personal loan

What is ICICI Personal Loan Interest Rate at present

Finance

2018 is just one weekend away and like others, you also want to spend the New Year’s Eve in London or Singapore or any other international destination. Isn’t it? Just in case you are falling short of savings, you have the option to apply for a personal loan at ICICI Bank.

The interest rate offered by the bank is the lowest of all times that is 10.99% per annum. The instant approval and easy documentation facility is also an advantage.

Features of ICICI Personal Loan

  • You can get the interest rate as low as 10.99% p.a
  • The loan tenure is up to 5 years
  • The maximum loan amount is ₹40 lakhs
  • Get the money for any personal or professional need under this multi-purpose loan
  • There is no need to provide any security for this loan so it is an unsecured personal loan

Eligibility Criteria

At ICICI Bank, a personal loan is given based on the eligibility criterion set by the bank. This criterion is subject to change from one profession to another.

For Salaried:

  • The age of the applicant should be between 23-58 years
  • The applicant’s minimum net monthly income should  be ₹17,500/-
  • The minimum work experience required for this loan is 2 years with 1 year of experience at the current organization

For Self-employed:

  • The age of the applicant should be between 28-65 years
  • The applicant’s minimum net annual income should  be more than ₹15 lakhs
  • The minimum work experience required for this loan is 5 years

Documents Required

The documentation required for ICICI personal loan is as follows:

For Salaried:

  • Identity Proof: Passport/Driving License/Voters ID Card/PAN Card/Aadhar Card
  • Residence Proof: Leave and License Agreement/Utility Bill (not more than 3 months old)/Passport/Aadhaar Card
  • Last 3 months bank statement with the details of salary credited
  • Last 3 months salary slip
  • 2 passport size photos

For Self-employed:

  • Identity Proof: Passport/Driving License/Voters ID Card/PAN Card/Aadhar Card
  • Residence Proof: Leave and License Agreement/Utility Bill (not more than 3 months old)/Passport/Aadhaar Card
  • Date of Birth proof
  • Income proof (audited financial for the last 2 years)
  • Last 6 months bank statements
  • Office address proof
  • Proof of residence or office ownership
  • Proof of continuity of business
  • 2 passport size photos

ICICI Personal Loan Interest Rate

ICICI Bank calculates the final interest rate on the basis of MCLR and Base Rate. Presently, the rates are one of the lowest personal loan interest rates in India with the rates from 10.99% per annum onwards.

ICICI Bank personal loan EMI calculator

There is no doubt that an ICICI Bank personal loan EMI calculator is a time-saving tool. You can check your future payments in advance and prepare yourself accordingly. This is not only going to make smooth payments but also make the right choice when it comes to choosing the right tenure. You just have to mention the loan amount, interest rate and tenure in the calculator. For example, if you are taking a personal loan with the following details:

  • Loan amount- ₹2,00,000
  • Interest rate- 10.99% p.a.
  • Tenure-  5 years

The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:

EMI- ₹4,347

Total Interest Outgo- ₹60,849

Total Amount- ₹2,60,849

How much CIBIL score is required to get a lower rate?

If you have a good CIBIl score, you are most likely to get a desirable rate of interest. The rate however is dependent on your repayment capacity and the loan amount. For instance, if you have a good CIBIL or credit score and you want to take a small loan amount of  ₹2 lakhs, you can expect the bank to give you a lower rate. CIBIL score is the track record of the past payments made by you which makes the bank consider your application. ICICI Bank or any other bank would generally ask for the CIBIL score above 750 but even if you do not have it, you can apply for the loan.

How can you apply for a personal loan online?

Online platforms such as might prove to be the best choice you ever make. You can apply for a personal loan at any banks including top banks such as ICICI Bank, HDFC Bank, Bajaj Finserv, SBI, Standard Chartered Bank and others. The experts here make sure you get the lowest possible rate as per your eligibility and the documentation facility is also simple. You can save a lot of time here as there is also an option to compare different rates and then choose the best suitable option.

Srishti Singh is a professional financial writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers understand the product and be aware of their financial decisions.

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