ICICI Bank Personal Loan Review

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Our Verdict

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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ICICI Bank Personal Loan

ICICI Bank Personal Loan

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Rate of Interest

10.99% p.a. onwards

Repayment Tenor

Between 12 – 72 months

Processing Fee

Upto 2.50% of loan amount + Taxes

ICICI Bank Personal Loan

Rate of Interest

10.99% p.a. onwards

Repayment Tenor

Between 12 – 72 months

Processing Fee

Upto 2.50% of loan amount + Taxes

ICICI Bank Personal Loan Amount and Term

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.

ICICI Bank Personal Loan Cost

ICICI Bank Personal Loan Features and Benefits

Eligibility

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:

Age Net Salary Expected total years in the current profession Expected total years in the place of residence Salaried Between 23 and 58 Minimum INR 30,000 per month Two years One year

Age Minimum Turnover Minimum Profit After Taxation Business Stability Relationship With ICICI Bank Self Employed Between 28 and 58 INR 40 lakh for non-professionals and INR 15 lakh for professionals. INR 2 lakh for proprietorship firm/self employed individuals and INR 1 lakh for non-professionals. Should be in the same business for 5 years and minimum 3 years for doctors. 1 year of liability relationship (current or savings account) or asset relationship (loan) either live or closed in the last 36 months; repayment track as required.

In both the cases these parameters are amendable if the bank is convinced of the applicant’s financial stability.

Repayment

One can repay the loan with the help of internet banking or by issuing cheques to an ICICI Bank branch.

Insurance

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:

How To Apply For ICICI Bank Personal Loan

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.

ICICI Personal Loan Balance Transfer

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:

Methodology

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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