ICICI Personal Loan Interest Rates and Eligibility Criteria

ICICI Bank is one of the leading banks in India when it comes to providing customer-friendly loans. The personal loan offered by ICICI Bank is customized with the facility of a higher loan which is one of the highest loan amount.

In addition to this, the interest rate is also one of the lowest interest rates on personal loans and hence this altogether makes ICICI Personal Loan higher in demand.

You can take this unsecured loan for any legitimate purpose like your wedding, higher education, travel, medical expenses, home renovation, etc. So, if you are also in urgent need of money, have a look at the features of this Personal loan before you plan to apply for it.

Features of ICICI Bank Personal Loan

• Interest rate starting from 11.59% p.a.
• Tenure up to 5 years
• Maximum loan amount up to ₹20 lakhs for salaried, ₹30 lakhs for self-employed and ₹40 lakhs for doctors
• Processing fees

ICICI Personal Loan Interest Rate

ICICI Bank calculates the final interest rate on the basis of MCLR and Base Rate. Presently, the present 1 Year MCLR rate of ICICI Bank is 8.95%. ICICI Personal Loan Interest Rates are one of the lowest Personal loan interest rates in India with the rates from 11.59% per annum onwards.

Eligibility Criteria

The eligibility criterion set by ICICI Bank is subject to change from one profession to another. Below is the eligibility required to apply for a personal loan at the bank:

For salaried:

• The age of the applicant should be between 23-58 years
• Net monthly income of the applicant should be more than ₹17,500/-
• Minimum work experience should be more than 2 years with 1 year with the current employer

For self-employed:

• The applicant’s age must be between 28-65 years
• The minimum turnover of the business should be more than ₹15 lakhs
• Minimum experience in the profession should be 5 years

Documents Required

The documentation needed to apply for a personal loan at ICICI Bank is as follows:

For salaried:

• Signed loan application form with photograph
• Identity proof- Copy of Passport/Voter ID Card/Driving License
• Processing fee cheque
• Latest 3 months bank statement (where salary/income is credited)
• Last 3 months salary slips

For Self-employed:

• Signed loan application form with photograph
• Identity proof- Copy of Passport/Voter ID Card/Driving License
• Processing fee cheque
• Latest 6 months bank statement
• Income proof with last 2 years audited financials

How to Apply for ICICI Personal Loan

The process to apply for ICICI Bank Personal loan is easy and quick with minimal documentation. Here are the steps to follow:

1. Fill up the loan application form with correct personal details like the name of the applicant/s, the income of the person who wants to take the loan and the profession, etc.
2. On the basis of the above data, compare the rates and loan amount for which he/she is eligible.
3. Now submit the form along with the required documents and submit online or to the nearest bank branch.

ICICI Personal Loan EMI Calculator

If you are worried about the usage of the calculator, you must know that the calculator is very simple to use. As you know that you have to mention the loan amount, interest rate and tenure in the calculator. For example, if you are taking a personal loan with the following details:

• Loan amount- ₹2,00,000
• Interest rate- 11.59% p.a.
• Tenure-  5 years

The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:

EMI- ₹4,408

Total Interest Outgo- ₹64,454

Total Amount- ₹2,64,454

Parameters on which Personal Loan EMI is calculated

Here are the parameters based on which personal loan EMI is calculated:

Loan Amount: The first and most important thing to know when it comes to calculating EMIs. The monthly installment of the loan is directly dependent on the loan amount which varies from lender to lender and is calculated on the basis of the personal loan eligibility.

Interest Rate: Be it any loan, the interest rate that a person will be offered on the money borrowed. Generally, the banks offer the rates on annual basis.

Tenure: The longer the tenure, the easier it is for the debtor to repay the fund to the banks or to the financial institution from which he/she is taking the loan. For a personal loan, the general tenure is up to 5 years.

Processing Fees: Other than the interest rate, banks charge a certain processing fee at the time of the loan approval. In general, the processing fee ranges from 1% to 5% of the loan amount.