If you are considering an ICICI Personal Loan, you have come to the right place. ICICI Bank offers competitive interest rates on personal loans. In this blog, we’ll give you a comprehensive guide to everything you need to know about ICICI Personal Loans.
We have covered all important details, including how to apply for ICICI Personal Loan, eligibility criteria for both salaried and self-employed individuals, interest rates, processing fees and other associated charges. Additionally, you will read information on required documents, tenure options, preclosure charges, and how to use the ICICI Personal Loan Calculator.
We also explore topics such as loan top-ups, the step-by-step loan application process, the minimum CIBIL score needed, and how to apply online. To address common queries, we have included an FAQ section to make things easier for you.
What is an ICICI Bank personal loan?
Before understanding How to take an ICICI Personal Loan, let us first understand What is a personal loan. A personal loan is a loan offered by many banks for personal emergencies that can crop up anytime in life like vacations, shopping, home renovation, medical bills, unforeseen expenses, medical emergencies, etc.
ICICI Personal Loan is an unsecured loan offered at an attractive interest rate for both Salaried and self-employed professionals. You can avail of an ICICI Personal loan of up to 50 lacs, and the repayment tenure can be up to 6 years.
It is also imperative for you to understand other aspects of personal loans, such as Interest rates, processing fees, other charges, foreclosure charges, EMI non-payment charges, and many others. If you are planning to take an ICICI Personal Loan, then I recommend you read the full blog to understand every aspect of it completely.
What is ICICI Personal Loan Eligibility?
ICICI Personal Loan is offered to Salaried & Self-Employed individuals with a minimum monthly income. If you are an existing ICICI Bank Account holder then you can get an ICICI Personal Loan within a few minutes by checking your ICICI Personal Loan Eligibility. (CLICK HERE)
ICICI Personal Loan Eligibility for Salaried
| Criteria | Salaried |
| Age | Your age should be between 23 years – 58 years |
| Net Salary | Your net monthly Salary should be ₹ 30,000/- |
| Total years in the Job | Your total work experience should be a minimum of 2 Years |
| Years in Current Residence | You should have stayed at the residence for a minimum of 1 Year |
Please Note – The minimum salary requirement will depend on your risk profile like the type of employment, your relationship with ICICI Bank, etc.
- Also Read – HDFC Personal Loan | Eligibility, Interest Rate, Tenure, Features, and more.
- Also Read – SBI Personal Loans: Eligibility, Rates, and Application Guide
ICICI Personal Loan Eligibility for Self-Employed
| Criteria | Self-Employed |
| Age | Your minimum age should be 28 years for Self-EmployedFor Doctors, the age should be a minimum of 25 yearsThe maximum age should be 65 years |
| Minimum Turnover | ₹ 40 lakh for non-professionals; ₹ 15 lac for professionals; as per audited financials |
| Minimum Profit after Tax | ₹ 2 lac for Proprietorship Firm/Self-Employed Individuals and ₹ 1 lac for non-professionals as per audited financials |
| Business Stability | Your current business should be a minimum 5 years oldFor Doctors, it should be 3 years |
| Existing 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 as required |
Please Note – ICICI Bank provides Personal Loans to self-employed individuals under a Business Installment Loan.
What are ICICI Bank Personal Loan Interest Rate, Processing fees, and Other charges?
Banks decide the ICICI Bank Personal Loan Interest Rate based on the customer’s risk profile. It depends on the customer’s relationship with the bank, the type of employment, the customer’s CIBIL score, past cheque bounces, past loan non-payment, etc.
While applying for an ICICI Bank Personal Loan, you should be aware of other charges that will be levied when you take a personal loan from ICICI Bank.
