

2. Under the Tab indicating loan products, click on ‘personal loans.’

3. Download the loan application form.

4. Fill in the details and click on electronic signature.

5. Upload the scanned copies of the required documentation and click submit.

How to Apply for ICICI Bank Personal Loans Offline

Customers can also directly visit any ICICI Bank branch along with the required documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within three working days.

Frequently Asked Questions

1: What is the duration for ICICI Bank personal loan application approval?

Answer: ICICI Bank notifies the applicants of the loan approval within a maximum of 72 working hours from the date of the application. With mymoneykarma, get your loan approved within 24 hours.

2: What is the loan amount of ICICI Bank personal loans?

Answer: ICICI bank provides personal loans with a minimum loan amount of Rs 25,000 and a maximum amount of Rs 20 lakhs.

3: What is the rate of interest on ICICI Bank personal loans?

Answer: ICICI Bank offers reasonable interest rates ranging between 11.50% - 16.75% per annum.

4: Is prepayment of loan allowed with ICICI Bank personal loans?

Answer: Yes, ICICI Bank personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure.

5: Does ICICI Bank personal loan have any pre-closure charges?

Answer: Yes, ICICI Bank personal loans charges a fee of 5% of the approved loan amount as pre-closure charges.

6: What are the other fees associated with ICICI Bank personal loans?

Answer: Here is a list of fees associated with ICICI Bank personal loans.

Loan Processing Charges	2.25% of the loan amount + GST
Foreclosure Charges	5% of the loan amount + GST
Pre-payment or Part-payment charges	nil
Renewal Processing Fees	nil
Charges for late payment of Loan amount	24% of the loan amount
Stamp Duty & other Statutory Charges	As applicable by state laws
Repayment mode swap charges	Rs 500 + GST
EMI bounce charges	Rs 400 + GST
Loan cancellation charges	Rs 3,000 + GST