Personal loans are loans that can cover a number of personal expenses.
A personal loan is an amount of money you can borrow to use for a variety of purposes. For instance, you may use a personal loan to consolidate debt, pay for home renovations, or plan a dream wedding. Personal loans can be offered by banks, credit unions, or online lenders. The money you borrow must be repaid over time, typically with interest. Some lenders may also charge fees for personal loans.
A personal loan is a loan that does not require collateral or security and is offered with minimal documentation. You can use the funds from this loan for any legitimate financial need. Like any other loan, you must repay it accordance to the agreed terms with the bank. Normally this can include a few months to a few years in easy equated monthly instalments.
FAQ
Yes, you can prepay or foreclose your Personal Loan after the payment of at least one EMI. However, charges (and taxes) will be applicable for foreclosing a personal loan. No part prepayment is allowed. For prepayment of your Personal Loan, please visit the nearest ICICI Bank branch. We request you to carry the following documents to complete the process: Request letter signed by the loan applicant PAN Card (if the mode of payment is cash and the amount is more than Rs 50,000) Payment can be made through cash, cheque or demand draft.
“I hereby represent, warrant and confirm that the loan has been taken for a valid purpose and is not speculative or illegal in any manner. I also declare that the funds under the facility will not be used towards purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold exchange funds (ETF) and units of gold, mutual funds etc. The facility either in part or full will not be used for investment in capital market, land acquisition, acquiring equity shares of Indian Company/ies, buyback of shares of Indian compaies, funding of promoters contribution in the project or any other purpose, which is prohibited or any illegal activity. I further agree, confirm and undertake that the purpose of use of funds under the loan shall not be changed in any manner during the loan, or that such change in purpose shall take place only with prior written permission of Bank. I agree that any breach or default in complying with all or any of the aforesaid undertaking(s) will constitute and event of default under the facility documents.”
The loan can be repaid over a period of 12 to 60 months
We offer Top-up facility if you have paid 6 Equated Monthly Instalments (EMIs) on the existing Personal Loan. You can make a request for Top up on existing Personal Loan through the following modes:
Based on your kind of business and your relationship with Bank, the final loan amount is decided.
Yes. You can pre-close or pre-pay your Business Instalment Loan (BIL) by paying the applicable pre-closure charges after payment of one Equated Monthly Instalment (EMI).
We offer Balance Transfer Facility if you have paid 12 EMI. Please contact your nearest branch or our call center for further details.
Doctor: 60 Months Professional (CA, CS, CWA and Architect): 48 Months Other: 36 Months
EMI is short form “Equated Monthly Instalment” or the Amount that is payable per month if you take a personal loan of a certain amount for a certain period. The calculation of EMI depends on 3 main factors: Personal Loan Amount – The Rupee value of the loan that you take Personal Loan Interest Rate – The interest rate that the bank will charge for the Personal Loan Tenure of Personal Loan – The period for which you take the Personal Loan
The documents required are KYC Documents Income Documentation.
For prepayment of your Personal Loan, please visit the nearest Bank Asset Servicing Branch. We request you to carry the following documents to complete the process: Request Letter signed by the loan applicant PAN Card (if the mode of payment is cash and the amount is more than Rs 50,000) Payment can be made through cash, cheque or demand draft.
Yes. We offer Personal Loan for business purpose, to self-employed individuals as well. To apply for Business Loan, please visit the nearest Bank branch along with your valid ID proof.
There are 7 types of BIL Programme BIL Audited Financial BIL Doctor BIL Banking Surrogate BIL ITR BIL Professional Program: CA, CS, CWA, Architect BIL Home Loan Surrogate BIL Auto Loan Surrogate
Proprietorship Firm/ Self-employed Individual: Son, Daughter Partnership Firm/ LLP: Partners with at least 51% Stake to be taken co-applicant Private Ltd Company: Director(s) with at least 51% stake to be taken co-applicant Public Ltd Company: One director to be taken co-applicant
You may update your mailing address, mobile number or e-mail ID with below: At any Bank branch: Visit any Bank loan branch with a valid photo ID proof and submit an application.
In the event of the applicant's/s' wishes: to procure the post-dated cheques and / or security post dated cheques that remain un-banked at the end of the loan tenure / change of repayment mode; or details of such un-banked post dated cheques and / or security post dated cheques, the applicant/s must make a request for the same, within thirty days of closure of loan / change of repayment mode. If this is not done, Bank shall have the discretion / responsibility to destroy the un-banked post dated cheques including security post dated cheques without any further notice and Bank shall not have the obligation to return the same to the Applicant/s.
Insta Personal Loan (PL) offer will be visible to customers during the first 10 completed transactions. Additionally, after availing the Insta Personal Loan through the ATM, the offer will not be shown.
No. Bank Business Instalment Loan doesn’t require any collateral or security guarantee.
The minimum business vintage required under BIL is 5 years.
Business Instalment loan (BIL) is an unsecured loan which is provided to a self-employed individual and entity. A business instalment loan is a business loan that can be availed for any business upgrade or equipment purchase, which is repaid in equal instalments at fixed intervals, mostly monthly.
Yes. Bank offers a facility where in both partners can together apply for Bank Business Instalment Loan.
Yes, co-applicant is required in BIL and under the below circumstances: If self-employed Individuals age is more than 55 years Customer is company or Partnership firm
There are different criteria based on which one’s eligibility is decided.
A processing fee is levied on loan, basis the defined pricing matrix followed by the bank. This fee will be deducted from the disbursal amount payable to you.
Loans are approved within 72 hours of submission of complete documentation.
*Loan Cancellation Charges *Acceptance of request for cancellation of loan is at the sole discretion of the Bank.
You can repay the loan in Equated Monthly Instalments (EMIs). If you have an Bank Account, you can mandate us to directly debit the same through auto debit mandate or if you have an alternate bank account, then through NACH mandate.
Personal Loan interest rates are applied basis the defined pricing matrix followed and standardised by the bank as per customer’s profile. Personal Loan rates vary from 10.75% to 19% per annum.