ICICI Bank Personal Loan : A Review

ICICI Bank which is India’s second largest private bank grants a Personal Loan for salaried or self-employed professionals up to Rs.50 Lakh at attractive and competitive interest rates to meet personal financial urgencies that can arise anytime and anywhere in life. The ICICI bank personal loan approval process is quick and it ensures you an easy borrowing experience.

With their instant personal loan digital services, the approved amount is likely to be disbursed in a few seconds. And the money borrowed by you can be easily repaid on time due to their efficient services.

Benefits of ICICI Bank Instant Personal Loan

• No restriction on personal loan usage- You can use it for any lawful or legal purpose, there is no restriction for final usage.
• Immediate assistance- After applying online you will get quick assistance from their team for your loan application processes.
• Lower interest rates- They provide personal loans at attractive ROI starting from 10.75% per annum.
• Range of loan amount - You have the flexibility to choose a loan amount starting from Rs.50,000 to Rs.50 Lakhs.
• Tenure options are flexible- You can opt for a required loan tenure ranging from 12 months to 72 months.
• Low EMIs- Equated monthly installments are very low and tenure is high, there is a low burden for the borrower.
• Collateral is not required- For your instant personal loan application, you do not need to provide any collateral or any security.
• Quick disbursal- Once your personal loan amount is approved, the fund will be transferred to your account within a few seconds.
• Completely digital process- You can apply online and will enjoy completely digital and less time-consuming application processes.
• Multi-purpose personal loan- You can get a multipurpose loan from ICICI bank. Like: - loans for medical emergencies, loans for marriage expenses, loans for travel, etc.

ICICI Bank Eligibility Criteria for Personal Loan

If you’re going to avail personal loan from ICICI Bank, you need to fulfill the following eligibility parameter mentioned below for salaried and self-employed professionals.

Salaried Individuals

• Current residence (in years) – 1 year.
• Individual should be a resident of India.
• Having a good CIBIL score.
• Have a Savings Account in India with any of the banks.

Self-Employed Professionals

• Minimum Profit after Tax must be Rs.2 lakhs for Proprietorship firms/Self-employed Individuals and Rs1 lakh for non-professionals as per the audited financials.
• Current relationship with ICICI Bank- Minimum 1 year liability relationship (Current or Savings Account) or Asset relationship (loan) either live or closed in the last 36 months, repayment track record as required.

Criteria	Salaried Individuals	Self-Employed Professionals
Age Limit	Minimum Age-23 years Maximum Age-58 years	Minimum Age- 28 years (for self-employed individuals) and 25 years (for doctors) Maximum Age – 65 years
Monthly Salary/Turnover	Rs.30,000 and above (will differ depending on the profile of the customer).	Rs40 Lakhs for non-professionals and Rs15 Lakhs for professionals; as per audited financials.
Work Experience/ Business Stability	2 years	5 years minimum stability for the current business and minimum 3 years for doctors.

 

Documents Required for ICICI Personal Loan

Documents required to avail of an Instant Personal Loan with ICICI Bank depend on your existing occupation; you need to submit the following documents before availing loan from ICICI Bank.

Documents required for Salaried Individuals:

• Identity proof- Passport or Driving License or Voters ID or PAN Card (anyone).
• Proof of Residence- Leave and License Agreement or Utility Bill (not more than 3 months old or Passport (anyone).
• Latest 3 months Bank Statement (Salary account)
• Salary slips for the 3 previous months.
• 2 Passport size photographs.

Documents required for Self-Employed professionals:

• Submit KYC Documents: Proof of identity, Proof of address proof, and Date of birth proof.
• Proof of Residence: Leave and License Agreement or Utility Bill (not more than 3 months old) or Passport (any one of them).
• Proof of income/profit (audited financials for the last two years).
• Latest 6 Months Bank Statement.
• Proof of office address.
• Proof of residence or business ownership.
• Give proof of business continuity.

ICICI Bank Personal Loan- Interest Rate, Loan Amount, Loan Tenure, Processing Fees, and Other Charges

Check below for details of ICICI Bank interest rates and other fees and charges with applicable loan amount and tenure.

• Personal loans provided by the ICICI Bank are available for salaried individuals working in a government or private sector, and self-employed professionals within the age group of 23-65 years. They can avail of a loan amount of Rs.50,000 to 50 lakhs for a tenure of 1 year to 6 years.

Loan Amount	Rs.50,000-Rs.50,00,000
Loan Tenure	12 months-72 months
Interest Rates	10.75% per annum to 19% per annum
Processing Fees (Non-Refundable)	Up to 2.50% of loan amount + applicable taxes
Prepayment charges	For salaried customers- 3% plus applicable taxes on the principal outstanding amount after payment of 1st EMI, Nil if 12 or more EMIs are paid. For MSE classified customers- Charges are Nil after payment of the 1st EMI for amounts up to 50 lakhs.
Late payment charges	24% per annum
Repayment Mode Swap Charges	Rs.500/- per transaction (plus applicable taxes)
Loan Cancellation Charges	Rs.3000/- + applicable taxes
EMI Bounce Charges	Rs.400/- per bounce + applicable taxes

 

Illustration- If Priya avails a personal loan amount of Rs.5 Lakhs, tenure- 24 months, Interest rate- 10.75%, what is the monthly EMI amount payable, and total interest payable?

• Priya needs to repay the Monthly EMI of Rs.23246, the total Interest charged by the is Rs.57902, and the total payable amount is Rs.5,57,902.

Personal Loan Application Process of ICICI Bank

1. Internet banking

• Check your pre-approved loan offer here-If you already have a pre-approved loan, you can avail of it. If you don’t, not to worry you will an get offer at the time of filling out the application form.
• Fill in your basic details and submit your Loan application and check your eligibility- After filling in all your basic details you can select the loan amount and tenure that meet your immediate requirement.
• Check personal loan current approval status- Your approved personal loan amount will be disbursed in your given savings account within less time.

