Overview
A personal loan is an amazing loan that empowers you to use it for multiple reasons.
Whether it is for medical expenses, wedding shopping, foreign travel, study abroad, home renovation, or short-term cash requirements, a personal loan meets your requirements.
The unsecured loan saves you from many hassles. You do not have to run behind your friends or family. Sounds great. That is the essence of a personal loan.
Benefits of personal loan
- Debt consolidation
- Paying credit card bills
- Buying a home
- Medical emergency
- Wedding purpose
Which loan will provide you numerous benefits similar to a personal loan. Perhaps that is the reason, it is one of the most sought-after loans among the loan seekers. A personal loan is something that you have been waiting for to rescue you from various problems. It is not over yet, in comparison to other loans, it requires less documentation. As a result, it is one of the most sought-after loan plans. People cutting across social sections of the society, prefer personal loan as it requires less documentation. At the same time, it is easy to apply for a personal loan.
Interest Rates
| Type of credit facility | Interest Rate and Charges Applicable |
|---|---|
| Personal Loan Interest Rates | 10.50% to 19% per annum |
| Loan Processing Charges / Origination Charges (Non-Refundable) | Up to 2.50% of loan amount plus GST |
| Prepayment Charges | 5% on principal outstanding plus GST (for salaried customers) Nil, if loan is closed using own funds (MSME classified customers) |
| Additional Interest on late payment | 24% per annum |
| Repayment Mode Swap Charges | Rs.500/- per transaction plus GST |
| Loan Cancellation Charges | Rs.3000/- plus GST |
| EMI Bounce Charges | Rs.400/- per bounce plus GST |
Eligibility Criteria for Salaried
| Criteria* | Salaried |
|---|---|
| Age | 23 years – 58 years. |
| Net Salary** | Salaried individuals with minimum monthly income Rs.20,000 |
| Total years in job/profession | 2 Years |
| Years in current residence | 1 Year |
Eligibility Criteria for Self Employed
| Criteria* | Self Employed |
|---|---|
| Age | 28 years (self employed individuals) and 25 years (for doctors); Maximum age – 65 years |
| Minimum Turnover | Rs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials |
| Minimum Profit After Tax | Rs. 2 lac for Proprietorship Firm/Self employed Individuals and Rs. 1 lac for non-professionals as per audited financials |
| Business Stability | In current business for at least 5 years and minimum 3 years for doctors |
| Existing relationship with ICICI Bank | Minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required |
Documents For Salaried
- Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
- Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
- Latest 3 months Bank Statement (where salary/income is credited).
- Salary slips for last 3 months.
- 2 Passport Size photographs.
Documents For Self-Employed
- KYC Documents : Proof of Identity; Address proof; DOB proof.
- Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
- Income proof (audited financials for the last two years).
- Latest 6 months Bank statement.
- Office address proof.
- Proof of residence or office ownership.
- Proof of continuity of business.
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