ICICI Bank Personal Loan: ICICI Bank extends its Instant Personal Loans not only to its existing customers but also welcomes individuals banking with other financial institutions. Renowned for its rapid approval process, ICICI Bank’s instant personal loan ensures that customers, regardless of their banking affiliation, can secure a personal loan in just five minutes, eliminating the need for cumbersome documentation. This unique feature sets it apart in the financial landscape, providing unparalleled convenience to borrowers.
Aptly named the ICICI Bank Instant Personal Loan, this offering emphasises the bank’s commitment to a seamless and swift lending experience. Whether you are a longstanding ICICI customer or banking elsewhere, the expedited approval and hassle-free application process make this loan product a standout choice for those seeking quick and accessible financial solutions.
ICICI Bank Personal Loan
An unsecured loan, versatile enough to meet various unexpected needs, can be availed for purposes like wedding expenses, medical bill payments, travel, household chores, and more. ICICI Bank provides Personal Loans up to ₹50 lakh with a minimal documentation requirement. The loan tenure ranges from 12 to 72 months, offering flexibility to borrowers. ICICI Bank ensures swift preliminary approval, making the process efficient and accessible.
Features of ICICI Personal Loan
- Loan Amount: ICICI Bank offers personal loans up to ₹50 lakh without the need for collateral.
- Online Application: The bank provides a hassle-free online application process for quick approval.
- Repayment Period: ICICI Bank personal loans come with a flexible repayment period ranging from 12 to 72 months.
- Monthly Instalments: Borrowers can choose a monthly installment plan that aligns with their convenience.
- Swift Processing: The application for an ICICI Bank personal loan is swiftly processed, ensuring a quick turnaround.
- Competitive Interest Rates: The bank offers personal loans at competitive interest rates.
- Stable Interest Rate: The interest rate remains stable throughout the repayment tenure, unaffected by market fluctuations.
- Balance Transfer Facility: ICICI Bank provides a balance transfer facility for personal loans from other banks.
- Lower Interest Rate Option: Borrowers have the option to make the first repayment at a lower interest rate on the outstanding balance.
- Benefit for Repayment History: Individuals who have repaid 12 installments of their existing loan can particularly benefit from this feature.
ICICI Bank Personal Loan/Personal Credit offers interest rates ranging from 10.50% to 19% per annum, with a separate rate for NRIs starting at 15.49% per annum. The interest rates are influenced by factors such as the applicant’s credit score, loan amount, age, location, employment, repayment history, and existing loans. These variables collectively determine the personalised interest rate on the loan, resulting in a flexible and tailored borrowing experience.
- Any individual Indian citizen can apply for ICICI bank personal loan
- The minimum age of the applicant should be 20 years at the time of applying.
- The applicant should get a regular salary for at least the last 2 years. And working in the same place for 1 year.
- The minimum salary of the applicant should be at least 30,000 per month to get an instant personal loan from ICICI Bank.
- Self-employed can also apply for a personal loan in ICICI bank if they are earning at least 1 lakh profit without partnership. And they should have experience of at least 5 years in the existing business.
Important Documents for Personal Loan
- Identity Proof: Aadhar Card, Passport, Voter ID, Driving Licence
- Address Proof: Aadhar Card, Utility bills (electricity, water, gas), Passport, Voter ID, Rental Agreement
- Income Proof: Salary slips (for salaried individuals), Income Tax Returns (ITR), Form 16 (for salaried individuals), Bank statements
- Employment Proof: Employment certificate or appointment letter, Employee ID card
- Bank Statements: Typically, the last 3 to 6 months of bank statements
- Passport-size photographs
Online Application Process
If you are eligible and want to get personal loan with ICICI bank through online mode then you have to follow this step by step process:’
- First of all visit to the official website of ICICI bank
- After that click on the personal loan link under loan section.
- Now you can read all the term and eligibility and after that click on apply for personal loan section.
- Now select the loan amount and tenure to repay the loan and click on the proceed link.
- The bank will ask for the mobile number where you will receive OTP for verification.
- After that provide personal details, and employment details and upload all the documents accordingly.