ICICI Bank personal loan programs come with interest rates ranging from 10% to 16.25% per annum. You will be charged 5% p.a. of the outstanding loan amount if you choose to pre-pay the loan. If the borrower has paid 12 EMIs and is prepaying with his or her own funds, the processing charge will be waived. There is no option for partial prepayment. To salaried individuals, the bank offers a plan for personal expenses like weddings, house renovations, and vacations. The other plan is for self-employed people, non-professionals, and doctors only.
Personal Loan from ICICI Bank
This is a multi-purpose loan scheme that grants up to Rs.20 lakhs to salaried individuals with a monthly income of at least Rs.17,500. After online verification and final acceptance, ICICI Bank guarantees to disburse the loan amount in 3 seconds. The loan can be repaid in EMIs over the course of the loan term, which can range from 12 to 60 months.
The following are the different categories of ICICI Bank Personal Loans:
- Wedding Loan: You can take out a loan to cover your wedding costs. There is no need to pledge any collateral, and only the most basic documentation is necessary.
- Holiday Loan: You can use a holiday loan to pay for your vacation expenses to any location you want. The paperwork is straightforward, and the loan is completed and disbursed immediately.
- Home Improvement Loan: You can acquire a home improvement loan up to Rs.20 lakh with minimal documentation and no security.
- Top-up Loan: With a top-up loan from ICICI Bank, you can acquire a second loan. You can apply for the loan separately and pay two EMIs: one for the existing loan and one for the new loan. You can also acquire a loan that comprises the remaining balance of the base loan plus a bonus. You can pay a single EMI this way.
- Fresher Funding: You can acquire a loan without any collateral up to Rs.1.5 lakh called fresher funding. Anyone over the age of 21 can apply for this loan, which requires minimal documentation.
- NRI Personal Loan: NRIs can get a personal loan from ICICI Bank up to Rs.10 lakh. The interest rates start at 15.49 percent and go up from there. The paperwork is straightforward, and the maximum term is 36 months.
Personal Loan in Instalments from ICICI Bank
This is a unique loan type that is available to meet specific business needs such as expansion, small infrastructure purchases, office renovations, or working capital. This is a program for self-employed individuals who do not receive a regular paycheck. The maximum loan amount under this scheme is Rs.40 lakh, but it may vary depending on the loan applicant’s occupation.
The following are the different forms of ICICI Bank Business Instalment Loans:
- On Audited Financials, a Business Instalment Loan: Personal loans of up to Rs.40 lakh are available to proprietors, private limited companies, partnership firms, and unlisted public limited companies.
- Architects, CAs, CSs, CWAs, and CMAs can acquire a loan up to Rs.15 lakh through a Business Instalment Loan for Professionals (Non-audited Financials).
- Business Loans for Non-Professionals Depending on ITR: Non-professionals can get up to Rs.10 lakh in business loans based on their ITRs. In this scenario, audited financials are not required, but certified financials are.
- Doctors with an MBBS, MD, or BDS degree can apply for a personal loan of up to Rs.40 lakh under this scheme.
Non-Professional Business Loans based on ITR: Non-professionals are eligible for a loan of up to Rs.10 lakh based on their income tax returns.
- In this scenario, audited financials are not required, but certified financials are.
- Doctors with an MBBS, MD, or BDS degree can apply for a personal loan of up to Rs.40 lakh under this scheme.
- Additional Fees and Charges
- Aside from the fees and charges listed above, the following fees and charges apply:
- Swap charges for payment mode: Rs.500+GST per transaction
- Charges for EMI bounces: Rs.400+GST each bounce
- Charges for canceling a loan are Rs.3,000 plus GST.
- Charges for legal and incidental expenses: Actuals
Factors that determine Personal Loan Interest Rate
The interest rate on a loan is set by ICICI Bank, which has the authority to adjust it at any moment. The rate of interest for your ICICI Bank Personal Loan is determined by a number of factors:
- Residence of the loan applicant
- The individual’s salary bracket
- Whether the candidate is salaried or self-employed is a factor to consider.
- The loan applicant’s credit score and his or her ability to repay the loan
- Term of the loan
- Personal Lending/Business Instalment Loan is the type of loan arrangement.
ICICI Bank Personal Loan Refinancing
Existing ICICI Bank personal loan clients can choose to top up their loans at competitive interest rates starting at 10% p.a. The loan will have the same term as the existing personal loan, and the personal loan top-up can be completed with minimal paperwork and without the requirement for collateral.
How to Apply for an ICICI Bank Personal Loan Refinancing?
- Visit ICICI Bank’s official website at https://www.icicibank.com/Personal-Banking/loans/personal-loan/top-up-loan.page for further information.
- Click on the ‘apply now button.
- Existing ICICI Bank customers must provide important loan details and select one of three payment options: credit card, debit card, or net banking account.
- Customers who do not have an ICICI Bank account can use the ‘skip and continue as guest’ button.
- To determine eligibility, the customer must input personal and professional information.
- ICICI Bank will contact you to proceed with the personal loan top-up once all of your information has been received.
- The additional funds for the personal loan will be delivered immediately to the borrower’s bank account.
Personal Loan Balance Transfer at ICICI Bank
Personal loan borrowers might choose to transfer their existing personal loan balance to ICICI bank in order to lower their EMI or obtain a better interest rate. Customers can also select to get additional funds. Customers can use the balance transfer calculator to check if they are qualified.
How to Apply for a Balance Transfer from an ICICI Bank Personal Loan?
- Visit ICICI Bank’s website at https://www.icicibank.com/Personal-Banking/loans/personal-loan/personal-loan-balance-transfer.page for further information.
- Click on the ‘apply now button.
- To see if you’re eligible, provide your personal and professional information. After you’ve provided all of your information, click the “check eligibility” button to see whether you’re eligible.
- If you are eligible for an ICICI Bank personal loan balance transfer, a representative from the bank will contact you to discuss the process of submitting the relevant paperwork and other pertinent information.
Conclusion:
In the conclusion, we hope that you got the information you were looking for about ICICI Bank personal loan. We have provided all details regarding ICICI personal loan including how to do a Personal Loan Balance Transfer to ICICI Bank Personal Loan and others. You can also Contact ICICI Bank Personal Loan 24*7 Customer Care Helpline Number or come to Afinoz in case of any difficulty.
