ICICI Personal Loan

ICICI Personal Loan

It is an Indian Financial Institution which was promoted by 1994 by ICICI Limited and was its wholly-owned company. It is India’s largest private sector bank with total consolidated assets of Rs. 11,242.81 billion at March 31, 2018, and profit after tax of Rs. 67.77 billion for the year ended March 31, 2018. It currently has a network of 4,874 Branches and 14,367 ATMs across India.

People won’t understand your condition, with all those financial issues you have been going through, the compromises you have been doing, no one can relate it. But we can that’s why we are here with the solution that is ICICI Personal Loan.

It is a multipurpose and an unsecured loan whose interest rate  starts with 10.75% per annum varied accordingly. All you need is to match the bank criteria and you can avail the loan within 24 hours.

ICICI Bank Personal Loan Eligibility Criteria

 It varies according to the payback capabilities, pay slip and credit score etc including given criteria under two categories:-

Self Employed Applicant

  1. Firstly, the age of an individual must be 25 years.
  2. Secondly, an individual applying for a Personal Loan should file Income Tax Return for the last three years.
  3. Besides this, a credit score of an individual should be up to the mark that is 650 and above.
  4. Moreover, the minimum amount should be of Rs 2.5 lakhs per annum at least.
  5. In addition to this, if a person is a businessman than his business should be running from last three years.
  6. Lastly, an individual has to submit his financials and his bank statement for the previous three months.

Salaried Applicant

  1. Firstly, the minimum age should be 21 years and maximum of up to 60 years.
  2. Secondly, an individual from the metropolitan city should possess a minimum income of Rs 18,000, and for an individual who is living in non-metropolitan city, the minimum salary should be Rs 12,000.
  3. Moreover, an individual must have three years of work experience, and the salary should be received in their account only.
  4. Besides this, an individual applying for the Personal Loan must have a good credit history.
  5. Lastly, a person has to submit his bank statement for the last three months and salary slip of the previous six months.

ICICI Personal Loan EMI Calculator

Equated Monthly Instalment, is the amount that a loan borrower has to pay throughout the loan tenure to repay the personal loan amount. Each EMI repays a part of the due amount, i.e., the principal and the interest due on the loan amount. Personal Loan EMI is the monthly repayment that borrower needs to make to repay the loan according to the personal loan amortisation schedule. The tool that you can use to determine your EMI payout is the ICICI Personal Loan EMI Calculator.

You can calculate EMI on your own by the formula mentioned below:-
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

 ICICI Bank Personal loan Advantages

  1. Availability of flexible repayment options.
  2. It has a fast approval system with hassle-free process.
  3. Minimal paperwork is required.
  4. No guarantor is required.
  5. Transfer of existing loan is possible.
  6. Disbursal of Loan is available within 72 hours after the submission.
  7. Part prepayment facility is available.
  8. Lucrative interest rate.
  9. Variety of usage.
  10. It helps in creating emergency funds.

ICICI Personal Loan Documentation

Photo identity proof includes any of these (Pan Card / Passport/ Aadhaar Card / Voter Identity Card / Driving License.

Address Proof includes any one of these (Passport / Ration Card / Driving License/ Bank Account Statement / Aadhaar Card / Telephone Bill Sale Deed/ Electricity Bill / Property purchase agreement (for owned properties).

Income Proof includes:-

For Salaried Individuals: Last three months/Six months’ bank statement (dependent on the scheme) Showing Salary Credits /Latest Salary Slip.

For Self-Employed Individuals: Two years of Income Tax Return/P&L / and Balance Sheet for the last two years/Last Six Months’ Bank Statement.

Business Proof includes:-For Self Employed Individuals: Qualification Certificate/ Certificate of Practice, Shop Act License/ Memorandum Of Association & Article Of Association/ Sales Tax/ VAT Registration/ Partnership Deed.

ICICI Personal Loan Interest Rate

For Self Employed:

  1. An individual business must be in existence for a minimum period of 3 years.
  2. The company’s Profit After Tax for the last two years should be positive.
  3. Minimum Age of an individual should be 28 years, and the maximum Age should be 68 years, at the time of loan maturity.

For Salaried Individuals:

  1. The minimum age of an individual must be 23 years, and the maximum Age should be 58 years, at the time of loan maturity.

ICICI Bank Personal Loan Tenure

The tenure of the Personal Loan is 1 to 5 years.

Why your decision of choosing Bestloandeal is the right decision?

  1.  Firstly, our assistance is free of cost.
  2.  Secondly, the approval process is time-saving if you apply through Bestloandeal.
  3. Furthermore, you can avail our services 24/7.
  4.  Moreover, the Loan gets disbursed within 24 hours.
  5. Our relationship manager will assist you and will help you to avail the right offer.

How to apply for ICICI Bank Personal Loan?

  1. Visit www.bestloandeal.in
  2. After that, you have to fill the personal loan form, and our expert relationship managers will contact you.
  3. Furthermore, we will tell you regarding details of the Personal Loan, where you can choose your preferred city.
  4. Lastly, we will provide you our assistance until the end of the process, until you are not satisfied.