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.