ICICI Bank Personal Loan

ICICI Bank Personal Loan is available for any personal needs like renovating home, buying a computer, child education or marriage, dream vacation, etc. The ICICI personal loans are available to salaried individuals who have a salary account with the ICICI Bank. This loan is also extended to existing ICICI Bank personal loan customers. ICICI Bank does not offer personal loan to any self-employed individuals.

To be eligible for the ICICI personal loan, the prospective borrower should have been in employment for minimum 2 years. Moreover he should be residing at the current residence for at least one year. The borrower should be in the age range of 23-58 with a net monthly income of minimum Rs. 20,000/- pm.

ICICI personal loans are given for a minimum amount of loan amount Rs. 50,000/- and maximum amount of ICICI bank personal loan can go up to Rs. 30 Lakhs. The ICICI Bank charges a processing fee of 2% of the personal loan amount. The personal loan so taken can be repaid by equated monthly installments (EMI) within a period ranging from 1to 4 years.The borrower can prepay the personal loan anytime after completion of 6 months by paying the requisite prepayment charges of 5% of outstanding loan amount.

For processing ICICI Bank personal loan you need to provide the following documents:

• Proof of Identity – it can be any one of Passport / Driving License / Voters ID / PAN Card
• Proof of Residence – can be any one of Ration Card / Utility Bill / Passport / LIC Policy Receipt
• Latest 3 months Bank Statement where salary is deposited
• Salary slips for latest 2 months

Normally, ICICI Bank sanctions the personal loan within 3 working days after receiving the complete application form with required documents.

Features:  Salaried as well as self-employed individuals can avail of a personal loan from ICICI. The bank offers personal loans up to a maximum limit of Rs. 15 lakh to meet financial needs such as buying a lap-top or renovating a house. No security/guarantor is required. One can also get a loan on the repayment track of an existing loan or a credit card. The maximum loan repayment tenure is 60 months.

Processing Fees:  2.5% of loan amount

Prepayment Charges:  5% of outstanding loan amount

Max Tenure:  5 Years

Min-Max Age:  25-58