ICICI BANK Personal Loan:

• Get ICICI Bank personal loan in a few simple steps.

  • Your ICICI personal loan offer is just a few clicks away.

• Key Loan Features:

  • Loan amount up to Rs. 50 Lakhs
  • Interest rate starting at just 10.80% p.a.
  • Repayment tenure up to 72 months
  • Lowest EMI starting at Rs. 1,893 Per Lakh

• Details:

  • Interest Rate: 10.80% - 16.15% p.a.
  • Tenure: 12 to 72 months
  • Processing Fee: Up to 2% of the loan amount + GST
  • Loan Amount: Rs. 50,000 to Rs. 50 Lakhs
  • Turnaround period: 72 hours for approval
  • Minimum Income: Rs. 30,000 per month
  • Eligible Age: 20 to 58 years
  • Lowest EMI possible: Rs. 1,893 Per Lakh
  • Part Prepayment Charges: 3% of the amount prepaid (Nil after 12 EMIs paid)
  • Foreclosure Charges: 3% of the outstanding loan amount (Nil after 12 EMIs paid)

• ICICI Bank Personal Loan EMI Calculation:

  • Loan amount: Rs. 3 Lakhs
  • Tenure: 5 years
  • Rate of interest: 10.80% p.a.
  • EMI: Rs. 6,493
  • Total interest: Rs. 89,571
  • Total amount payable: Rs. 3,89,571

• Documents Required:

  • Identity Proof: Passport, Voter ID, Driving License, Job Card issued by NREGA, Letter from National Population Register, or Proof of possession of complete Aadhaar number
  • Income Proof for Salaried Individuals:
    • Latest 3 months Bank Statement (where income is credited)
    • Salary Slips for the last 3 months
  • Income Proof for Self-employed Individuals:
    • Audited financials for the last 2 years
    • Latest 6 months Bank Statement
  • Other Documents:
    • Duly filled & signed application form with recent passport-size photo
    • Office address proof, proof of residence/office ownership & proof of continuity of business (for self-employed)

• Advantages of a Personal Loan:

  • No Collateral: No need to mortgage any asset for the loan.
  • No End-Use Requirement: You can use the loan for any purpose, with a declaration that it won't be used for speculative purposes.
  • Quick Processing: Available without security. If eligible, approval can be quick, with online approvals offered by some banks.
  • Fixed Rate of Interest: The interest rate remains fixed throughout the loan tenure, offering stability in EMIs.
  • Repayment Flexibility: Loan tenure ranges from 12 to 72 months, with longer tenures lowering EMI. Some institutions allow interest-only payments with principal repayment at the end of the year.
  • Tax Benefits: If the loan is used for home renovation, you can avail of Income Tax deductions up to Rs. 2 Lakhs under Section 24B of the Income Tax Act, 1961 (provided the loan is used exclusively for home renovation).