ICICI Bank Personal Loan

ICICI Bank Personal Loan
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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

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02
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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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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 02 Sep 2014

ICICI Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 13.49% to 20.00%
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

Customer Reviews
Page 1 of 50 1 2 3 4 5
  • Validated User
    (0)

    I had recently applied for a personal loan with ICICI bank. I had dropped the plan of availing the loan from ICICI bank because I felt the rate of interest was little bit higher and the documentation was more & complicated. One more thing is the pre-closure charges are applicable and no part payment is allowed. In terms of service ICICI bank is very good and they respond promptly. They called me at the right time and co-ordinated well.

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

    It was a disappointing experience of applying for a personal loan with ICICI bank through bankbazaar. After my personal loan application was forwarded to ICICI bank. One of the bank manager called me and told me that my salary did not meet the requirement of the bank for a personal loan. Otherwise the response was very quick and the rate of interest was around 13%. I think the processing fee was little bit high.

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

    I had recently applied for a personal loan with ICICI bank. Unfortunately my loan application has been closed as of now. Nobody met me for collecting the documents because someone from the bank called me and said my salary did not meet the banks requirement for a personal loan.

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  • Validated User
    (0)

    I had to let my personal loan application close with ICICI bank because I felt the rate of interest was too high and not affordable. Also the loan amount offered by the bank was quite lesser than my expectation. I don't' have any other issues with their services or response. My overall experience was good.

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

    Personal Loan with ICICI their was no disadvantage with them, the amount offered from them was not up to my exception i need 5 lakhs but they are ready to give 2.5 lakhs, interest rate and charges i don't have any issues, customer service provide clear cut information.

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

    I could say ICICI bank needs to be bit more cautious on their follow ups. They keep some gap for all their follow ups which really not required. The other bank approached me very quickly and I have choosed them for my personal loan. I am not denying icici bank service but if they improve on their followups might be will shine in future

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

    ICICI Personal Loan for taking parallel loan the interest rate is 18% which is quite high, i did not find much advantage, i though low interest rate will be available but it was not as per my expectation. Customer service i did not interacted much.

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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 standard interest rate different executives speaking to me with different interest rate, pre closure is available with 5% charges applied which is very high when compare to other banks, I would suggest communication needs to improve a lot and charges must be reasonable.

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

    ICICI was very good in their customer service in personal loan proposal . It would be nice if they improve their follow ups. Personally I only closed this deal because I have arranged cash on my own. Personally I am giving just one suggestion they need to improve on their entire operation

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

    ICICI Personal loan since i have my salary account i feel it will be more convenient but the interest rate was offered is very high at 17% where other bank is ready to offer at 14% so i closed the application in ICICI. Pre closure charges is 4% to close the total loan amount.

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

    There is no specific reason for closing the personal loan with ICICI bank. I have already given to other banks. They have been following with me frequently they have tried to do their job. I could not commit to them. Loan was processed with the other bank. No complaints as such. Everything was so going good

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

    My experience of availing personal loan with ICICI bank was really good. They disbursed my loan within short period of time. Their response was too good. I got very fair interest rate. Whatever they are providing it was the best service . Overall good

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

    I have applied personal loan from ICICI bank where I feel their customer service and approach was really good. I dont have any issues or hassles with them so far. Personally I only closed this loan , will take in future . Overall satisfied service

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

    ICICI Personal Loan: I would suggest they need to be more clear in providing information, when i soke to the executive they said they will approve my loan and requested to keep the documents ready later they called and said since i am staying out of city they are unable to process my loan, i would suggest the need be more responsible and must have proper communication.

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

    I have applied personal loan with ICICI bank where they asked me so much of proofs . Probably they are having more rules. Might be in future I will take. I dont have points to be added for their service. Overall good and normal banking service by them

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

    I had recently applied for Personal Loan with ICICI Bank the service was quick, interest rate was fine for me, Since my previous loan statements is not able they closed my application. But i must say customer service was very clear they was no hidden information given. Processing fee was 1% and charges also reasonable.

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

    I have never seen such kind of quick response from any bank apart from ICICI bank. I requested for 4 lakhs personal loan but whereas they quoted me for 2 lakhs based on my salary criteria. I have tried negotiations for the amount as well as for interest rates . Sadly it doesnt work . Finally they provided me for 16 % where I told them will take in future

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

    Personal loan with ICICI when i applied the interest rate was 17.50% its comparatively high when compare to other banks but when i dropped the plan they called me and said final they will provide at 15% interest rate but it was too late at that time i got loan from other bank. Apart from interest rate everything was fine for me.

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

    I have applied personal loan with ICICI bank based on their customer service. They have provided proper information to me . Due to some personal reasons I have postponed my plan to future. They provided me only normal banking not excellent.

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

    I received good customer approach from ICICI bank where they already disbursed my personal loan. I would say their response was pretty . It would be nice if they improve on their interest rates . Overall good and excellent service from ICICI

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    took a Personal Loan from ICICI BANK on BankBazaar.com Reviewed on
Customer Reviews
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