Check out ICICI Personal Loan Interest Rate for a Smooth Loan Journey

A personal loan has turned out to be the best option to fulfil our personal needs and wishes. You can avail a personal loan to meet any of your dreams or needs. Planning to go to a long vacation to Paris but don’t have the required funds? There is no need to worry as you can take a personal loan from ICICI bank and realise your dream. Whether it is for a marriage function of your daughter or a sudden medical emergency in the family, ICICI personal can always take you out from the situation.

In case you want to send your child to abroad for higher education or want to renovate your house, you can always approach the bank for a personal loan. Those who are postponing their plan to buy their favourite gadget can avail an ICICI personal loan and realise their wish.

The bank offers a Personal loan to both salaried employees and self-employed individuals for a tenure between one to five years. Salaried employees, self-employed people and doctors can obtain a maximum amount of Rs. 20 Lakhs, Rs. 30 Lakhs and Rs. 40 Lakhs respectively. The applicant is not required to furnish any kind of security with the bank. All said and done, it is very important to secure the best interest rate from the bank in order to have a hassle free loan journey. Through this article, I will be informing you about ICICI personal loan interest rate.

ICICI Personal Loan Interest Rate

Any applicant who wishes to secure a personal loan must ensure that he/she gets the best interest rate from the bank. The interest rate you get from ICICI will depend on your profile, income, age, repayment capacity and profession. ICICI personal loan interest rate starts from 11.29% and goes up to 22%. You must have a strong CIBIL score in order to get the loan at the best rate possible.

The bank also charges a processing fee up to 2.25% of the sanctioned amount along with the service taxes applicable. In case, you want to prepay the loan you can do so by paying a prepayment charge of 5% of the principal amount which is outstanding. Service tax will also be charged on the same.

ICICI Personal Loan Eligibility

The eligibility criteria for the personal loan product has been mentioned here. Any interested applicant has to fulfil them in order to get a loan from the bank.

Salaried employee:

• The applicant should fall in the age group of 23 to 58 years. It clearly means he/she should be at least 23 years old while applying for a loan and must not be above the age of 58 when the tenure expires.
• He /she needs to earn a monthly salary of at least Rs. 17,500. In case of residents of New Delhi and Mumbai, the income should be Rs. 25,000. For people living in Chennai, Pune, Kolkata, Bengaluru and Hyderabad, the income should be at least Rs. 20,000.
• The working experience of the interested applicant should be at least two years
• He/she should be working with current employer for period of at least one year

Self-employed Individuals:

• The applicant should fall in the age bracket of 28 to 65 years. In case of doctors, the minimum age is 25 years
• A non-professional must post a turnover of at least Rs. 40 Lakhs and a professional  must have turnover of a minimum of Rs. 15 Lakhs
• The minimum profit after tax for non-professionals should be Rs. 1 Lakh and for self- employed/proprietorship firm it should be Rs. 2 Lakhs
• They need to be employed in their present business for a minimum period of five years. In case of doctors, it is three years
• A minimum of one year of liability or asset relationship with the bank in the past 36 months is required.

Documents Checklist

The list of important documents required for an ICICI personal loan has been given below-

Salaried employee:

• Identity Proof:- Aadhar card/Driving License /Passport /PAN Card/ Voters ID card
• Two Photographs of Passport size
• Proof of Residence:- Utility Bill / Passport/Leave and License Agreement
• Bank Statement of the past three months in which the salary is credited
• Salary slips of the past three months.

Self-employed Individuals:

• Proof of Identity- Aadhar card/PAN card/ Passport/Voter ID card
• Address Proof- Utility Bill / Passport/Leave and License Agreement
• Proof of Age- Passport/Birth certificate/ High school marksheet
• Bank statement of the previous six months
• Proof of continuity of business.
• Proof of Income-  Audited Balance Sheet and Profit & Loss account of the previous two years
• Proof of Office address
• Proof of office ownership.

ICICI Personal Loan Status

The applicant can track his/her application status by visiting the official website of ICICI bank. There the applicant can check the loan application status by entering either his reference number or form number. Once, he/she clicks on the submit button, the application status will be displayed on the screen.

I believe you must be well versed with ICICI Personal loan interest rate and other important information about the product. In case, you are eligible you can approach the bank for a personal loan.

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.

Translate your Dreams into Reality through ICICI Personal Loan Apply Online

Make your ends meet through personal loans and that too without disturbing your present liquidity position i.e. bank balance when ICICI bank, the most trusted bank is here to take care of all your requirements. The daily requirements such as whether a wedding in the family, funding for higher education, planning for a vacation or medical treatment or for unforeseen calamities in the future. You name your own personal requirement and ICICI bank is here to fulfill it. Personal loans are an unsecured loan which can be easily availed by any of the borrower engaged in profession/occupation or business so as to utilize it towards themselves and for their family needs.

Before applying online, the borrower needs to check his/her Personal loan eligibility criteria whether they actually fit into it. Afterward, check the prevailing interest rate applicable on it and prepare your documents ready to be submitted for the verification checks by ICICI Bank representative.

ICICI Personal Loan Eligibility

For personal loans, ICICI Bank has set up a stipulated eligibility criteria for both its salaried employees and self-employed professionals:

Salaried Employees

• The age of the loan applicant must be between 23 years and 58 years
• Minimum Net Monthly Income of the applicant should be ₹ 17,500/-
• For Delhi & Mumbai applicants the minimum Net Monthly Income ₹25,000/-
• For Bangalore, Chennai, Hyderabad, Kolkata or Pune applicants the minimum monthly income of ₹20,000/-
• Minimum 2 years of work experience with at least 1 year of work experience with the current employer.

