ICICI Personal Loan Details

ICICI Personal LoanA personal loan is a convenient tool to tide over short-term financial exigencies like unexpected medical bills, school fees, house rents, etc.

ICICI Bank is one of the leading private-sector banks in India. The bank offers personal loans in its product range. It has established simple procedures to get a personal loan. It offers personal loans from Rs.50,000 to Rs.10lakhs. These loans are offered without the need for any collateral or security.

You can apply for an ICICI Bank personal loan either by visiting any branch of the bank, by calling the customer care centre or by visiting www.icicibank.com on the internet. The bank will scrutinize the application and check whether all the criteria are met. Your loan will be sanctioned once the bank ascertains that you meet the eligibility criteria. The bank ensures that the application is processed in the shortest possible time and you get your loan amount when you actually need it.

Eligibility Criteria

Before applying for the ICICI Bank personal loan, it is advisable to check if you meet the eligibility criteria.

The following are the requirements to be met in order to get a personal loan:

  • Your age should be between 23 and 58 years
  • Your monthly income should be a minimum Rs.20,000
  • You should have been in your present job for at least two years
  • You should have been in your present residence for a year

Being an existing customer of ICICI Bank would be an added advantage in getting a loan sanctioned.

Documents Required

  • Only a few documents as given below are required to apply for the loan.
  • Identity proof – passport, pan card, driver’s license, etc. (any one of these would suffice)
  • Proof of residence
  • Salary slips of the last two months
  • Bank statements of the last three months

The loan is sanctioned once the bank ascertains that you meet the eligibility criteria and that the documents submitted by you are in order. The loan amount is then transferred to your account with ICICI Bank.


You can repay your personal loan through equated monthly instalment or EMI. EMI is calculated taking into consideration the loan amount, the interest and the loan duration. You can use the EMI calculator to find out the amount to be repaid every month. The EMI is calculated for the fixed-interest-rate option where the interest rate is fixed and remains the same throughout the loan duration. You should only apply for a loan amount for which you will be able to make your EMI repayments comfortably.

The EMI can be paid by issuing post-dated cheques in favour of ICICI Bank. If you have an account with the bank, you can give standing instruction to the bank to debit the amount from your account.

Loan Prepayment

ICICI bank allows you to prepay your entire loan after 180 days of availing the loan. The bank charges a prepayment fee of 5% of principal or interest outstanding, whichever is lower, for the unexpired period of the loan. The bank does not accept part-prepayment.

A personal loan from the ICICI bank will help you to tide over your financial problems without making you undergo much hassle.

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