Personal Loan Features from ICICI Bank
Loan Amount
Amounts issued as a Personal loan from ICICI Bank are from a minimum of ₹50 k up to a maximum of ₹ 30 Lakhs. The Bank will consider the Loan amount needed by the applicant and applied for to ICICI Bank, but the amount finally approved by the Bank depends upon the eligibility criteria. The Loan amount disbursed from ICICI Bank depends on the following criterion:
The monthly income of the applicant
Loan amounts will be issued as per the net salary of the applicant credited to the Bank account. Any other fixed monthly income sources such as the rent are included in the total. ICICI Bank calculates the eligibility for the Loan amount keeping in mind the necessary monthly expenses of the client, a higher income individual will therefore be eligible for an increased Loan amount.
Existing credit lines
Taken into account will be the existing credit cards and loans of the applicant, credit card dues will included in the total obligations. Any credit card bills pending should be paid before applying for the loan. The total value of all the installement currently being paid and the EMI for the new Loan should be easily affordable by the applicant with the current earnings.
The CIBIL score and previous credit history
ICICI Bank processes the requests of first time loan seekers without a CIBIL score, though the Loan amount issued may be conservative. On receiving the application the CIBIL of the applicant will be viewed, to confirm the current existing credit and previous history before approving the Loan amount applied for.
The Bank statement details
The banking of the applicant should be healthy, with enough balance maintained at all times and no cheque returns or bounces. A study of the Bank statement will reflect the regular income and outgoings and the financial behaviour of the applicant: there must be enough balance maintained at all times to afford the extra EMI.
Preferred Customers ICICI Bank Personal Loans
ICICI Bank Salary Account Holders
Personal loan applicants holding a salary account in ICICI Bank will be given the benefit of a discounted rate of interest and processing fees. The Bank is comfortable to issue increased loan amounts to ICICI Bank account holders as their financial history is readily available to the Bank. KYC details being updated the Loan will be processed speedily.
Applicants Employed By Companies Featuring In the List of Approved Companies
Applicants employed with companies included in the ICICI Bank are preferred customers for lending: the turnover and profitability of the companies being proven the employees are assured of their regular income. Lowered rates of interest are offered to premier companies hiring the best talent and paying higher salaries, the risks involved of lending are minimised to such individuals who are well qualified with a secured future.
Applicants Having A Relations With ICICI Bank
Individuals with a previous or existing relationship with ICICI Bank will be granted a personal loan easily: giving weightier to successful repayment track of a Loan or regular usage and repayment of credit card dues. A personal loan being unsecured the track record of timely payment is the best guarantee for issuing a Personal loan.
Salaried Professional Applicants
Professionals such as Doctors, Dentists, Chartered Accountants and Lawyers employed and earning regular salaries are preferred personal loan applicants for ICICI Bank. The highly valued education and Degree make them eligible to receive the maximum amount as a Personal loan with the most suitable terms and conditions.
Personal Loan Products From ICICI Bank.
The ICICI Bank processes Personal loans under different heads as per the requirement and the profile of the applicant. Further defining the basic Personal loan product makes it convenient to process and helps satisfy the specific need of the customer.
Premier Customers With Loan Requirements of 10 Lakhs+
High income customers looking for a Personal loan amount of ₹ 10 lakhs and above are prime customers: ICICI Bank offers reduced rates of interest of 10.99% to customers eligible for a Loan amount of 10 lakhs and above. A Lump sum to be charged for processing and options for pre-closure and part payment of the loan post 12 months are offered. The Personal Loan application is processed within a record time to ensure speedy disbursal of funds.
Fresh Personal Loan
First time loan seekers can apply to the ICICI Bank for a fresh Personal loan. A CIBIL score is not mandatory to apply; the requirement for the loan amount will be processed as per the terms and conditions of the ICICI Bank. The amount approved will be transferred to the Bank account; loan amount may be conservative for applicants who have no previous credit score or history or declined if the eligibility criteria are not met.
Personal Loan Top Up
A customer with a pre existing personal loan from ICICI Bank can apply for extra funds as a Top Up. With a Top Up the existing loan will be restructured to include the additional amount. The advantage being that a single EMI will be paid for the total amount, the applicant also has the choice of changing the tenure applied to the restructured loan to pay a suitable EMI.
Balance Transfer of a Personal Loan.
ICICI Bank offers to take over the Personal Loan of applicants with external Banks. Base rates with attractive terms and conditions are offered to customers with an on time payment track, extra amounts are also offered as a Top up with the Balance transfer. ICICI Bank will pay the external Bank on behalf of the applicant who can then enjoy the umpteen privileges of the ICICI Bank Personal Loan.
The Repayment Tenure Applied for a Personal loan from ICICI Bank
The tenure applied for personal loan from ICICI Bank is from 12 to 60 months: this is the time period within which the loan amount taken from the Bank is to be repaid. The tenure applicable to a personal loan is issued as per the policy of the ICICI Bank and depends on the income of the customer and the ability to pay the monthly EMI.
Advantages of a Personal Loan from ICICI Bank
Unsecured Loan
A Personal loan from ICICI Bank is issued without any security, solely on the basis of the profile of the applicant and the documentation submitted. An applicant can secure funds without the pressure of mortgaging jewellery or any asset.
Convenient and flexible
With ICICI Bank a Personal loan is convenient to process with simple documentation which is readily available at hand. The installement can be repaid easily via monthly installement over a suitable tenure, through ECS (electronic clearing systems).
Get your funds timely
The processing of a Personal Loan with ICICI Bank is a smooth and hassle-free process. It is efficient and transparent: over the years it has been streamlined to provide funds to the applicant within the shortest turnaround time of 48 to 72 hours.
