ICICI Bank personal loans can be taken by individuals for any purpose like marriage, education, travelling etc. You can get easy and instant loans for various purposes by applying on their official website. The minimum monthly salary of the individual who wants to apply for the loan must be INR 30,000. The interest rates range from 10.80% to 16.15% p.a. To know more details, continue reading.
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Overview of ICICI Bank Personal Loan
ICICI Bank offers personal loans up to INR 50 lakhs with interest rates starting from 10.80% onwards. These are unsecured loans so you don’t have to mortgage collateral security with the bank. The repayment period for ICICI Bank personal loans ranges from 12 to 72 months.
You can get an instant e-approval for a personal loan on their official website subject to eligibility criteria. The loan processing requires minimal documentation and there are no prepayment charges after payment of 12 EMIs. Check the major features of ICICI Bank personal loan below:
| Basis | Details |
| Loan Amount | INR 50,000 to INR 50 lakhs |
| Interest Rates | 10.80% to 16.15% p.a |
| Repayment Tenure | 12 to 72 months |
| Mode of Application | – Offline via Branch Visit – Online via Official Website, Mobile Banking (iMobile Pay), and ICICI Internet Banking |
| Types of ICICI Personal Loans | NRI Personal Loans, Pre-approved Instant Personal Loans, Business Installment Loans, Top-up Personal Loans, Flexicash, etc. |
Also Read: Check out all the details related to the ICICI Bank interest certificate and learn how to avail it to claim tax benefits.
Benefits of ICICI Bank Personal Loan
ICICI Bank personal loans provide the funds needed for personal use. You can avail of instant funds for multiple purposes. Whether it’s a dream vacation, home renovation, higher education, or a medical emergency, you can get instant quick cash. Let’s explore some benefits and see why personal loans from ICICI Bank are a perfect financial solution for you-
- No collateral is required and you can apply for unsecured personal loans without pledging assets.
- Fixed interest rates on ICICI personal loans provide you with the benefit of stable ROI and consistent EMIs.
- The application process is straightforward and minimal documentation is required. This reduces the paperwork and lets you apply online or offline quickly.
- You can choose the repayment tenure based on your financial capacity.
- You can foreclose the loan if funds are available and the bank won’t charge anything after the payment of the first 12 EMIs.
- There are no cancellation charges if the loan is cancelled within 15 days of disbursement, also called the Free Look or Cooling Period.
- You can claim ICICI personal loan tax benefits and claim for deductions.
ICICI Bank Personal Loan Interest Rates and Charges
ICICI Bank offers personal loans at competitive interest rates. It ranges from 10.80% p.a to 16.15% p.a. The exact interest rate would depend on your creditworthiness and market conditions. The bank calculates interest every month, adding one-twelfth of the annual interest rate to the outstanding loan amount. You must make monthly payments that cover both the principal and accrued interest. Check the table below to understand the charges applicable to ICICI Bank personal loans-
| Loan Processing Charges | 2% of the loan amount (Non-refundable) |
| Pre-payment/ Foreclosure charges | – 3% on the outstanding loan amount- NIL if 12 EMIs are paid |
| Cheque/ AD/ECS bounce Charges/ SAL OD (Late payment fees) | INR 500 |
| Repayment mode swap Charges | INR 500 |
| Loan Cancellation Charges | – NIL if cancelled within 15 days from Disbursement- INR 2,500 on cancellation post-cooling period |
Also Read: Planning to pursue higher education abroad? Know all about education loans without collateral.
Eligibility Criteria
ICICI Bank offers personal loans to both salaried and self-employed individuals with a stable source of income and a good CIBIL score for personal loans. Factors like age, net salary, total years of professional work experience, and duration of residence at current address determine the ICICI personal loan eligibility for salaried employees.
For self-employed individuals, personal loan eligibility depends on age, minimum turnover, minimum profit after tax, business stability and existing relationship with ICICI Bank. Given below are the eligibility criteria for salaried and self-employed individuals, however, it is subject to change as per RBI guidelines.
Eligibility for Salaried Individuals
- Age between 20 to 58 years
- Minimum monthly income of INR 30,000
- At least 2 years of work experience
Eligibility for Self-Employed Individuals
- Age between 23 to 65 years (at the end of loan tenure)
- Minimum turnover and profit requirements (vary based on profession)
- Business stability with 2 years in the currency business and a total experience of more than 3 years
How to Check ICICI Personal Loan Eligibility?
ICICI Bank Personal loan eligibility calculator lets you check the eligibility criteria. You can use the online calculator to ascertain the estimate of the loan amount you qualify for. These calculators consider factors like your income, expenses, and existing loans to provide a potential loan amount. This helps you plan your finances effectively.
