ICICI bank is one of the largest private sector banks in India. It makes financing available for various purposes. This financial institution offers funds for expenses such as travel, home repair, wedding, medical emergency, and any personal expenses you may have. Monetary support for these purposes can be fulfilled by a personal loan. If you are interested in ICICI personal loan, then you can avail the funds without collateral. The interest rate is between 11.00% and 18.25% and tenure extends up to 5 years. The maximum loan limit is Rs. 20 lakhs.
Below provided are 7 aspects to consider for understanding the ICICI bank personal loan scheme/s.
1. ICICI Bank Personal Loan Eligibility
Below provided are the eligibility criteria for a personal loan at ICICI bank.
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For salaried individuals: The age limit is 23 years to 58 years. Total years in profession/job must be minimum 2 years. Years with current organization/employer must be at least a year. The minimum salary requirement will vary depending on the individual profile and the loan amount needed. Relationship with the bank may play a role in getting lower rates.
However, salaried persons are expected to draw a minimum of Rs. 17,500 monthly. For cities such as Mumbai and Delhi, the probable borrower must draw a minimum of Rs. 25,000 per month, and Rs. 20,000 per months if they reside in Kolkata, Pune, Hyderabad, Bangalore, or Chennai.
For Self-employed Individuals: For doctors, the minimum age requirement is 25 years, whereas it is 28 years for other self-employed individuals. Maximum age limit till loan maturity is 65 years. Doctors must be at least 3 years in business, while other self-employed persons need to be in business for a minimum of 5 years, at the time of personal loan application. To take benefit of existing relationship with ICICI, the person must have at least a year of asset relationship (loan), either closed or live in the past 36 months with a good repayment track, or a liability relationship (savings or current account), for a year.
The person must have at least Rs. 40 lakhs as minimum turnover in a year, if he/she is a non-professional. The minimum turnover of professionals is Rs. 15 lakhs per year, as per audited financials. Minimum profit after tax payment must be Rs. 2 lakh and Rs. 1 lakh for self-employed individuals/proprietorship firm, and non-professionals according to the audited financials, respectively.
If you have taken a loan from ICICI, then you can use the facility of iLoans to get details of the outstanding balance, amortization schedule, interest certificate, account statement, and last 5 transactions. The iLoans is a mobile application, which gives you access to your loan account. To use this application, you must have a handset with GPRS enabled.
ICICI has a feature of flexicash, wherein salaried individuals are provided credit. The interest is charged on daily basis. It is payable every month and added to the due amount. Interest is applied on the withdrawn amount and the tenure of which the amount is used. There are no prepayment charges. Solvency certificated is not applicable. Late payment fee is Rs. 500. Rs. 250 is the charge for every bounced cheque.
There are no cheque representation charges. No charges apply for changing interest rate from fixed to floating. Interest on overdrawn amount is 2 percent above the rate applicable. Renewal fee is between Rs. 500 and Rs. 1500 (old book). Additional 0.50 percent may be charged or Rs. 750, whichever is higher for the new book.
4. Personal Loan for NRIs
ICICI bank even provides personal loan to NRIs. No collateral is required to avail the funds.The maximumm amount that one can borrow is Rs. 10 lakhs. The documentation process is simple and hassle-free. Interest rate per annum, starts at 15.49%. The borrower must be an Indian. The NRI co-applicant must be a close relative or a family member.
5. Interest Rates and Charges
Origination and loan processing charges are non-refundable and up to 2.25 percent of the loan amount. Prepayment charges are 5 percent per annum on the principal outstanding amount. 24% per annum is the additional interest on late payment. Rs. 200 per schedule is the amortisation schedule charges as Rs. 500 per transaction is the repayment mode swap charges. Rs 100 per schedule are the foreclosure/prepayment statement charge.
Rs. 200 is the state of account charges. Rs. 500 per NOC and Rs. 200 per NDC are non due certificate and duplicate no objection certificate charges. Rs. 400 is the EMI bounce charges. Rs. 3000 is the loan cancellation charges. GST is also applicable, wherever mandatory.
6. Balance Transfer Facility
If there is a personal loan balance that you are unable to repay, it is time to think about transferring the existing loan balance from another bank/NBFC to ICICI. The personal loan balance transfer facility comes with interest rate as low as 10.99%.
7. ICICI Personal Loan Insurance
With ICICI Pru Loan Protect Plus Plan, you are a borrower need not worry about the loan burden, given your untimely death. The protection plan provides cover to your family and pays lump sum payment that is at par with the loan amount. This plan enables payment of premiums as per your comfort. You can select the years of premium payment and choose for limited pay or lump sum payment. Income tax benefit is up to Rs. 1.5 lakh per year. This policy offers additional payout in crisis such as disability, major illness, accident, or likes.
By paying attention to the above-given 7 factors of ICICI personal loans, you can now take an informed decision before availing the finance.
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