ICICI Bank Personal Loan @ 10.50% | How To Apply?, Features, Eligibility Criteria, Documents Required, Types and Myths

ICICI Bank Personal Loan @ 10.50% | How To Apply?, Features, Eligibility Criteria, Documents Required, Types and Myths

ICICI Bank Personal Loan: Personal loans can be seen as a form of installment credit. It is different from a credit card because a personal loan makes a one-time payment of cash to borrowers. The money is borrowed for a certain amount of time, and borrowers pay back the borrowed amount plus interest in regular, monthly installments over the “term” of the loan.

ICICI Bank Personal Loan comes to one’s rescue when one is short of money and ICICI Bank Personal Loan interest rate added on to the borrowing amount is to be returned by the borrower within the stipulated time decided beforehand.

ICICI Bank limited interest rates are competitive with the market. It is very easy to access the ICICI Bank personal loans, and they are granted so fast that many people take personal loans often to meet expenses.

Want to compare ICICI Bank Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.

ICICI Bank

ICICI Bank Overview

The ICICI Bank is a private sector bank with its foundation and headquarters in India that has a total asset of 10,200 crores. The bank has its headquarters in Mumbai. ICICI Bank Limited was founded in the year 1996. The bank currently has a whopping 4450 branches all over India and over 1030013900 ATMs across the entirety of the state.

It provides various financial services to its customers namely saving deposit, recurring deposit, savings deposits, PPF accounts, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, net banking, mobile banking, RTGS, NEFT etc.

ICICI Bank Features

  • Low-interest rates
  • Available internationally
  • Credit cards provide extra security along with their microchip feature
  • Exclusive offers for dining
  • Amazing VISA deals

How to apply for ICICI Bank Personal Loan?

Online Method

One can apply for ICICI Bank Personal Loan by following these easy steps detailed below.

Step 1: Visit the ICICI bank website, find the personal loan option, and select the option for ICICI Bank Personal Loan. Click on apply, and a new screen will open.

Step 2: A new screen will open, which is essentially a form. The form needs to be filled up with essential details like name, address and other personal information.

Step 3: After putting in the personal details, one has to click on apply for loan. After this, a new window opens where one has to put in other essential information like account numbers and the documents needed for loan approval. Finally, after double-checking the information, click on submit to submit your loan demand.

Offline Method

It is not just the online method via which one can apply for a loan. For the offline method, the borrower needs to visit any ICICI Bank branch, fill out the form with all the essential required details, and submit it with whatever documents are required.

ICICI Bank Personal Loan Eligibility Criteria

  • The borrower has to be either salaried or self-employed.
  • If salaried, then the individual needs to have a monthly income of Rs. 30,000. They must have a job or profession for at least 2 years and must live for 1 year in their current address. They must be within the age group of 23 to 58 years.
  • If self-employed, then the age group is 28 to 65 years. For a doctor, the minimum age is 25 years. The individual, if a non-professional, must have a turnover of 40,00,000. If professional, then it should be 15,00,000.

They must work for 5 years under their current business. If they are a doctor, then they must work for 3 years before applying.

The individual should also have a savings or current account or loan account for at least 1 year with the bank.

ICICI Bank Personal Loan Documents Required

  • The signed and filled up personal loan application form with the necessary details. One must also make sure that the details the borrower has filled in are accurate.
  • 2 passport sized photographs.

For salaried,

  • Proof of identity such as Passport, Voter ID card, Driving license, PAN card. Any one of them is required.
  • Proof of Address – Leave and license agreement, or passport, or utility bill that is not older than 3 months.
  • Bank statement of latest 3 months.
  • Salary slips for the last 3 months.

For self-employed,

  • KYC documents like address proof, identity proof, and age proof.
  • Proof of Address include any one – Leave and license agreement, or passport, or utility bill that is not older than 3 months.
  • Audited financials for last 2 years as income proof.
  • Proof of office address.
  • Bank statement of current 6 months.
  • Proof of business continuity.

ICICI Bank Personal Loan Features

  • The ICICI Bank offers a very low-interest rate on personal loans. Their interest rate for personal loans starts from 10.5% per annum.
  • Their loan amount is very flexible. An individual has the option to choose their loan amount that ranges from Rs. 50,000 to Rs. 25,00,000.
  • The tenure period offered by the bank ranges between a period of 12 to 72 months.
  • The EMI amount is also very reasonable.
  • There is no requirement of collateral or any other form of security.
  • Minimal documentation and fast and easy process for documentation.
  • Extremely fast disbursement. After the approval of the personal loan, the amount gets credited to the individual’s account within a span of 3 seconds.
  • There are no restrictions on end usage. One can apply online for a loan and receive quick assistance.

Types of Personal Loan offered by the ICICI Bank

  • Wedding Loans
  • Home Renovation
  • Holiday Loan
  • Fresher Funding
  • Top up Loan
  • NRI Personal Loan

Myths about the ICICI Bank Personal Loan

  • Long time for processing of loan: It is completely incorrect since the processing time now is very fast, simple, and hassle-free. The entire experience is very smooth and even online application is available.
  • Only salaried individuals are eligible: This is a concept that many people have but it is incorrect. Self-employed individuals, consultants, business owners, and many more people fulfill the eligibility criteria properly.
  • Low credit score: A credit score is very important while applying for a personal loan. High credit scores can secure a personal loan from the bank but there are other factors as well. Even with a low credit score, approval of a loan is possible if other factors are fulfilled.
  • Existing loans: Approval of a personal loans is possible even if they have existing loans. This is only when all the other factors are properly fulfilled.

Takeaways from the Article

Thus, in this article, we have provided detailed information about ICICI bank personal loans. It is very integral to understand the basics and intricacies of the methods to apply for personal loans. This article details a few of the important things to know and understand in order to apply for a personal loan.

One must always read carefully the terms and conditions of the bank before applying to it for a loan.

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