Loan Amount: ICICI Bank provides a generous loan amount, allowing customers to borrow up to Rs.50 lakh. This substantial sum can cover a variety of needs, from home renovations to medical emergencies, debt consolidation, or even a dream vacation.
Competitive Interest Rate: The bank offers an attractive and competitive interest rate starting from 10.75% p.a. to 19% p.a., making the loan affordable for a wide range of customers.
Flexible Tenure: Borrowers can choose a loan repayment period of up to 5 years. This flexibility allows customers to select a tenure that suits their financial situation and ensures comfortable repayment.
Quick Disbursal: One of the standout features of ICICI personal loans is their quick disbursal. If you are a pre-approved customer, the loan amount could be in your bank account within just three seconds after completing the online verification and acceptance of the final offer.
Minimal Documentation: ICICI Bank requires minimal documentation for personal loans, which simplifies the application process.
No Security: Personal loans from ICICI Bank are unsecured, which means you do not need to pledge any collateral or security to get the loan.
Flexible Repayment Options: ICICI Bank offers flexible repayment options to its customers. You can repay your loan in Equated Monthly Installments (EMIs) through direct debit, NACH mandate, or even ECS.
Processing Fee: The bank charges a processing fee of 2.50% of the loan amount plus GST. It's a one-time fee charged for the services provided by the bank.
Prepayment Option: ICICI Bank allows you to prepay or foreclose the loan after paying at least one EMI, subject to prepayment charges of 3% of the outstanding loan amount plus GST.
Top-Up Facility: If you've already taken a personal loan from ICICI Bank and have been making timely EMI payments, you're eligible to request a top-up loan after 12 EMI payments.
The eligibility criteria for ICICI Personal Loans vary between salaried and self-employed applicants:
Age: Applicants should be between 23 to 58 years old. This age range ensures that the applicant is employed and earning a stable income.
Net Salary: ICICI Bank requires a minimum monthly income of Rs.30,000 for salaried applicants. This requirement helps ensure that the borrower can afford the monthly loan repayments.
Credit Score: Ideally the credit score should be above 750, the higher the credit card chances are good to get a loan at a cheaper rate.
Please note, these eligibility criteria are a general guideline, and the exact requirements may vary from person to person based on ICICI Bank's credit policies at the time of the loan application. It's always best to check with the bank for the most up-to-date eligibility criteria.
For example, if you take a loan of Rs. 3 lakhs at the rate of 10.75% with a repayment tenure of 3 years, your EMI will be Rs. 9,786. The total payable amount at the end of 3 years would be Rs. 3,52,296. Therefore, you are paying a total interest amount to the tune of Rs 52,296. This, however, excludes other applicable charges.
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