What Things Should You Know About ICICI Bank Personal Loan?

When you are looking for a Personal Loan to fulfil the financial requirement, choosing a good lender should be top of the list. And ICICI Bank personal loan is undoubtedly the kind of lender you would go with it.  

However, before applying, it is important the details. Such as what is the loan amount it is offering, the interest rate, and other things? Then you could take a firm decision whether to apply for it or not.  

ICICI Bank Personal Loan 

ICICI Bank Personal Loan has easy to meet eligibility criteria with the hassle-free applying process. Moreover, it does not require collateral to apply. 

• The loan amount is accessible up to Rs 20 lakhs.  
• The interest rate is from 10.50% onwards.  
• The loan tenure for the loan is from 1 year to 5 years.  
• The loan processing fee is up to 2.25% of the loan amount.  
• The late payment charge is Rs 500 per transaction.  
• The loan prepayment charge is 5% P.A of the principal outstanding loan amount.  
• The repayment mode swap fee is Rs 500 per transaction.  
• The Amortisation schedule charge for the loan is Rs 200 per schedule.  
• The foreclosure statement charge is Rs 100 per schedule. 
• The statement of account charge for the loan is Rs 200 per schedule.  
• The EMI Bounce charge is RS400 per bounce plus service tax. 
• For loan cancellation, the charge is Rs 3,000.  
• The loan duplication no objection certificate charge is Rs 500 per NOC.  

ICICI Bank Personal Loan EMI Calculator  

An EMI Calculator tells us three things, the monthly EMI, Total interest payable and the total payment. The ICICI Bank Personal Loan EMI Calculator exactly helps us to find those things. Open the calculator; enter the loan amount, interest rate and tenure.  

The calculator will automatically calculate it, showing the result. You can tweak the inputs to find out what will suit you.  

The Eligibility Criteria for ICICI Bank Personal Loan 

• The borrower should be a salaried person or self-employed professional. 
• The age criteria are between 23 and 58 years. 
• For self-employed, the age requirement is from 28 years to 65 years. 
• The net salary should be at least Rs 17,500 per month. For Delhi and Mumbai, the requirement is Rs 25,000 per month. For other metro cities, it is Rs 20,000 per month.  
• The work experience required is 2 years.  
• The person should be living in the current residence for at least 1 year.  
• The minimum business turnover should be at least Rs 15 lakhs.  
• The business should be up and running for at least 3 years.  

** To make sure you qualify before qualifying, use the ICICI Bank Personal Loan Eligibility Calculator. It needs basic info to tell whether you are eligible for the loan or not.  

 

Documents Requirement for ICICI Bank Personal Loan?  

ICICI Bank personal loan will require these documents to apply.  

• Identity Proof - Passport, Voter ID card, Aadhar card, Driving license 
• Address Proof - Rent agreement, Utility bill, Rent agreement, Telephone bill, Postpaid bill 
• Bank statement for the previous three months 
• Passport size photographs 
• Office address proof 
• Business continuity proof 

How to Apply?  

To apply for ICICI Bank personal loan easily, head to Afinoz.com. It is an online platform where you receive offers upon signing up. From there, the representative will make sure you get the best offers.  

Conclusion 

ICICI Bank personal loan comes with an affordable interest rate needing minimal documentation. In addition, the repayment structure is easy to handle. Overall, it is a great deal you have with the ICICI.  

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