All about ICICI Personal Loan


ICICI Personal Loan
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An ICICI Bank Personal Loan could help you fulfill a variety of budgetary needs during a crisis. It’s an unsecured loan that can be used to fund a dream vacation or home renovation, as well as to cover wedding costs and unanticipated expenses.

You can take out an ICICI Personal Loan of up to Rs 25 lakh to satisfy your own demands. ICICI Bank offers personal loans that are simple to apply for and approve quickly. Furthermore, with Insta Personal Loan or pre-approved lending services, you can get funds in as short as 3 seconds. This function is only available to ICICI bank customers who have already established a relationship with the bank.

Rates and Fees for ICICI Personal Loans

  • Personal loans from ICICI bank have yearly interest rates ranging from 10.5 percent to 19 percent. There may be non-refundable loan application and transaction costs, as well as GST.
  • 2.25 percent of the loan amount plus GST is charged in loan processing fees.
  • Second, if you are a salaried customer and want to pay off the remaining balance on your loan, ICICI Bank would charge you a Prepayment Charge of 5% + GST on the outstanding principle.
  • There are no fees if you repay the loan with your own funds.
  • The ICICI personal loan can be paid back over a 60-month period.
  • A 24-percentage-point yearly interest charge is applied to deferred payments.
  • In terms of Repayment Method Swap fees, each transaction costs INR 500 + GST.
  • For the loan cancellation EMI, there is a fee of INR 3000/- plus GST. A fee of INR 400 with GST will be charged for each bounce.
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Benefits of an ICICI Personal Loan

  • There are several financial advantages to taking out a personal loan from ICICI:
  • The money is transferred to your wallet three seconds after you provide your approval. 
  • ICICI Bank has the option of choosing the loan period. You can apply for a loan with a period ranging from one to six years.
  • The online banking services of ICICI Bank Make sure you maintain track of your appeal’s progress and that you receive any essential assistance as soon as possible.
  • Only a minimal amount of paperwork needs to be finished.
  • The interest rate will remain constant during the term of the loan.
  • You do not need to offer any collateral because it is an unsecured loan.

Final Thoughts

By providing the relevant documents to ICICI Bank, you can apply for a personal loan. If you are an existing ICICI bank customer, you can apply for a quick loan by completing the online application or visiting the bank’s website.

Depending on whether you are an existing or future customer, the time it takes to submit your claim varies. If you have an ICICI Bank savings account, a credit card, or any other type of debt, your personal loan application will almost probably be accepted immediately. Based on your previous bank experience, you will be offered a low-interest ICICI personal loan interest rate.

All you have to do to receive the best personal loan is pay attention and focus on your personal loan eligibility requirements. When applying for a personal loan, your CIBIL score is the most important criterion to consider. To qualify for the lowest ICICI bank personal loan interest rates, focus on improving and maintaining your CIBIL score.

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If you’re a new customer, the bank may need your personal and contact information to contact you. After all of the paperwork has been verified, your application will be considered for approval. It may take up to 3 to 5 days for your application to be processed after it has been approved.

 

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Ashish jha

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