Personal Loans

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    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 facilityInterest Rate and Charges Applicable
    Personal Loan Interest Rates10.50% to 19% per annum
    Loan Processing Charges / Origination Charges (Non-Refundable)Up to 2.50% of loan amount plus GST
    Prepayment Charges5% on principal outstanding plus GST (for salaried customers)
    Nil, if loan is closed using own funds (MSME classified customers)
    Additional Interest on late payment24% per annum
    Repayment Mode Swap ChargesRs.500/- per transaction plus GST
    Loan Cancellation ChargesRs.3000/- plus GST
    EMI Bounce ChargesRs.400/- per bounce plus GST

    Eligibility Criteria for Salaried

    Age23 years – 58 years.
    Net Salary**Salaried individuals with minimum monthly income Rs.20,000
    Total years in job/profession2 Years
    Years in current residence1 Year

    Eligibility Criteria for Self Employed

    Criteria*Self Employed
    Age28 years (self employed individuals) and 25 years (for doctors); Maximum age – 65 years
    Minimum TurnoverRs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials
    Minimum Profit After TaxRs. 2 lac for Proprietorship Firm/Self employed Individuals and Rs. 1 lac for non-professionals as per audited financials
    Business StabilityIn current business for at least 5 years and minimum 3 years for doctors
    Existing relationship with ICICI BankMinimum 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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