Festivals are such times which comes after a long period of eager waiting but overs at a flash. One of our most awaited festivals Diwali came and just went off. A month-long or sometimes longer than that we prepare ourselves to celebrate this festival of light. A long list of shopping, gifting, home decor, buying gold, visiting hometown, and many more come under the Diwali celebration. After all those hustles and bustles finally the festival came and finished very soon. Now, this is the time to get back to the regular daily life.

Needless to say that the all those we did to celebrate Diwali were heavy to our wallets it is the time to tighten your belts. There are still three more weeks to go for the next earnings. Most of us are now living in a cash diet as the extra money we had already drained while celebrating the festival. But at the same time, the uncertainty of life can never be denied. Such situations can arise in the life of any person, at any time when we are in need of some extra fund. The situations like the present when we are lacking our extra money, the circumstances can be worse. The only escape route from those situations is an Instant Personal Loan.

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Availing an online personal loan takes just a few hours. If you apply for an online loan from the renowned lenders like ICICI Bank, the loan processing becomes even much easier and hassle-free. ICICI is one of the most promising banks of India and one can trust this bank for any kind of financial products including personal loans.

Let’s Find the Features of ICICI Personal Loan

Overview

A personal loan from ICICI is a multipurpose loan. It means that one can use such loans for any of the personal use such as funding an urgent travel, bearing the expenses of a marriage, taking a world tour and so on. Another feature of a personal loan from ICICI that this loan product can be availed without any collateral. A collateral-free personal loan is always a safer option for the borrower.

The tenure of an ICICI personal loan starts from 12 months to 60 months. One gets the advantage of prepayment or part payment while availing a personal loan from ICICI Bank. You can apply for a personal loan online too. The mobile application of the bank or the website of the bank provides you with the facility of availing personal loan online. If you own a salary account or a current account in this bank, your loan approval will take just a few minutes.

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The interest rate on a Personal loan from ICICI comes at a fixed interest rate. Throughout the loan tenure, the rate of interest you are to pay on the loan will be constant. The market fluctuations will never to bother you anymore. The maximum loan amount one can avail is Rs. 20 lakhs. But the amount which any particular loan seeker can avail depends on his/her loan eligibility.

The repayment of an ICICI personal loan is as easy as availing it. There are several ways to pay off the same. One can choose for ECS, PDC or auto-debit for automatic repayment of EMI every month. An auto debit loan repayment is taken as the best way to repay the loan. The only thing a borrower needs to do is maintaining the needed balance in the bank account from which the EMI is to be debited. The EMI of the loan will be debited on a fixed date every month till the end of the tenure.

Eligibility

To avail a personal loan from ICICI bank, you are to prove yourself eligible for the loan. The ICICI personal loan eligibility consists of a number of criteria. Here are the eligibility criteria for the same.

  • The age of the applicant must be within 23 years to 58 years.
  • The monthly income of salaried individuals should not be less than Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)
  • The minimum job experience should be 2 years.
  • The applicant must be residing in the present address for at least one year.

How do Lenders Calculate Personal Loan Eligibility?

Fees and Charges

The ICICI bank is ever known for providing the best rate on any kind of loan product including personal loans. One can avail a personal loan from this bank from 10.99% which is the lowest in the present market. The processing fee will be up to 2.25% per annum of loan amount plus GST which is not refundable at any circumstances. If you want to make a prepayment of your personal loan prior to completion of the lock-in period, you are to 5% of the outstanding loan amount along with the applicable GST as pre-closure charges. But if you do the same after coming out of the lock-in period which is 12 EMIs, the prepayment charges will be waived off.

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Documents Needed

This lender demands minimal documents for the loan. The basic KYC documents and the income proof certificates are pretty enough to avail a loan from ICICI bank. Here are the needful documents

  • Signed application form and your latest photograph
  • Processing fee cheque
  • Salaried individuals need to submit their payslips for the last three months
  • Copy of your passport/voter ID card/DL
  • Self-employed individuals need to submit an income proof, which is audited financials for the past two years
  • Salaried people need to submit the last three months’ bank statement of their salary account and self-employed people need to submit their last six months’ bank statement