Please find below the table for ICICI Bank Personal Loan Interest Rate, Processing fees, and other charges.
| Types of Credit Facility | Applicable Charges |
| ICICI Bank Personal Loan Interest Rate | 10.85 % to 19% per annum |
| Processing Fees (Non-Refundable) | 2% of Loan Amount + 18% GST |
| Pre-Payment Charges for Salaried Customers | 3% of the Principal Outstanding after payment of 1st EMINIL charges if 12 or more EMIs are paid |
| Pre-Payment Charges for Self-Employed Customers | NIL after payment of 1st EMI |
| Late Payment charges | 5% per annum will be charged on the overdue EMI until repayment |
| Repayment Mode Swap Charges | ₹ 500 + 18% GST per transaction |
| Loan Cancellation Charges | ₹ 3000 + 18% GST |
| EMI Bounce Charges | ₹ 500 + 18% GST |
| Part Pre Payment | Not Allowed |
What are ICICI Bank Personal Loan Documents?
ICICI Bank Personal Loan Documents are required, such as Age proof, address proof, and income proof, and they are different for Salaried and Self-Employed borrowers.
ICICI Bank Personal Loan Documents for Salaried –
| Proof of Identity | Passport/Driving Licence/Voters ID/PAN Card (any one) |
| Age Proof | PAN Card/Aadhar Card/Passport/Driving License (any one) |
| Address Proof | Aadhar Card/Passport/Driving License (anyone) |
| Proof of Residence | Leave and Licence Agreement/Utility Bill (not more than 3 months old/Passport (anyone) |
| Income Proof | Latest 3 Months Bank Statement, where your Salary is Credited |
| Income Proof | Latest 3-month Salary Slip |
| Photo Proof | 2 passport-size photographs |
ICICI Bank Personal Loan Documents for Self-Employed
| Proof of Identity | Passport/Driving Licence/Voters ID/PAN Card (any one) |
| Age Proof | PAN Card/Aadhar Card/Passport, Driving License (any one) |
| Address Proof | Aadhar Card/Passport, Driving License (anyone) |
| Proof of Residence | Leave and Licence Agreement/Utility Bill (not more than 3 months old/Passport (anyone) |
| Income Proof | Audited Financials for the last 2 years |
| Income Proof | Latest 6 month Bank Statement |
| Photo Proof | 2 passport-size photographs |
| Office Adress Proof | Leave & Licence agreement/electricity bill |
| Proof of continuity of Business | Income Tax Returns |
Features of ICICI Personal Loan
ICICI Bank offers many features with its Loan:
- Competitive Interest Rates: As low as 10.85% per annum. Loan Amount: ₹50,000 to ₹50,00,000 as per your requirement.Â
- Flexible Tenure: 12 months to 6 years as per your comfort.Â
- Low EMIs: ₹1,848 per ₹1,00,000 loan for 6 years.Â
- No Collateral: No collateral or security is required.Â
- Minimal Doc: Simple paperwork for a hassle-free application.Â
- Fast Approvals: Fast approvals with an easy application process.Â
- Instant Disbursal: Once approved, funds are disbursed in 3 seconds.Â
- Preapproved Offers for Existing Customers: If you are an existing ICICI Bank customer, you may get preapproved loan offers.Â
Digital Application: Apply for a personal loan through mobile or laptop.
This version improves clarity and flow, making the information easier to read and more engaging.
What are the different purposes of taking an ICICI Bank Personal Loan?
Although you can use a Personal Loan for any purpose, here are some reasons that are mostly used while taking an ICICI bank personal loan.
- Loan for Home renovation.
- Loan for Medical emergencies.
- Loan for Vacations.
- Loan for Marriage.
- Loan for appliances.
- Loan for courses.
How to apply online for ICICI Bank Personal Loan?
There are two ways to apply for ICICI Bank Personal Loan, one is offline where you have to visit your nearest branch and talk to a bank representative. In the online option, you don’t have to visit anywhere. You can apply and submit documents online.
Please follow the below steps and complete your application for an ICICI Personal Loan.
ICICI Bank Personal Loan Application form.
You will have to visit ICICI Bank Personal Loan and click on the link below to reach there.
ICICI Bank Personal Loan – APPLY NOW
Once the ICICI Personal Loan page opens up, you will be asked 2 questions, how much loan do you need, and select a comfortable tenure. Click on Let’s Get Started.
ICICI Bank Personal Loan – Personal Details
Add your mobile number, and you will receive an OTP. Enter the OTP, and in the next step, add all the necessary personal details about you, such as your Name, address, Date of Birth, PAN number, Aadhar number, and work information, such as whether you are Salaried or Self-Employed.