1. Visit the ICICI bank branch

• Please visit the nearest ICICI Bank Asset Servicing Branch (visit maps.icicibank.com/mobile) along with your valid ID proof, proof of address; 3 months bank statements (salary account), last 3 months' salary slips, and Form -16 for the current or previous financial year.

Personal Loan Comparison Chart: ICICI Bank with Other Banks

To get the best offers to meet your requirement you need to compare all personal loan providers. Check the below table for a better comparison.

Banks Name	Maximum Loan Amount	Lowest Interest Rates (p.a.)	Processing Fees (applicable taxes)
ICICI Bank	50 Lakhs	10.75%	Up to 2.5% of the loan amount
HDFC Bank	40 Lakhs	11%	Up to Rs4999/-
SBI	20 Lakhs	10.30%	Up to 1.50% of the loan amount
Axis Bank	40 Lakhs	11.25%	As per bank’s decision.
IndusInd Bank	25 Lakhs	10.49%	Up to 3% of the loan amount
IDBI Bank	5 Lakhs	9.50%	1%
RBL Bank	20 Lakhs	14%	Up to 3.5% of the loan value
IDFC Bank	1 Crore	10.49%	Up to 3.5%
Kotak Bank	25 Lakhs	10.99%	Up to 3% of the loan amount
YES Bank	40 Lakhs	10.75%	Up to 3.5% of the loan amount

 

Types of Multi-Purpose Personal Loan Scheme of ICICI Bank

ICICI Bank offers different varieties of personal loan schemes for specific customer segments. Some of the most popular product with their general features is as follows.

• Multi-purpose personal loan- Home renovation, loan for appliances and gadgets, loan for travel, loan for online courses, financial crunch, loan for a medical emergency, loan for marriage expenses.
• Other types of personal loans- Top-up personal loans, fresher funding, Flexi cash, NRI personal loan, pre-qualified personal loan, etc.

Types Of Personal Loans	Personal Loan Details
Loan for appliances and gadgets	Upgrade your home with the latest gadgets and appliances, without the burden of extensive upfront costs by applying for a personal loan.
Loan for online courses	If you don’t have the required funds for your child’s enrollment in an online course, you can opt for a personal loan to pay the course fees.
Top-up on a personal loan	If you need more funds. Their top-up product on a personal loan provides a flexible option to meet your incremental financial needs. You can easily opt for a new loan that covers both the existing loan amount and the new loan amount.
Fresher funding	Looking for a Personal Loan immediately, just after your first salary. Looking for eligibility and applying for a loan.
NRI personal loan	ICICI Bank offers a personal Loan for NRI to fulfill all your personal financial needs.
FlexiCash (Instant Overdraft Facility Against Salary)	FlexiCash is a facility offered to ICICI Bank Salary Account customers, where they can avail of a line of credit or overdraft facility to meet all recurring expenditures.
Personal loan on credit cards	Personal Loan on Credit Card is a service through which ICICI Bank offered Loans to selected ICICI Bank Credit Card customers depending on their spending, transaction pattern , and complete payment history.
Marriage loan	Most of the time marriage expenses cross the estimates even after proper planning. Apply for a personal loan to meet such unexpected needs.

 

Review of App on PlayStore

Google PlayStore Rating	4.5*
Downloads By the customers	1Crore+
No of the users who have given reviews	34,47,430
Content rating	3+

 

FAQs for ICICI Bank Personal Loan

1. How much time ICICI Bank will take for approval of a personal loan?

The personal loan approval process at ICICI Bank is quick or instant and depends upon your profile’s strength. Once your amount gets approved it takes only a few seconds for the disbursement.

2. What is the procedure to prepay my ICICI Bank personal loan?

For prepayment of the loan, you need to visit the nearest ICICI Bank Asset Servicing Branch with the following documents.

• Request Letter signed by the loan applicant.
• PAN Card (if the mode of payment is in cash and the amount is more than Rs 50,000)
• Payment can be made via cash, cheque, or demand draft.
• If you’re unable to visit a branch, you can send your representative anytime along with an authority letter duly signed by the loan applicant.

Also Read- Review of HDFC Bank Personal Loan

3. Can I foreclose my personal loan with ICICI Bank?

The Personal Loan foreclosure facility is for all customers availing of a personal loan from ICICI Bank. If the applicable loan is closed within 12 EMIs, you need to pay foreclosure charges of 3% of the outstanding principal (plus GST). Zero foreclosure charges are applicable after repayment of 12 EMIs.

4. Is ICICI Bank offers a Balance Transfer facility for Personal Loan?

Yes, ICICI Bank offers a personal loan balance transfer facility if you have already repaid 12 EMIs. The existing borrowers of other banks or NBFCs can transfer their personal loan accounts to ICICI Bank at lower interest rates.  You can also contact your nearest branch or their call center for more details.

5. What interest rate is charged by the ICICI Bank for a personal loan?

Interest rates charged by the Bank for a personal loan are defined as per the customer’s profile, and the interest rate may vary between 10.75% to 19% per annum.

ICICI Bank Customer Care Contact Details

• All India personal banking- 1860-120-7777
• Alternative Contact Numbers- Chennai: 044-33667777, Kolkata- 033-33667777, Mumbai-022-33667777, Delhi-011-33667777.
• You may register your concern by dialing their number 1800 200 3344 between 9 a.m. to 6 p.m. (Monday to Friday).
• You can directly contact us through a mobile App.

To Conclude: - ICICI bank provides decent multi-purpose personal loans to salaried (government or private) and self-employed professionals at attractive interest rates, loan tenure, and a good loan amount range to its customers.