ICICI Personal Loan comes in handy when you need lump sum money. To borrow this loan, you won’t be needing any collateral as this is an unsecured loan. So, you better have a good repayment record and a strong flow of income. Because based on such factors, the bank offers you the loan amount. ICICI Bank offers a maximum personal loan of INR 50 Lakh. The loan comes at an attractive interest rate, supported by an easy documentation process. So, read this article further and know all the features of ICICI Personal Loan in detail.
Key Features of ICICI Personal Loan
You’ll come across the following features when you visit the ICICI Personal Loan page –
High Loan Amount for Urgent Financial Need
ICICI Bank allows you to borrow from INR 50,000 to INR 50 Lakh. And this much amount can be used for home renovation, travel, higher education overseas, marriage, etc. And your eligibility for ICICI Personal Loan will be determined based on your income and repayment track record. Why? Because using such information the bank assesses your capability of repaying the loan.
Long Tenure for Easy Repayment
You’ll get a repayment tenure of up to six years which is more than the time offered by several other banks. You may ask – What is the benefit of longer tenure? The benefit is that you can fit the loan EMIs within your budget and can repay them comfortably, helping you avoid potential loan default and the disgrace it brings to you. And there are no restrictions on the ICICI Personal Loan Tenure, so choose the one you’re comfortable with. And if you want to shorten the tenure during the loan term, do prepayment in that case. Because when you do prepayment, the outstanding balance reduces so does the tenure and interest component.
Affordable EMIs for Customers
Do you know why ICICI Personal Loan is the preferred choice? Well, it is because of its lowest EMI. ICICI Bank offers an EMI of INR 1,878 for a one Lakh personal loan wherein the repayment period is six years. Using the ICICI Personal Loan EMI Calculator, you can find the EMI amount that will fit your budget. The tool is accessible to all customers.
What Benefit Do I Get if I am an Existing Customer?
ICICI customers will get pre-approved loan offers. And what are its benefits? Well, you’ll get your loan disbursed in your account in just three seconds. You don’t have to submit any documents. And there will already be a loan offer. To check your eligibility for a pre-approved ICICI Personal Loan, visit the bank website and log in to your account.
Which Documents Will I be Needing When I Don’t Have a Pre-approved Loan?
In that case, you need to submit the below-mentioned documents –
Identity Proof – For this, you can use your passport, driving license, voters ID or PAN card. Make sure the entered details and the ID proof details match.
Residence Proof – ICICI Bank wants to authenticate your address so that it can send documents related to your loan to the correct address. For this, you need to submit a leave and license agreement, the latest utility bill or a passport copy.
Income Proof – The bank needs to cross-check the income details that you have mentioned in the application form. So, to prove the same, you need to submit the latest three months’ bank statement (in which your salary gets credited) or the latest three months’ salary slips.
You need to send the above documents to the ICICI Bank branch office along with the duly filled application form and two passport size photographs. Also you can check ICICI Bank personal loan interest rate on the Bank website.
Note – In the case of an online application, the documents soft copy should be uploaded, so the details can be verified.