Personal Loan

PERSONAL LOAN FAQ

• What is a Personal Loan?

  Personal Loan is an unsecured loan given to individual/s basis on income drawn & existing obligations subject to Cibil & Other T&C.

• What purpose can I use my availed Personal Loan?

  A home loan or car loan will allow you to use the money to purchase a home or car respectively, but when you apply for personal loan, it need not be restricted to a specific use. Once the loan is disbursed, you can use it for any purpose as per your particular need.

  With a personal loan, you can:

  • Arrange for holidaying overseas
  • Buy a dream appliance like refrigerator, television or laptop
  • Plan your marriage function as per your expectations
  • Spruce up your home interiors through home renovation.
• Who can be funded under Personal loans?

  Any Salaried individual/Government Entities/Armed Forces/Pensioner with Co-applicants / Salaried NRIs with local co-applicant & any Salaried Doctors with ICICI Bank Corporate Salary account or other Bank Salary account meeting salary norms can be funded under Personal loans.

• What are the loan tenure options for Personal Loan?

  The loan can be repaid over a period of 12 to 6months

• What is the loan amount that can be sanctioned?

  You can avail of loans ranging from Rs. 50,000/- to Rs. 25,00,000/- depending on your eligibility, income, repayment capacity, employer category and your relationship with ICICI Bank, the final loan amount is decided.

• How much time will it take for my loan to be approved for Personal Loan?

  Loans are approved within 72 hours of submission of complete documentation.

• Do I have to pay any additional charges for Personal Loan?

  A processing fee Up to 2.25% of Loan Amount Plus GST is levied on loan, basis the defined pricing matrix followed by the bank. This fee will be deducted from the disbursal amount payable to you.

• What are the Interest Rates for Personal Loan?

  Personal Loan interest rates are applied basis the defined pricing matrix followed and standardised by the bank as per customer’s profile. Personal Loan rates vary from 11.25% to 22.00% per annum.

• What is the eligibility for ICICI Bank Personal Loan?

  There are different criteria based on which one’s eligibility is decided. On a broader norm will depend upon the Net Take Home Salary (NTH), Customer profile, Repaying Capacity & your existing monthly obligations.

• What are the required documents under each program?

  The documents required are KYC Documents & Income Documentation (Includes Bank Statements)

• Is there any security or guarantor required for availing ICICI Bank Personal Loan?

  No. ICICI Bank Personal Loan doesn’t require any collateral or security guarantee.

• Do you offer Balance Transfer facility in Personal Loan?

  We offer Balance Transfer Facility if you have paid 12 EMI.

• Do you offer Top-up on existing Personal Loans?

  We offer Top-up facility if you have paid 6 Equated Monthly Instalments (EMIs) on the existing Personal Loan.

• Can I get a Personal Loan for business purpose?

  Yes. We offer Personal Loan for business purpose, to self-employed individuals as well (Under BIL)

• How can I prepay my Personal Loan as I am unable to visit branch?

  In case you are unable to visit our branch for prepayment of your loan, you can send your representative along with an authority letter duly signed by the loan applicant, for payment. The co-applicant or third party visiting the branch for closing the loan needs to carry the documents mentioned below:

  • Main applicant Identification proof (Driving License or Passport or Voters card or PAN Card)
  • Authorisation letter from main applicant.
• What is the procedure to prepay my Personal Loan?

  For prepayment of your Personal Loan, please visit the nearest ICICI Bank Asset Servicing Branch. We request you to carry the following documents to complete the process:

  • Request Letter signed by the loan applicant
  • PAN Card (if the mode of payment is cash and the amount is more than Rs 50,000)
  • Payment can be made through cash, cheque or demand draft.
• How do I repay the Personal loan?

  You can repay the loan in Equated Monthly Instalments (EMIs). If you have an ICICI Bank Account, you can mandate us to directly debit the same through auto debit mandate or if you have an alternate bank account, then through NACH mandate.

• Can I pre-close or pre-pay my Personal Loan?

  Yes. You can pre-close or pre-pay your Personal Loan by paying the applicable pre-closure charges after payment of Six Equated Monthly Instalment (EMI). Currently, the applicable pre-closure charge is 5% of the outstanding loan amount (plus applicable tax).

• How do I update my mailing address, mobile number or e-mail ID registered under my loan account?

  You may update your mailing address, mobile number or e-mail ID with below:

  • At any ICICI Bank branch:
    
    
    • Visit any ICICI Bank loan branch with a valid photo ID proof and submit an application.