Thinking of a Personal Loan to pay off your debts?

Take a look at ICICI Bank Personal Loan, the right scheme to meet your emergency financial needs

ICICI Bank Personal Loan

This loan helps borrowers get funds to meet their urgent financial needs including those for a child’s wedding, domestic and foreign travel, medical emergency, child’s education, etc. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. and self-employed individuals are eligible for this loan.

Features of ICICI Bank Personal Loan

Why this Loan?

  • The ICICI Bank Personal Loan scheme is meant for permanent/confirmed salaried employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies and self-employed individuals who need financial assistance to meet urgent personal needs. This personal loan can also be availed as a consolidation loan to pay off their high-interest credit card debts and loans
  • This is a collateral-free loan
  • ICICI bank offers a top-up facility on this loan scheme

Loan Amount

  • The maximum loan offered by the bank under this loan scheme is Rs. 20 lakh

Interest

  • As of October 2020, the interest rate applicable to this loan may range from 11.25% to 22.00%

Repayment


  • This loan must be repaid within 5 years

Eligibility

  • Salaried individuals applying for this loan must be within the age group of 23 to 58 years. Self-employed individuals applying for this loan must be within the age group of 28 to 65 years. The age limit for doctors is 23 years to 65 years
  • Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies with at least two years of experience, one year at the current place of residence and a net salary of at least Rs. 25,000 in metro cities, Rs. 20,000 in urban cities and Rs. 17,500 in other areas are eligible for this loan
  • Self-employed individuals with at least 5 years in the current business and a minimum turnover of Rs. 15 lakh for professionals and Rs. 40 lakh for non-professionals with a minimum one-year liability partnership are eligible for this loan

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan

Processing Charges


  • The bank charges 2.25% of the loan amount plus applicable tax for processing this loan

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts

  • ICICI Bank Website: www.icicibank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 120 7777