How To Apply For ICICI Bank Personal Loan

ICICI Bank Personal Loan

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ICICI Bank Limited is an Indian Private bank. It offers a wide range of banking products and financial services. In this post we are going to discuss about ICICI Bank Personal loan. The procedure to apply for Personal loan and the eligibility criteria’s.

NameICICI Bank Limited[1]
TypePrivate Development Finance Institution
HeadquartersMumbai, Maharashtra, India
Founded5 January 1994
IndustryFinancial services
ICICI Bank Personal Loan

What do you mean by Personal Loan?

Personal loan is an unsecured loan that cares to all your financial needs such as travel, home renovation, applying online courses, medical emergency, wedding etc. Personal loan does not require collateral or security and is offered with minimal documentation.

What are the Benefits and features of a Personal loan?

There are various benefits of personal loan. Some of the top benefits of personal loan are:

  • Instant Approval
  • No Restriction on Fund Usage
  • No need for a Collateral 
  • Flexible tenure
  • Online Services
  • Versatility
  • Minimum Documentation and Easy to Avail
  • Fixed Interest

Also Read: FHA Vs VA loan

How to apply for an ICICI Bank Personal loan?

ICICI Bank offers Personal loan to salaried individual. To apply for a Personal loan, you must possess the following Personal Loan eligibility criteria:

  • Over 21 years old and a resident of India
  • Salaried individual, having a regular monthly income
  • Having a good bureau score
  • Having a Savings Account with any of the banks in India
  • Total 2 years in job/profession

Online Application process

To apply for a personal loan, you must follow the following steps. Here is the application process:

  • Apply Online from ICICI Bank website
  • Fill and submit your Personal Loan application and check your eligibility
  • Select Loan amount and tenure, as per your requirement
  • Check your Personal Loan approval status
  • Personal Loan for approved application, will be disbursed in your savings account

What are the documents required?

List of documents required are:

  • Proof of Identity: Passport/Driving License/Voters ID/PAN Card
  • Proof of Residence: Leave and License Agreement/Utility Bill (not more than 3 months old)/Passport
  • Latest 3 months Bank Statement (where salary/income is credited)
  • Salary slips for last 3 months
  • 2 Passport size photographs

1. Can I foreclose or prepay my Personal loan?

Ans: Yes, you can foreclose or prepay your Personal loan after the payment of at least one EMI. However charges and taxes will be applicable for foreclosing a personal loan.

2. What is the procedure to prepay my Personal loan?

Ans: To prepay your personal loan please visit your nearest ICICI Bank Asset Servicing Branch. Carry the following documents with you to complete the process:

  • Request Letter signed by the loan applicant
  • PAN Card
  • Payment can be made through cash, cheque or demand draft

3. What is the maximum amount of personal loan in ICICI Bank?

Ans: The maximum personal loan amount in ICICI Bank that a person can avail is Rs 30 Lakh.

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