Self-Employed Professionals

• The age of the loan applicant must be between 28 years and 65 years (Minimum 25 years for Doctors)
• Minimum turnover of the business of the applicant must be ₹40 lakhs in case of non-professionals
• Minimum turnover of the business of the applicant must be ₹15 lakhs in case of professionals
• Minimum profit must be ₹2 lakhs for self-employed individuals and proprietors (tax excluded)
• Minimum profit must be ₹1 lakh for non-professionals (excluding taxes)
• Minimum 5 years experience in business (3 years for doctors)
• The applicants should have a relationship with the ICICI bank for a minimum of 1 year such an account holder or an existing loan customer wherein the loan is either running or would end in the initial 36 months of the loan tenure

ICICI Bank Personal Loan Interest Rate

• The applicable interest rate on ICICI Personal loan ranges from 11.59% to 22.00% per annum.
• The tenure of ICICI Personal loan is upto 5 years.
• Processing fee levied on the personal loan is upto 2.25% per annum of the loan amount plus service tax.
• Prepayment charges are calculated upto 5 % per annum of principal outstanding plus service charge.

ICICI Personal Loan Apply Online

In order to apply for personal loan from ICICI online, just enter your personal information such as your name, Date of Birth, mobile number, your relationship with ICICI Bank and type of employment so as to check your eligibility. Later on, upload your required documents which are essential to apply for a personal loan and submit it. After the verification of your personal loan application gets over, the bank representative will contact you shortly.

ICICI Personal Loan Application Status

Track your application of ICICI Personal loan in an easy manner. Just visit the ICICI Bank website online, then enter your mobile number, followed by either date of birth or application number. After submitting the details, you can track your loan application status within few minutes.

Turnaround time

The turnaround time for determining a personal loan application with ICICI Bank is actually based on the profile of the borrower. If the borrower's profile meets the criteria of the bank and your documents are completed in all respects, your loan will then be approved within 72 hours after the documents submission. You need to ensure that you have your application completed with all the requisite documents including all the necessary, correct documents so that it will help you get  speedy loan approval.

Documents Required for ICICI Personal Loan

Salaried employees and self-employed professionals are eligible to apply for personal loans. They need to submit the following documents:

Salaried employees

• 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

Self-employed professionals

• 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

Why to Worry When ICICI Personal Loan is Here?

When it comes to availing a personal loan, it would not be wrong to say that there are plenty of leading names in the market, best known for offering this to you. But, one thing that needs to be mentioned here is the fact that among those lenders, how do you know which one is the best? Yes, choosing the best lender is something which is not everyone's cup of tea, and this is the reason that people without giving a second thought avail a loan from a lender randomly. Hence, they end up grabbing the deal which is not good for them.

So, choosing the best lender is a vital process, which every borrower needs to understand. However, those who are reading this article, for their convenience we have already selected ICICI personal loan as it is undoubtedly one of the best lenders of the country.

Yes, being the first largest private sector bank, ICICI, a multinational banking and financial services company, headquartered in Mumbai with its enormous range of financial services and products ensures that it offers the best to all. However, among its many unique products, there is no denying the fact that the personal loan is highly in demand, known for catering the diverse needs of one and all. So, without wasting any time further, let’s just get started and discuss more about this topic below…

Personal Loan Details-

The bank offers you this credit facility at an interest rate of 11.59%-22% per annum for a tenure of upto 5 years. The lender offers the loan amount of ₹40 lakhs along with a one-time processing fee of up to 2.25% of the loan amount. Apart from this, the bank also charge the prepayment of ₹100. With all this and much more, you can easily fulfill all your personal needs as this lender is here.

Eligibility Criteria-

If we talk about the personal loan eligibility, the bank has set certain eligibility norms for both salaried as well as self-employed individuals/ professionals. The age of the applicant should be lies between 23-65 years. The minimum income of the applicants should be ₹ 17,500-25,000 per month (salaried). And, for self-employed it is ₹ 15-50 Lakh per annum. Minimum 2 years of total work experience is required and 1 year of experience with the current employer.

Documents Required-

If you are looking to avail the personal loan being offered by this renowned lender, below are the documents that you need to carry. So, take a look below to know about the documents required.

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

Features & Benefits:

• Lowest Interest Rates
• Fastest Approvals
• Minimal Fee & Charges
• Simple Documentation
• Flexible Tenures
• No Collateral Required

ICICI Personal Loan EMI Calculator-

Now, here comes the important part that you should also be aware of. Yes, with the help of this smart, effective and time-saving device, you would be able to know the exact calculations of your monthly installments . Within few seconds, you would be able to know how much exact amount you need to pay so as to repay your loan. And, all this and much more can easily be possible with the help of this smart device that actually does all the magic for you. It allows you to do the calculations in a hassle-free manner as all you need to have is just the loan amount, interest rate and tenure.

That’s it! You just need to feed these details into the calculator, and the moment it reads your entries, it will fetch the results for you in the least time frame. It saves time, energy and comes with the accuracy and precision. This is the reason that people today prefer to use this device as it helps them in taking a calculative and smart decision.

So, let’s just hope that you’ll keep these above points in mind while applying for this credit facility being offered by ICICI Bank.