ICICI Bank Personal Loan

Also read: Best Personal Loan in India

Purpose: ICICI Bank provides pre-approved instant personal loans to certain existing customers, and the loan amount is disbursed within just 3 seconds.

Loan Amount: Up to Rs 50 lakh

Tenure: 1- 5 years

Purpose: ICICI Bank provides pre-qualified personal loans to its eligible existing customers. The application process is straightforward, and the processing is quick.

Purpose: ICICI Bank provides a personal loan top-up facility for existing loan customers. This feature involves a speedy processing and disbursal process, catering to the additional personal requirements of the applicants.

Loan Amount: Rs 10 lakh- Rs 40 lakh

Purpose: ICICI Flexicash is a quick and short-term personal loan overdraft facility, like a personal loan, provided to those who have a salary account with ICICI Bank. It helps account holders manage their immediate personal expenses.

Processing Fee:  From  Rs 1,999 + taxes

Purpose:  ICICI Bank provides NRI Personal Loans designed to fulfill the personal needs of Non-Resident Indians (NRIs).

Loan Amount: Up to Rs 10 lakh

Purpose:  ICICI Bank offers the Fresher Funding Scheme, allowing freshers and new employees to access financing for their personal expenses.

Loan Amount: Up to Rs 1.5 lakh

Purpose: ICICI Bank's personal loan balance transfer facility enables individuals with existing personal loans from other banks or NBFCs to move their loans to ICICI Bank, benefiting from lower interest rates.

Also read: Best Personal Loan Status

ICICI Bank determines the eligibility for personal loans by considering factors such as job profile, age, minimum monthly income, total work experience, and business vintage (for self-employed individuals). The following outlines the eligibility criteria set by ICICI Bank for personal loans.

To apply for an ICICI Bank Personal Loan, the applicant must meet the following criteria:

1. Age Criteria:

• Minimum age at the time of loan application: 23 years
• Maximum age at the time of loan maturity: 58 years

2. Income Requirement:

• Minimum monthly income: Rs 30,000

3. Work Experience:

• Minimum work experience: At least 2 years

4. Residential Stability:

• The applicant should have resided in their current residence for at least 1 year.

For self-employed individuals applying for ICICI Bank Personal Loan, the criteria are as follows:

1. Age Criteria:

• Minimum age at the time of loan application: 28 years (25 years for doctors)
• Maximum age at the time of loan maturity: 65 years

2. Financial Eligibility:

• Minimum turnover requirement:
• Rs 40 lakh for non-professionals
• Rs 15 lakh for professionals (as per audited financials)

• Minimum profit after tax deduction:
• Rs 2 lakh for proprietorship firm or self-employed individuals
• Rs 1 lakh for non-professionals (as per audited financials)

3. Business Stability:

• The applicant should have been in the current business for at least 5 years (3 years for doctors).

4. Bank Relationship:

• The applicant should have at least a 1-year liability or asset relationship with the bank, either existing or closed in the last 3 years.

Also read: Best Personal Loan Eligibility

• ID Proof (any 1): Driving License, Passport, PAN Card, Voter ID
• Address Proof (any 1): Passport, Utility Bill less than 3 months old, Leave and License Agreement
• 2 passport size photographs
• Bank Statement for last 3 months with salary and income credits
• Salary slips for last 3 months

• KYC Documents: ID Proof, Address Proof, Date of birth proof
• Residence Proof: Passport, Leave and License Agreement, Utility Bill not more than 3 months old
• Income Proof
• Proof of office address
• Bank Statement for last 6 months
• Residence Proof or Office ownership proof
• Proof of continuity of business

Also Read: Best Personal Loan Documents Required

Also read: Best Personal Loan EMI Calculator

• Toll-Free Number: 1860-120-7777
• Alternate Numbers: Chennai: 044-33667777 Kolkata: 033-33667777 Mumbai: 022-33667777 Delhi: 011-33667777
• For unresolved queries you can register your grievance by dialing to ICICI Bank customer care at 1800 200 3344

ICICI Bank has not specified mentioned a specific cut-off credit score for personal loan applicants. Typically, having a credit score of 750 or above enhances the likelihood of securing a personal loan at lower interest rates.

Yes, ICICI Bank provides a Personal Loan Balance Transfer facility. This allows individuals with existing personal loans from other banks or NBFCs to move their loan accounts to ICICI Bank, benefitting from lower interest rates.

Also read: Best Personal Loan Balance Transfer

ICICI Bank offers pre-approved personal loan options to applicants who have a good repayment history and a positive credit record. Even individuals with no credit history can receive pre-approved personal loan offers based on their savings history and income.

ICICI Bank permits borrowers to prepay their personal loans, but this option is available after the repayment of 12 monthly installments. It's important to note that partial prepayment is not allowed. If you choose to prepay, the bank charges a prepayment fee equivalent to 5% of the outstanding principal amount.

Also read: Best Personal Loan Salaried Employees

ICICI Bank says they can approve a personal loan within 72 hours once you've submitted all the required documents. After approval, they claim to transfer the loan amount to your account in just 3 seconds. If you're a pre-approved customer, you might get an instant personal loan with quick processing and the money in your account within 3 seconds.