Funds issued to open market Companies
It is not mandatory to have an account with ICICI Bank to receive a Personal Loan. ICICI Bank issues Personal Loan to seekers, working in companies not featuring in the preferred list of companies if policy terms are fulfilled.
ICICI Bank issues Personal loans for any Personal requirement
An applicant can apply for a Personal for a variety of end usages, may it be an emergency requirement, medical expenditures, school fees, holiday expenses or a celebration in the family funds can be used as required.
What is the Personal Loan Eligibility Criteria from ICICI Bank
A Personal loan from ICICI Bank can be used for any family emergency, holiday, marriage or any family function, to meet lifestyle expenses without any restrictions. ICICI Bank processes Personal Loan requirement of all Indian citizens meeting the following criterion:
Age
The applicant must be above 21 years of age to process a Personal Loan from ICICI Bank: the maximum age for repayment of the loan is 60 years, an extension up to the age of 65 years can be granted if a proof for extension of the retirement age is provided.
Educational Qualifications
ICICI provides a Personal loan to applicants who have completed their education to the level of graduation and above. Weightage will be given to applicants who are better qualified, are professionals, and have completed their Degree from a Top college or institute.
Monthly Income
ICICI Bank offers Personal loans to salaried persons earning a regular monthly income of 25k and above. The minimum net amount of 25k payable should reflect in the salary slip be credited to the Bank account of the applicant month on month.
Bank Account
The applicant should hold a salary account in any recognised Bank to which the salary is transferred month on month. Receipt of salary by cheque may be accepted, if the cheque is being deposited regularly but applicants receiving cash salary are not eligible.
Work Experience
To successfully apply for a Personal loan to ICICI Bank the applicant must have a work experience of 12 months or more. If there is a change in employment there should not be a break, the applicant should be continuously employed: proof of the same will need to be provided when applying.
Profile of Current Company/Organization Currently Employed With
The company the applicant is currently employed with should be registered as Ltd, private ltd, PSU or a Government owned. The company should have been in existence for 5 years or more with a healthy turnover. Employees of proprietorship and partnership companies will not be funded.
CIBIL score
ICICI Bank funds applicants who have a 0 or -1 CIBIL: if there is no CIBIL history. Applicants having a credit history should have a CIBIL score of 720 points or more, with no defaults or settlements in the track record. Over usage of credit or too many enquiries will be viewed negatively.
Charges for a Personal Loan from ICICI Bank;
The major charges for a Personal Loan include the following:
Rate of Interest
Is the major charge for the cost of funds forwarded as a Personal Loan. The rate of interest from ICICI Bank ranges from 11% to 22% charged at a monthly reducing balance. ICICI Bank Charges a rate of interest as per the net salary of the applicant variations will be applied based on the following norms:
The net income of the applicant is the major variable for the rate of interest to be applied. High income applicants are considered to be premier customers and are offered lower rates of interest.
Customers applying for increased loan amounts will be offered a discounted rate of interest. Thus high income personnel eligible for loan amount above 10 lakhs will be offered the best rate.
ICICI Bank publishes a list of special offers for applicants working in organisations that are progressive, currently showing increasing trends and sound future prospects. These offers are applicable as per terms and conditions.
Processing Fees
The processing fees or file charges are onetime charges applicable only if the loan amount is approved: amount of 0.5% to 2.5% of the loan amount is charged as the cost of process, the fee is deducted from the loan amount transferred to the applicants account.
Pre closure Charges
ICICI Bank allows the pre closure of a Pre closure of a Personal Loan after 6 EMI’S. Charges are applicable on the principal balance of the loan amount for paying back the Loan amount. Special offers for 0% pre closure are applicable for loan amount of 10 lakhs+
Personal Loan Insurance Charges
ICICI Bank offers Personal loan applicants the opportunity to avail a insurance for their personal loan. A minimal amount of from 900/- per lakhs is charged protecting the applicant from inability to pay the regular Emi due to loss of job, illness or any eventuality.
ICICI Personal Loan Rate Chart
| Salary Criteria |
Rate of Interest |
Rate of Interest |
Others |
Processing Fees |
Pre Closure Charges |
|
Cat A |
Cat B |
Cat B |
|
|
| Special Companies |
12.75% - 15.75% |
8.75% |
8.75% |
999/- |
Nil for Loan Amount > 10 lacs 9 after 12 EMI'S Paid Else 5% |
| Salary Above 75000 |
15.50% |
16.00% |
16.00% |
1% – 2.5% |
Nil for Loan Amount > 10 lacs 9 after 12 EMI'S Paid Else 5% |
| Salary Above 50,000-75,000 |
16.00% |
16.50% |
16.50% |
1% – 2.5% |
5% After EMI'S Paid |
| Salary Above 35,000-50,000 |
16.50% |
17% |
17.50% |
2.50% |
5% After EMI'S Paid |
| Salary Above 20000-35000 |
17% |
17.50% |
17.50% |
2.50% |
Nil for Loan Amount > 10 lacs 5% After 12 Emi's Paid Else 5% |
| Special Rates For Loan AMT B/W 5.20 Lacs |
11.59% - 14.99% |
11.59% - 14.99% |
11.59% - 14.99% |
|
Nil for Loan Amount > 10 lacs 0% After 12 Emi's Paid Else 5% |
Rates mentioned above are standardised, liable to change as per Bank policy
Documents Required For Processing Your Personal Loan
Documents to be submitted as proof of Income
Salary Slips for the Last 3 months
Bank Statement from Salary account for the last 3 months showing 3 salary credits.
Form 16 for the last financial year.
Pan card copy.
KYC Documents
Proof of Identity - Passport / Driving License / Voters ID (any one)
Proof of Residence - Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one)
Aadhaar Card Copy
2 passport size photographs
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