ICICI Bank Personal Loan

ICICI Bank Personal Loan
 3.5 / 5.0   by 2354 users
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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

ICICI Bank is the second largest bank in India by assets and by market capitalization. ICICI Bank India offers instant personal loans for a wide range of your personal needs at attractive interest rates. ICICI Bank has partnered with BankBazaar to offer personal loans at the lowest interest rates for salaried and self-employed individuals. In addition you can apply online instantly and get e-approved. Check below to know your eligibility and documentation needed for ICICI personal loans.


You’re probably eligible for an ICICI Bank Personal Loan if you are

01
02
03
04
ICICI Bank Personal Loan Minimum Age

At least 23 years old

ICICI Bank Personal Loan Maximum Age

Less than 58 years old

ICICI Bank Personal Loan Eligible Employment Type

Salaried / Self – Employed
with regular income

ICICI Bank Personal Loan Minimum Income

Earn more than the minimum
income required


Your ICICI Bank Personal Loan amount eligibility is based on these factors

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02
03
ICICI Bank Personal Loan Minimum Salary

Minimum income required
Rs.17,500 per month

ICICI Bank Personal Loan Maximum Loan Funded

Maximum allowed personal loan is Rs. 15 lakhs

ICICI Bank Personal Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible ICICI Bank Personal Loan amount by these steps

01
02
ICICI Bank Personal Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

“ICICI

Choose longer tenure loan up to 4 years


Documentation needed to apply for an ICICI Bank Personal Loan

  • 1. Signed application form with photograph
  • 2. Copy of passport/voter ID card/driving license
  • 3. Processing fee cheque
  • 4. Salaried
    • Latest 3 months Bank Statement (where salary/income is credited)
    Self Employed
    • Latest 6 months Bank statement
  • 5. Documentation for salaried applicants:

    Salary slips for last 3 months

  • 6. Documentation for self-employed applicants:

    Income proof (audited financials for the last two years)


ICICI Bank Personal Loan Interest RatesUpdated on 30 Oct 2014

ICICI Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 13.49% to 22.00%
Processing Fees Upto 2.25% of loan amount plus Service Tax
Loan Tenure 1 year to 4 years
Pre-closure Charges 4% of pre-closed amount
Guarantor Requirement No guarantor required

About ICICI Bank Personal Loan

ICICI Bank is not only the largest private sector banks in the country but also one of the largest facilitators of personal loans in India. ICICI Bank offers personal loans to help borrowers to ride over any immediate financial requirements. ICICI Banks understand that time is of paramount significance when faced with financial crisis and hence fast tracks all its personal loan applications resulting in quick loan approval and facilitation. Nominal documentation is required to apply for ICICI Personal Loan with a maximum loan limit of up to Rs. 20 Lakhs available for eligible borrowers. ICICI Banks personal loans do not require ant security or guarantor for personal loans. The money available through ICICI Bank personal loans can be used as per the individual needs and requirements of the applicant including medical expenses, foreign travel, home repair or renovation, wedding expenses or any other miscellaneous expenses.

ICICI Personal Loans are available for both salaried as well as self employed individuals and working professionals. ICICI Bank employs a quick loan approval system making sure that all personal loan requests are approved within 72 hours of submission of complete documentation.

The bank offers very lucrative interest rates for personal loans with a tenure period ranging between 12 to 60 months. ICICI Bank offers loan liability cover for personal loan applicants by insuring all personal loan liability with ICICI’s 'All Safe' Insurance.

Why choose ICICI Personal Loan?


Customized Personal Loans: Unlike a lot of other banks, ICICI Bank offers customized personal loans for every loan applicant. Everything from loan tenure to maximum loan amount is fixed as per the individual financial track record of the borrower. Salaried individuals can get a maximum loan up to Rs. 15 lakhs while self-employed individuals can get a loan up to Rs. 30 lakhs. For professionals like doctors and chartered accountants, the maximum personal loan limit is Rs. 40 lakhs and a flexible tenure of 12 to 60 months for all applicants.


Attractive Rate of Interest: ICICI Bank offers personal loans at an attractive rate of interest, starting with as low as 13.99% interest rate.


Fast Loan Approval: ICICI Bank facilitates quick loan approval and disbursal making it one of the most popular banks for personal loan applicants.


Minimal Documentation: ICICI Personal Loans do not require large documentation process and loans are facilitated after minimal documentation increasing the loan disbursal time substantially.


Cover for Loan Liability: In a unique benefit offered by ICICI Bank, all personal loan applicants can now insure their loan liability with an 'All Safe' insurance provided at no extra cost.