ICICI Personal Loan Eligibility
Once you enter your personal and professional information, it will show you the maximum loan amount you are eligible for.
Select the loan amount as per your requirement and press continue to go forward with your application.
ICICI Bank Personal Loan – Additional Information
You will be asked for additional information mostly regarding your work, enter the information and continue to the next step.
ICICI Bank Personal Loan – Verification
In this step, you will receive a call from the ICICI Bank Personal Loan Verification team. You will be asked basic questions like your complete name, date of birth, address, PAN number, work information, etc. After this step, your documents and work information will be verified by bank representatives.
ICICI Bank Personal Loan – Disbursal
Once the verification is complete and the bank is satisfied you will have to sign an agreement with the bank and your loan will be disbursed to your bank account.
- Also Read – HDFC Personal Loan | Eligibility, Interest Rate, Tenure, Features, and more.
- Also Read – SBI Personal Loans: Eligibility, Rates, and Application Guide
ICICI Personal Loan Customer Care
ICICI Bank Customer Care – Toll-Free No. 1860 120 7777
If you have an unresolved query, you may register your grievance by dialling our number 1800 200 3344 between 9:00 a.m. and 6:00 p.m. Monday through Friday. Ensure that you provide the Service Request Number (Numeric Digit only) that is not more than two months old.
ICICI Bank Customer Care
Chennai – 044 33667777
Kolkata – 033 33667777
Mumbai – 022 33667777
Delhi – 011 33667777
Domestic Customer Travelling Overseas – +91-22-33667777
ICICI Personal Loan FAQs
What is ICICI Personal Loan Eligibility?
Ans. ICICI Personal Loan is offered to both Salaried and Self-Employed professionals with a minimum monthly income of ₹ 30,000. For more details read this blog.
What is the maximum loan offered by ICICI Bank Personal Loan?
Ans. The maximum loan offered by ICICI Bank Personal Loan is ₹ 50,00,000.
How to Take a Pre-Approved ICICI Bank Personal Loan?
- Login to your ICICI Bank imobile app and click on offers.
- In the offers section, you will see if you have any pre-approved personal loan offers.
- If you have an offer for an ICICI Personal Loan and you wish to take a personal loan, then select the loan amount and tenure.
- Click on Disbure Now.
- Some amount will be deducted like professional fees and other charges, and the remaining amount will be disbursed in your bank account.
What are the eligibility criteria to avail of an ICICI Bank Pre-approved Personal Loan?
Ans. ICICI Bank Pre-approved Personal Loan is offered to customers having a clean repayment track record and good Credit history. If you don’t have a credit history, still ICICI bank offers pre-approved personal loans based on income and savings history.
How can I Foreclose or Prepay my ICICI Bank Personal Loan?
Ans. Yes, you can foreclose or Prepay your ICICI Bank Personal Loan by visiting the ICICI bank branch. You will have to submit a request letter for foreclosing and close the loan either by Cash, Cheque, or Demand draft. A PAN card will be required if you are paying cash above ₹ 50,000.
How much time does ICICI Bank take to approve a personal loan?
Ans. ICICI personal loan is approved within 72 hours of submission of complete documents.
How can I Top up my existing ICICI Personal Loan?
Ans. You can request ICICI bank by applying for a Top-up loan after you have paid 6 EMIs.
You can visit a branch and request for Top-up.
How can I apply offline for ICICI Personal Loan?
- You can visit any ICICI bank branch and ask for an ICICI Personal Loan application form.
- Complete the application form with accurate details, along with all required documents, such as a PAN card, Aadhar Card, Income proof, the last six months’ bank statement, and two passport-size photographs.
- Â Submit the application form to ICICI bank personal loan executive and complete the process.
- ICICI Bank will go through your application and start the verification process.
- After the verification is complete and successful, the bank will inform you about the amount of loan you are eligible for.
- Sign the ICICI personal loan agreement, sign the ECS form or give post-dated cheques and complete the formality.
- The loan amount will be disbursed to your account.
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