The personal loan is an unsecured short and medium-term loan that is granted to a person. It is often used to meet financial needs such as debt consolidation, wedding expenses, unexpected medical expenses, renovations, and others. The flexibility of use, minimal documentation effort, and rapid processing make personal loans a preferred financing option.

Features of the ICICI personal loan

Quick payment: Once your request is approved, the loan amount will be transferred to your account in three seconds. The rate of interest remains fixed for the duration of the loan. Uncomplicated application process. Minimum documentation Flexible repayment portfolios.

Fees and charges for personal loans from ICICI Bank

Maximum loan amount Rs.20 lakh They last from 12 months to 60 months Rate of interest starts from 11.25% Processing rate Up to 2.25% p.a. of the loan amount + GST Prepayment fees 5% per year of principal outstanding + GST Cancellation fees of Rs 3,000 + GST

Other fees and penalties

Additional late payment interest of 24% per year Refund method invoice Rs 500 per transaction + GST Bounce fee 400 rupees EMI per bounce + GST

Eligibility Criteria

Employed candidates: From 23 to 58 years old Net Salary: Rs. 25,000 for applicants to New Delhi and Mumbai 20,000 rupees for applicants in Bangalore, Chennai, Kolkata, Hyderabad, and Pune Rs. 17,500 for applicants living in other cities Number of years in current residence 1 year Number of years of work/occupation 2 years Single applicants: Age: 25 years old (for doctors) and 28 years old (for the self-employed) at 65 years old. Minimum turnover Rs.15 lakh for professionals and Rs.40 lakh for non-professionals according to certified finances Minimum profit after tax Rs.1 lakh for laymen and Rs.2 lakh for freelancers or companies owned by audited finances Commercial stability At least 3 years for doctors and 5 years for professionals in your current business

Documents required for the ICICI Bank personal loan

If you are an employee, here are the documents you must submit for a personal loan from ICICI Bank: Proof of identity: Any PAN identity card, driver's license, passport or voter identification card Proof of residence: passport, current electricity bills, rental or rental contract Payslip for the last 3 months. Account statement for the last 3 months. 2 passport photos Here are the documents required for ICICI Bank personal loans to the self-employed: KYC documents: proof of identity, proof of residency, proof of birth Proof of income: audited annual accounts for the last 2 years Proof of ownership of the office or residence Proof of address Account statements for the last 6 months. Business continuity test.