Instant E-Approval: ICICI Bank offers its users the advantage of applying for a personal loan online sitting at their home or office directly and through its partnering site BankBazaar.com The bank sends an instant e-approval for all successful online personal loan applicants in real time.


Features of ICICI Bank Personal Loan

ICICI Bank offer customized personal loans for every applicant, thereby making sure that each loan applicant gets the best deal. From low interest rates to quick loan approval and minimal documentation, ICICI Bank offers dedicated loan schemes for personal loans for self employed professionals, self employed non-professionals as well as salaried individuals. Some of the apparent benefits of ICICI Personal Loan include:


High Quantum of Loan: ICICI Bank offers one of the highest quanta of loan amount for personal loan applicants. Salaried individuals can attain a loan of up Rs. 15 lakhs while specialized working professionals like doctors can get a personal loan of up to Rs. 40 lakhs. ICICI Bank offers personal loan according to the financial overview for each individual applicant.


Lucrative Rate of Interest: ICICI Bank offers one of the lowest interest rates for personal loans. The bank personal loan starts from as low as 13.99%. ICICI Bank however reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.


Online Loan Requests: ICICI bank has been one of the first banks to embrace technology and offers online loan requests from applicants. Personal loan applicants can apply for a loan by sitting in the comfort of their home and office through BankBazaar.com. After submission of online loan application, the bank sends an instant e-approval notice to the successful applicants.


Low Prepayment Charges: ICICI bank offers lowest prepayment charges for all personal loans as compared to other private sector banks in the country.


24/7 Customer Support: ICICI Bank has a dedicated customer support helpline for its loan department making it accessible for any query or requirement 24 hours a day.


Why apply for ICICI Personal Loan on BankBazaar.com?

ICICI Bank has joined hands with BankBazaar.com, India's premier financial marketplace portal for making the bank’s personal loans available for all. Users can now apply for personal loans with ICICI Bank using the state of the art online loan application tool of BankBazaar.com. The loan tool automatically checks for loan eligibility and lists out customized personal loan details from ICICI Bank.


Instant Eligibility Check Facility: The loan calculator tool of BankBazaar.com checks for personal loan eligibility for each applicant according ICICI Bank’s prescribed criteria and offers personalized loan offers instantly.


Customized Quotes: The eligible loan applicants are offered instant quotes customized as per their profile and with a discounted interest rate.


Loan Comparisons in Real Time: Successful applicants can choose their personal loan from the various loan option provided by the loan calculator tool of BankBazaar.com. Users can also customize their personal loan plans by altering their tenure and loan amount subject to the maximum loan amount calculated as per their financial history.


E-Approval Facility: Every loan applicant at BankBazaar.com gets an instant e-approval after successfully submitting his or her loan application.


Assured Privacy: BankBazaar.com assures complete privacy for all loan applications made through us. We send applications electronically to the concerned loan section of ICICI Bank.


How to apply for an ICICI Personal Loan on BankBazaar.com?

Applying for an ICICI Personal Loan at BankBazaar.com involves three simple steps.


Step 1: The loan applicant must fill the loan eligibility form with correct personal data including financial records like salary/ monthly income, other liabilities etc. Once submitted, the tool automatically checks for personal loan eligibility of the applicant and personalized personal loan options are displayed instantly.


Step 2: In the second step, the applicant is given a list of loan options as per his or her financial history. The users can compare various loan options and choose the most appropriate one.


Step 3: In the third and final step, the applicant receives an instant e-approval from BankBazaar.com after successful submission of personal loan application online.


BankBazaar.com instantly submits the loan application electronically to the loan department of your nearest ICICI Bank branch, and the bank gets in touch with you directly. Users can also check the status of their loan application through SMS alters as well as emails.

ICICI Bank Personal Loan Interest Rates

ICICI Bank offers lowest interest rates for its loan applicants. The bank can however change its Personal Loan Interest Rates from time to time as per its discretion.

Rate of Interest 13.99% to 18.00%
Loan Processing Charges / Origination Charges (Non-Refundable) Up to 2.25% of loan amount plus Service Tax
Prepayment Charges The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan.
Charges for late payment 2% per month
Duplicate No Objection Certificate/ No Due Certificate Rs. 500/- per NOC (inclusive of service tax) Rs 200/- per NOC (inclusive of service tax)

* Current Service Tax applicable is 12.36%.

ICICI Bank Personal Loan Eligibility

ICICI Bank offers personal loans to all applicants fulfilling the basic eligibility criteria.