Documents Required for ICICI Bank Personal Loan
When applying for ICICI Bank personal loans, you must submit some documents with the application form. This lets the bank assess your personal and financial background and proceed with the loan processing after verification. Check out the list of documents required for ICICI Bank personal loan-
For Salaried
- Passport/ Aadhaar Card/ Driving License/ Voter’s ID
- Last 3 months’ salary slips
- Last 3 months’ bank statement where salary is credited
For Self-Employed
- Passport/ Aadhaar Card/ Driving License/ Voter’s ID/ NREGA Card
- Audited financial statements for the last 2 years
- Bank statements for the last 6 months
- Address proof of the office
- Proof of residence or office ownership
- Proof of continuity of business
Please note that additional documents may be required by the bank at its discretion.
Also Read: Check out this blog to know how to avail personal loans with low CIBIL score.
ICICI Bank Personal Loan for Students
Aspiring students who wish to pursue higher education in India or abroad can apply for an ICICI Bank education loan under its dedicated scheme. You can also avail of a personal loan from ICICI Bank for online courses.
- Loans up to INR 50 lakhs.
- Interest rates starting from 10.80% p.a.
- ICICI Bank’s education loan disbursement process is transparent, safe, and quick, enabling you to pursue academics without any worries.
How to Apply?
You can apply for ICICI Bank personal loans by visiting the nearest bank branch. Fill out the application form and attach the required documents. Submit it to the bank representative and wait for verification. To apply online, you can log in to internet banking, the iMobile Pay app, or visit the official website and follow the simple steps given below-
Internet Banking
- Log in to ICICI Bank Internet Banking with your User ID and password.
- Click on ‘Loans’ under the ‘Cards and Loans’ section.
- Scroll to the ‘Offers’ section.
- Select the ‘Instant Disbursal’ option under Personal Loan.
- Choose the loan amount and tenure and re-check your loan details.
- Accept the ‘terms and conditions’, and click on ‘Confirm’.
- Now, accept the documents and declarations.
- Authenticate with your Debit Card Grid values.
- Click ‘Disburse Now’.
iMobile Pay
- Login to iMobile Pay.
- Click on ‘Pre-approved Loans/ Offers’
- Tap on ‘Avail Now’ under ‘Pre-approved Personal Loan’.
- Customise your loan amount and tenure.
- Click on ‘Proceed’.
- Review your loan details and click on ‘Disburse Now’.
- Enter Debit Card details in the grid for authentication.
- Click on ‘Submit’.
Official Website
- Visit the official website of ICICI Bank.
- Click on ‘Loans’ and select ‘Personal Loans’.
- Click on ‘Avail Now’.
- Enter the loan amount and tenure.
- Now, give the details as asked, including phone number, PAN number, and DOB.
- Enter the Aadhaar Number and verify by providing OTP.
- Provide personal details and verify.
- Confirm your loan application.
Also Read: Check out this blog to learn more about the SBI personal loan application process and how to apply.
Top-Up Facility on Personal Loans from ICICI Bank
ICICI Bank offers top-up facility for those who want to increase their existing loan amount. You can take advantage of this facility if you have already made 12 EMI payments on the current personal loan from ICICI Bank. Here’s how to request a Top-Up with the bank-
Online
- Log in to your ICICI Bank account.
- Navigate to ‘My Accounts’ and select ‘Loans’.
- Click on ‘Apply for Loans’ and choose ‘Personal Loan’ followed by ‘Apply Now’.
- Check your eligibility and proceed with the application for a Top-Up.
Offline (Branch Visit)
- Visit your nearest ICICI Bank Loan servicing branch
- Carry valid ID proof, address proof, your latest 3-month salary slips, and Form-16 for the current/previous financial year (for income verification).
Phone
- Call ICICI Bank Customer Care at 1800 1080 between 8:00 AM and 8:00 PM.
This was all about ICICI Bank Personal loan. Make sure to check the eligibility criteria and apply for the loan after going through the terms and conditions and comparing the personal loan interest rates of other banks. Feel free to drop your comments in case of further queries.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
A personal loan from ICICI Bank lets you avail of instant funds for multiple purposes like marriage, education, travel, medical expenses, and home construction or renovation. You get loans up to INR 50 lakhs with interest rates of 10.80% onwards.
You can apply for ICICI Bank personal loan in 5 simple steps online. Visit their official website, select the loan amount and tenure and provide basic details and work-related information. Review your application and confirm it. Once done, the amount will be disbursed.
ICICI Bank offers personal loans to both salaried and self-employed individuals with a stable source of income and a good credit score. To be eligible, the borrower’s minimum monthly salary must be INR 30,000 and more than 2 years of professional work experience.
ICICI Bank offers personal loans at competitive interest rates. It ranges from 10.80% p.a to 16.15% p.a. However, the exact interest rate would depend on your creditworthiness and market conditions.
Yes. ICICI Bank offers top-up facility for those who want to increase their existing loan amount. You can take advantage of this facility if you have already made 12 EMI payments on the current personal loan from ICICI Bank.
Yes. Students who wish to pursue higher education in India or abroad can avail of ICICI Bank personal loans for education. You can also utilise the loan amount for online courses.
