There are many dreams on which you have to apply a brake because of financial issues. Do you wish to go on a long trip to New Zealand? Want to give the best education to your daughter? Need funds for your sister marriage? Have plans to renovate your dream house? Have a medical emergency in your family and need immediate financial assistance? If you any of these situations apply to you, then I have a good news for you. ICICI Personal loan is there to make you accomplish all your wishes and needs.
ICICI bank is one of the renowned private sector banks in the country which has created a name for itself. The product can be availed by a anyone in the country who is a salaried employee or a self-employed individual. The maximum loan amount for a salaried employee is Rs. 20 Lakhs, for self-employed is Rs. 30 Lakhs and for doctors is Rs. 40 lakhs. You can secure the given amount for a period of one to five years. Gain a better understanding about the product by reading this article.
Check out the eligibility norms for both self-employed and salaried individuals here-
- The applicant should be between the age group of 23 to 58 years. he/she should not exceed the age of 58 years when the loan matures
- The applicant should be a salaried employee earning a monthly income of a minimum of Rs. 17,500. For residents of cities like Mumbai and New Delhi the minimum salary should be Rs. 25,000. Applicants based in Kolkata, Bengaluru, Hyderabad, Pune and Chennai need to earn a monthly income of at least Rs. 20,000
- Working experience of at least two years is mandatory
- The applicant should be living in his current residence for a period of at least one year
- The applicant should be at least 28 years old at the time of application of loan and 65 years old when the tenure expires. For doctors, the minimum age has been kept at 25 years
- A turnover of at least Rs. 40 Lakhs and Rs. 15 Lakhs is required for a non-professional and a professional respectively
- A business stability of five years is important. Doctors have to be employed in their current profession for at least three years
- The minimum profit after tax for self- employed/proprietorship firm and non-professionals should be Rs. 2 Lakhs and Rs. 1 Lakh respectively
- The applicant needs to have a liability or asset relationship for a period of at least one year with the bank in the previous 36 months
Documents required for the loan:
Applicants are required to deposit certain documents to the bank if they desire to secure finance from the bank. Check the list of important documents here-
For Salaried individuals
- Identity Proof:- Driving License /Aadhar card/Passport /Voters ID card/PAN Card
- Two Passport size Photos
- Proof of Address:- Utility Bill (telephone or electricity/)Passport/Leave and License Agreement
- Salary slips of the previous three months.
- Bank Statement of the latest three months in which the applicant’s salary is credited
For Self-employed individuals:
- Identity Proof- PAN card/Aadhar card/Passport/Voter ID card/Driving license
- Proof of Age- School leaving certificate/PAN card/Birth certificate/High school marksheet
- Proof of Address- Electricity bill/ Leave and License Agreement/ Telephone Bill/ Passport
- Bank statement of the latest six months
- Proof of Business continuity
- Proof of Income- Income Tax returns of the previous two years along with Audited balance Sheet and Profit & Loss Account
- Proof of ownership of Office
- Proof of Office Address
Interest Rate and Processing fee:
It is very important to keep in account the interest rates offered by the bank before availing a loan. In case you secure a high interest rate, you will have to pay a higher EMI. The current interest rates for a ICICI Personal loan is 11.59% to 22%. The processing fee levied by the bank is 2.25% of the sanctioned loan amount along with the applicable service taxes.
In case, the applicant wants to prepay his loan, then a prepayment charge of 5% per annum of the outstanding principal is levied along with the service taxes applicable.
ICICI Personal Loan EMI Calculator:
If knowing about the interest rates is important, then having knowledge about the monthly installments is as important. You cannot ignore the EMIs you will have to pay each month. There is no point of availing a loan with high EMIs, which can easily burn a hole in your pocket. You must be thinking how can the installments be calculated, isn’t it? The process of EMI calculation can be confusing and time taking. ICICI Personal loan EMI calculator has been specifically designed to make the entire process easier and hassle free. All you have to do is feed in the details of your loan amount, rate of interest and tenure. And then wait for the magic to begin. You will get instant information relating to your monthly EMI and total interest payable.
Planning to go on holiday to France? Thinking of renovating your home? Need a loan for your wedding? Whatever may be the situation, you can look up to ICICI Personal Loan for fulfilling your wishes. However there is no point of availing a loan without knowing anything about the interest rates.
It is very necessary for you to know about the interest rates since it plays a key role in deciding the amount of EMIs you will pay every month. Incase you don’t know much about ICICI Personal Loan Interest Rates, you need not worry because this article will solve all your queries.