Eligibility Criteria for Salaried Individuals

Age 23 years - 58 years
Minimum Income Salaried individuals with minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)
Total years in job/profession 2 Years
Years in current residence 1 Year

Eligibility Criteria for Self Employed Individuals and Working Professionals:

Age 28 years (self employed individuals) and 25 years (for doctors); Maximum age - 65 years
Minimum Turnover Rs. 40 Lakhs for non-professionals; Rs. 15 Lakhs for professionals; as per audited financials
Minimum Profit After Tax Rs. 2 Lakhs for Proprietorship Firm/Self employed Individuals and Rs. 1 Lakhs for non-professionals as per audited financials
Business Stability In current business for at least 5 years and minimum 3 years for doctors

How to calculate EMI for ICICI Bank Personal Loan?

BankBazaar.com offers users a unique tool to calculate your EMI for all loans. This helps you to understand how much a loan would cost you, and plan your budgets accordingly before applying for a loan.

With BankBazaar’s loan calculator tool, all you need to do is to enter the amount you wish to apply and the preferred tenure. The Personal Loan Calculator then calculates the EMI based on the applicable rate of interest and displays your EMI liability for the loan.

ICICI Personal Loan FAQs

  1. How can I apply for ICICI Bank Personal Loan online?

  2. All you need to do is to simply enter your personal and financial details on our site. It takes only 2-3 minutes. Our loan calculator tool automatically checks for your loan eligibility based on the details you provided and as per the bank’s norms and offers personalized loan offers as per your financial credentials. You can choose the best suited plan and apply for a loan instantly with a click.

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

  4. ICICI Bank offers one of the highest quanta of loan amounts for personal loan applicants. Salaried individuals can avail a loan of up Rs. 15 lakhs while self employed professionals can get a personal loan of up to Rs. 40 lakhs. ICICI Bank offers personal loan according to the financial overview for each individual applicant.

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

  6. ICICI Bank offers personal loans with a tenure period ranging between 12 to 48 months and in some cases it can be extended for up to 60 months.

  7. Is BankBazaar.com Personal Loan Tool Free?

  8. Yes BankBazaar.com loan calculator tool is completely FREE and we are not charging any fee for the services we provide.

  9. Can I track my loan application?

  10. BankBazaar.com offers all loan applicants, an active tracking tool through both email and SMS. You will receive daily updates of your loan application.

  11. Can I know the EMI amount for my personal loan in advance?

  12. Yes BankBazaar.com has developed 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 for your budgets before applying.

  13. Is my data safe with BankBazaar.com?

  14. Absolutely yes. BankBazaar.com does not share data with any third party other than the financial institution. All data is sent in electronic form with high level of encryption making it safe and secure at all times.

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

  16. BankBazaar.com instantly submits your personal loan application at your nearest ICICI bank branch in an electronic format. A representative from the bank will get in touch with you soon to collect documents like salary certificate, identity proof etc. On submitting these, the bank initiates verification process and checks your CIBIL score and disburses the loan if all are fine. The process may take 48-72 hours.


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News about ICICI Bank Personal Loan

  • What works for a personal loan and
    what doesn't?

    Everyone of us think about personal loans whenever there is a sudden or short term financial requirement As part of an unsecured loan, personal loans are a great financial tool when faced with financial dilemma including overdue credit card woes to meeting personal financial difficulties, or occasions like wedding. Read more

    25th February 2014

  • What is the right time to prepay
    your personal loan!

    The personal loan has become a popular tool that is used by many people to raise additional cash when in tight corner or when there is an urgent requirement of money at a short notice. However in most cases the situation does ease off after some time and the burrowers are in comfortable position pay back the loan availed by them. That is the time when most people land up in a dilemma about prepaying their outstanding loans. There are several issues associated with prepaying personal loan before its complete tenure. Read more

    25th December 2013


ICICI Bank Personal Loan Reviews

75 % of our customers would recommend this bank. (1755 out of 2354) Write Review
Customer Reviews
Page 1 of 50 1 2 3 4 5
  • Validated User
    (0)

    Experience with ICICI is quite ok in availing personal loan. Its a average services received from ICICI. There is no faster services, everything was delayed in disbursing. Even in terms of interest rate initially it was 15% however later was 18%, so whatever committed was not given. It would be better if there can be more clarity and transparency.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Personal loan with ICICI bank, the service was very good, their was no issues with them. I had issue with my cybil score. Interest rate was nominal, Response was good from their end. I will avail the loan after 6 months as I feel the service was very prompt. Interest rate was competitive.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Personal loan with ICICI they collected the documents but they did not inform the reason for closing the application. I would say if they unable to process he loan they need to returned the documents in order to avoid misuse. They offered interest rate at 18% which was bit high when I compare to other banks.

