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ICICI Personal loan is amongst the few personal loans that are available both for salaried and self-employed. It does not differentiate between the both and one does not need a guarantor for a loan smaller than INR 20 lakh. It can be taken for any personal expense from travelling to a wedding like any other personal loan without any collateral, hence is an unsecured loan.
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10.99% p.a. onwards
Between 12 – 72 months
Upto 2.50% of loan amount + Taxes
10.99% p.a. onwards
Between 12 – 72 months
Upto 2.50% of loan amount + Taxes
Loan Amount: Up to 25 lakh
Rate of Interest (APR): It starts with 10.5% (Interest rate will depend on a lot of factors like your credit ratings among others).
Repayment Tenor: Between 12 months and 72 months
Prepayment or Foreclosure: 4% to 5% of the principal outstanding + taxes
Approval Process: The bank expects to evaluate your loan approval documents in a span of up to three days to a week.
This loan is available for applications from both salaried and self employed.
The only difference is in the criteria to apply for both as follows:
In both the cases these parameters are amendable if the bank is convinced of the applicant’s financial stability.
One can repay the loan with the help of internet banking or by issuing cheques to an ICICI Bank branch.
ICICI Bank’s coverage plan known as “Loan Protect Plus” provides an insurance cover to the applicant in order to facilitate them in case of a mishap or untimely death.
Things Required to Qualify for Insurance:
Documents for Salaried:
Documents for Self-employed:
You can apply online or visit an ICICI Bank branch. Call back from a bank employee to learn more about the personal loan can also be requested online.
You can transfer your loan to ICICI Bank at a lower rate of interest. In this scheme, the interest rate starts with 11.29%, but will depend on a lot of other factors and will be at the discretion of the bank.
Following are the facilities that an applicant gets after the approval:
Documents Required For Personal Loan Balance Transfer to ICICI Personal Loan:
We considered top factors that help consumers decide whether they want to opt for a specific loan offering. We ranked the ICICI Bank Personal Loan on the basis of these factors that include:
Ease of Access: 20%
Rate of Interest: 15%
Other Cost and Charges: 20%
Borrowing Limit: 15%
Extra Benefits: 20%
Loan Transfer Facility: 10%
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Armaan is the India Lead Editor for Forbes Advisor. He has more than a decade’s experience working with media and publishing companies to help them build expert-led content and establish editorial teams. At Forbes Advisor, he is determined to help readers declutter complex financial jargons and do his bit for India's financial literacy.
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