Anybody who meets the eligibility criteria, be it a salaried employee or a self-employed can avail a personal loan from ICICI bank . ICICI Personal Loan Interest Rates lie between the range of 11.59 to 22%. You are also required to pay a processing fee, which is 2.25% of the loan amount you have taken.
Salaried employees and self-employed people can take a maximum personal loan of Rs. 20 Lakh and Rs. 40 Lakh respectively from ICICI Bank. You should keep in mind that you can avail the Personal Loan for a maximum tenure of five years.
It is very important for a loan applicant to carefully look at the current interest rates and then decide because he has to repay the loan amount as well. Many people without thinking twice directly go for availing the loan overlooking the interest rates. This proves detrimental in the long run. Let’s take the help of an example to throw light on this point-
Suppose Abhishek wants a personal loan for his elder sister’s wedding. He approaches ICICI Bank for the same and after checking if he is eligible or not the bank offers him a loan of Rs. 5 lakh. He requires the funds instantly and doesn’t care to check the interest rates. For Abhishek, ICICI Personal Loan Interest Rate is fixed at 16% for a tenure of four years i.e. 48 months.
Now let’s calculate the amount of EMI he has to pay every month. After calculation the monthly EMI turns out to be Rs. 14,171.
But what if he negotiates with ICICI to get same loan amount but at a lower rate of interest. The bank charges him an interest rate of 12% per annum for the same tenure. Now the situation will be quite different. Let’s calculate the monthly EMI which he has to pay under this scenario.
He will now have to shell out a monthly EMI of Rs. 13,167 which is Rs. 1004 less than the previous EMI amount which he had to pay. This means he will save Rs 1004 every month if he manages to avail the loan at a lower interest rate. So it proves the fact that knowing the interest rates is a very important point which must be kept in consideration while availing a loan.
So now that you are well-known about the ICICI Personal Loan Interest Rates you can confidently avail a loan from the bank.
Want to go on an exotic holiday with your friends? Planning to make your home more beautiful by renovating it? Are you in dire need of money for a wedding in your family? If you require quick funds for any of these then ICICI Personal Loan is here to act as your savior.
ICICI one of the largest private sector banks in our country provides a personal loan to interested applicants so that they can meet their personal needs. With its innovative and timely banking services ICICI has gained a cult status amongst banking customers.
The bank provides the personal loan to applicants at an interest rate between 11.59 to 22% per annum. One also has to pay a processing fee up to 2.25% annually of the loan amount taken.
After knowing about the interest rate you now need to know if you are actually eligible for an ICICI Personal Loan. Let’s have a look below to know about ICICI personal loan eligibility.
ICICI Personal Loan Eligibility:
ICICI Personal Loan can be availed by both salaried employees and self-employed people. The loan applicant needs to meet the following requirements in order to fulfill the ICICI personal loan eligibility criteria. Have a proper look at all these points-
For Salaried Employee:
- The applicant should be between the age of 23 to 58 years
- Salaried employees should have a monthly income of at least Rs. 17,500
- Individuals who stay in Delhi and Mumbai should have a monthly income of a minimum of Rs. 25,000
- In case the applicant resides in Hyderabad, Chennai, Kolkata, Bangalore or Pune then he/she needs to earn a monthly income of at least Rs. 20,000
- The applicant needs to have a working experience of at least two years
- The applicant needs to have lived in his current residence for at least one year
- The applicant should be in the age group of 28 to 65 years. In the case of doctors, the minimum age has been set for 25 years.
- Self-employed Professionals need to have a minimum turnover of Rs. 15 Lakh whereas a Self-employed Non-Professional must have a turnover of at least 40 Lakhs.
- Self-employed Individuals or proprietors should have a minimum Profit After Tax (PAT) of Rs. Two Lakhs. Self-employed Non-Professional should post a minimum Profit After Tax (PAT) of Rs. One Lakh.
- Self-employed individuals need to have a business stability of at least five years i.e. they should be in their current business for a minimum of five years. Doctors should be in their profession for a minimum of three years.
- The applicant is required to have a minimum of one-year relationship with the bank. It can be a liability relationship (savings or current account) or an asset relationship (loans) which are either live and existing or were closed in the past 36 months.
A strong CIBIL score of over 750 increases your chances of securing a loan from ICICI. So interested applicants are suggested to always a maintain a healthy CIBIL score.
If you have a good CIBIL score, what are you waiting for? Contact your nearest ICICI Bank and get the perfect deal for ICICI Personal Loan as soon as possible.