ICICI Bank Personal Loan Frequently Asked Questions(FAQ)
What is a personal loan and How to get ICICI Bank personal loan
From a minor renovation to a little extra help in your business, there are several occasions that
require you to drill deep into your pocket in order to manage the expenses. The ICICI Bank Personal Loan
is here to help you sail through such unplanned expenditures by lending you the required amount of cash.
Also, this help comes without the applicant keeping any collateral security with the bank or going
through tedious documentation process when applying for ICICI Bank Personal Loan in Bangalore or
anywhere else in India.
What are advantages of ICICI Bank Personal Loan?
For first time applicants, the one big advantage of applying for Personal Loan in Bangalore, Ahmedabad
or any other city through ICICI Bank is that you don’t need to keep any security. Additionally, the
personal loan applications are processed without putting the applicant through time consuming paperwork.
- Quick and easy processing
- No tedious paper work
- No collateral security needed
- EMI’s worked out according to the flexible loan tenure chosen by the applicant
What is the amount of personal loan one can get in ICICI Bank?
Currently, ICICI Personal Loan applicants can get a loan in the range of 50 thousand rupees to 50 lakh
rupees. However, the amount sanctioned by the bank is dependent on the eligibility, age and repayment
capacity of the individual.
What is the tenure and interest rates of the ICICI Bank personal loan?
ICICI bank gives its customers a choice to repay the loan over a period of one year to five years.
Depending on your income, you can choose a convenient repayment option. As far as the rate of interest
is concerned, ICICI offers this unique option where the rate remains unchanged throughout the tenure of
the loan so that the applicant is not burdened by the fluctuations in the economy.
What are the charges applicable for ICICI Bank personal loan?
A processing fee of 2% to 2.25% depending on the company you are employed in and location of the loan
will be levied. This fee will be deducted from the disbursal amount payable to you.
What are the eligibility criteria for ICICI Bank personal loan?
Applying for personal loan is easy as there are no detailed eligibility criteria that the applicant has
to clear. However, the bank will look at your age, source of income and ability to repay while
processing your loan application. Therefore, it is best advised to contact your nearest branch or simply
get in touch with one of the ICICI executives to get a clear idea about the detailed procedure.
How to choose the best personal loan?
At ICICI bank, customers also get the convenience of applying for personal loan online. Simply register
your application and the bank will do the processing as well as grant the approval online itself.
Therefore, ICICI offers the best personal loan option for customers. Also, as far as the personal loan
rate of interest is concerned, ICICI Bank offers customers the best deal. As of now, the bank is
offering attractive rates that are as low as 13% exclusively on personal loan applications.
What are the documents required for ICICI Bank personal loan?
ICICI Bank processes personal loan applications without demanding too much documentation. However, the
applicants should keep a basic set of documents which include identity proof, income proof, residence
proof, PAN card, IT returns, etc. when applying for personal loan through the bank.