ICICI Bank Personal Loan Features and Benefits

ICICI Bank Personal Loan can assist you to fulfil a variety of financial needs during a crisis. It’s a form of debt that can be utilised to cover wedding expenses, unexpected expenses, or to fund a dream vacation or home renovation.

You can take up a Personal Loan of up to Rs 25 lakh to satisfy your own needs. ICICI personal loan rapid authorization. Furthermore, with the Insta Personal Lending or pre-approved loan services, you can get funds in as little as 3 seconds. This function is only available to ICICI bank customers who have already established a relationship with the company.

The foregoing are the fees and costs for an ICICI personal loan

• Personal loans from ICICI bank have annual interest rates ranging from 10.5 percent to 19 percent. There may be non-refundable loan registration and transaction fees, as well as GST.
• Second, if you are a salaried borrower and want to pay off the remainder of your loan, ICICI bank will give you a Prepayment Charge of 5% + GST on the remaining principle.
• There are no fees if you return the loan with your own money.
• A 24-percentage-point yearly interest charge is applied to late payments.
• In terms of Repayment Method Interchange fees, each transaction costs INR 500 + GST.
• For the loan termination EMI, there is a cost of INR 3000/- plus GST.A cost of INR 400 with GST will be charged for each bounce.

ICICI Bank Personal Loans

Taking out a personal loan from ICICI has various advantages:

• After your approval is obtained, the cash is deposited into your account three seconds later. This service is known as Insta Personal Loan.
• ICICI Bank has the option of choosing the loan period. You can apply for a loan with a term ranging from one to six years.
• The online services of ICICI Bank ensure that you may keep track of the current status of your application and get any assistance you require at any time.
• There seems to be a little amount of paperwork that has to be performed.
• The interest rates are set for the duration of the loan and will not change.
• You do not need to submit any kind of collateral or security because it is an unsecured loan.

Final Thoughts

By coming to the bank with the necessary papers, you can arrange for a personal loan from ICICI Bank. If you are an existing ICICI bank customer, you can fill out the application form on the imobile application or go to the bank’s website to get a quick loan approval.

Based on whether you are a current and future customer, the time it takes for your application to be approved varies. Your personal loan application will almost probably be accepted right away if you already have an ICICI Bank bank account, credit card, or other type of debt. Based on your previous experience with the bank, you will be offered affordable ICICI bank personal loan interest rate. All you have to do to receive the best personal loan is be cautious and focus on your personal loan qualifying criteria. When applying for a personal loan, your CIBIL score is the most important criterion to consider. To apply for a low-interest ICICI personal loan, focus on improving and maintaining your CIBIL score.

If you’re a good suitor, the bank may ask for personal and contact information so that it can contact you. After all of the credentials have been verified, your application will be examined for approval. It may take up to 3 to 5 days for your approval to be processed once it has been granted.