ICICI Personal Loan can assist you fulfill a variety of financial needs in an emergency. It’s an unsecure loan that can be used to cover wedding costs, medical emergencies, or to fund a dream vacation or home renovation.
To suit your own needs, you can take out an ICICI Personal Loan of up to Rs 25 lakh at any time. ICICI Personal Loans have a fast approval process and a simple borrowing process. With the Insta Personal Lending or pre-approve loan services, you can get money in as little as 3 seconds. This function is only available to ICICI bank customers who have already establish a relationship with the bank.
Benefits and Features of an ICICI Personal Loan
A Personal Loan from ICICI has a number of advantages, including:
- After your application is approved, the money is credited to your account in three seconds. This service is known as Insta Personal Loan.
- With ICICI Bank, you have the choice of choosing your loan term. You can apply for a loan with a period ranging from one to six years.
- The online services provide by ICICI Bank allow you to keep track of the status of your application and get any assistance you require at any time.
- There is simply a little paperwork that must be complete.
- The interest rate is fix and will not change over the loan’s length.
- You are not requir toe submit any type of collateral or security because it is an unsecured loan.
Eligibility Criteria for ICICI Bank Personal Loans
Salaried Individuals
- The participants range in age from 23 to 58 years old.
- Individuals earning Rs.30,000 or more per month (net salary).
- A minimum of two years’ experience in the job/profession is required.
- 1 calendar year spent at your present address
Self-Employed Individuals
- Doctors must be at least 25 years old and self-employed people must be at least 28 years old.
- Non-professionals must have a minimum turnover of Rs. 40 lakh, whereas professionals must have a minimum turnover of Rs. 15 lakh, according to audited financials.
- The minimum profit after tax for proprietorship firms/self-employed persons must be Rs. 2 lac and for non-professionals it must be Rs. 1 lac.
- Stability For at least 5 years in the current industry, and at least 3 years for doctors.
- Existing ICICI Bank relationship – As the repayment track is necessary, a least one-year liability relationship (current or savings account) or asset relationship (loan) should have existed in the previous 36 months, either live or closed.
Final Thoughts
Whether you are a current or new customer, the time it takes for your application to be approve varies. If you already have an ICICI Bank savings account, credit card, or other kind of credit, your personal loan application is quite likely to be accept right away. According to your existing relationship with the bank, you will also receive fair ICICI bank personal loan interest rate. You just need to take care and focus on your personal loan eligibility criteria so that you can obtain the best personal loan. For obtaining a personal loan, the most important thing to be consider is your CIBIL score. Focus on building and maintaining a good CIBIL score and you can get a ICICI personal loan with best interest rates.
If you’re a new customer, you could be ask to give personal and contact information so that bank management can get in touch with you. After all of the documents have been verifiy, your application will be examine for approval. It could take up to 3 to 5 days for your application to be process once it gets approve.
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