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  • (0)

    ICICI bank is not interest in support existing their ICICI bank customers, personal loan division is very poor. My recommendation to public don't go with ICICI bank. They are not helping corporate salary accounts which is maintained by ICICI itself, how they will help other bank customers. Kyalaal Khudh ka is good caption to run the business. Regards Girish

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    took a Personal Loan from ICICI BANK Reviewed on
  • Validated User
    (0)

    I availed one personal loan from icici bank before 1 year back based on that I have taken one top up loan from them now recently. They offered me 18 % for initial loan . For the following loan they offered me 17% . Even though I am having one account they provided quite high interest rate. Processing fees was 2.5% I think it was the standard charges by them

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    took a Personal Loan from ICICI BANK Reviewed on
  • Validated User
    (1)

    I have applied for personal loan with ICICI their was no response from their end. Once I received call from Mr.Ashok said to keep the documents ready but no body has turned up to collect the papers. It would be nice if they improvise on response part and commitment.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Am satisfied
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    D RAJESWARA RAO RAJESHWARA RAO, visakhapatnam
    Recommend Recommended by user
    Validated User
    (0)

    I am satisfied with the ICICI services in terms of personal loan. Customer service is quite ok in terms of response and documents are much where I felt unnecessary. I spoke with them inspite of that, they did ask for many documents which is not required. However, the rate of interest is nominal.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    ICICI personal loan their is no proper reason for closing the application. It would be better if they inform the reason for closing the application so that I can improvise on myself. They should have consider on my case. Since I am using their account from past 10 years.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    ICICI Personal loan initially they came and collected the documents, later they declined their was no information given for closing the application. It would be great if they inform the reason for closing the application so that I can improvise my self. They offered bit high rate of interest when compare to nationalized banks.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Personal loan with ICICI as their was already my loan is going on, so they require some papers and agreement copies which was not ready at that time as per their norms they are unable to process the loan. The interest rate was bit high when I compared with other banks. It would be better if they make process simple and reduce interest rate.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    ICICI Personal loan everything was fine expect the rate of interest. After submitting the documents I got loan approval in 2 days the processing time was very fast. It was hassle fee and simple process. It would be better if they improvise on interest rate.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My experience with ICICI bank in terms of personal loan was pretty good. The Service was perfect, I got loan approval quickly and loan amount got disbursed in 7 days. Interest rate was nominal, Customer service was very good they gave proper information about the product, What they offered they gave.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was a very good experience of availing a personal loan from ICICI bank an year ago. ICICI bank was very good. They offered me very less rate of interest and processing fee. The executives of ICICI bank were very pro-active and helpful. If there is something missing in the documents they followed up promptly and sorted out the issues very quickly. They were very much interactive as well. My loan was disbursed within 10 days of time at a rate of interest around 14%.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    AM quite satisfied with HDFC services in disbursing the personal loan. Processing part was too simple including the documentation process. Whatever I expected in terms of availing personal loan, got fulfilled from HDFC. Even rates and charges are quite reasonable.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    ICICI customer service representative called up regarding my personal loan request, where they stated that due to my existing home loan payments, unable to process the loan. This information was intimated to me at the proper time frame. Even rates and charges are quite ok.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Experience is good with ICICI in availing personal loan. Customer service team within 48 hours, responded well and provided the information. Rate of interest is too higher, if its less it would be fine. I did liked the way the response was there,

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Actually, still now I am not aware about the exact reason of my personal loan why it was not processed by ICICI bank. There was an initial call for some verification, however there was not even a single call after that. It was just an single message stating its been rejected. Even the interest rate is higher. It would be fine if the response could be provided whatever the status.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    Personal loan with ICICI bank, I don't have any issues with them as per their norms they are unable to process the loan. I was expecting 5 lakhs loan amount based on my take home salary after deducting EMIS I use to get 23k in hand. But they need minimum 28k to process 5 lakhs loan amount. Interest rate and charges is quite reasonable.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have applied for ICICI Bank personal loan the cibil scores were not matching, that is why I was unable to take a personal loan with ICICI. Everything was good, overall its been a great experience. I have not applied for the personal loan with some other Bank also and I might re-apply it later.

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Personal loan with ICICI it was good experience I got loan approval in 8 days. Thing is Interest rate was bit high they offered 18% which is quite high and processing fee they charged 1.75%. Pre closure charges is 5%. It would be nice if they reduce rate of interest and keep pre closure charges at least 2.5%.

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