Personal loans are one of the most popular financial products due to the convenience they give. Banks provide personal loans to a wide range of applicants, including bankers themselves. Such candidates frequently receive special ICICI personal loan interest rates to help them increase their credit scores, although this is not always the case. A working bank employee belongs to the salaried applicant group, but a retired bank employee receiving a pension falls into the pensioner’s category. Both of these groups are able to apply for loans from the institutions listed below.
ICICI Personal Loan
Borrowers may use these ICICI personal loans to cover a broad range of obligations, from wedding expenses to credit card debt consolidation.
ICICI Personal Loan to Salaried Applicants, Self-Employed Professionals
- The minimum loan amount accessible for salaried candidates is Rs 25,000, while the highest loan amount allowed is Rs 25,00,000. A working employee must be between the ages of 23 and 58. Employed individuals with minimal monthly earnings of Rs.30,000 will get a Net Salary. Terms in current employment profile: 1 year, total years in employment/profession: 2 years.
- Self Employed Customer The minimum age requirement is 28 years, with a maximum age of 65 years for doctors. According to audited financials, the bank demands a minimal turnover of Rs. 40 lakh for non-professionals and Rs. 15 lac for professionals.
- According to audited financials, the minimum profit after tax for a private firm/self-working individuals is Rs 2 lac. The minimum profit after tax for non-professionals is Rs 1 lac. Stability in the marketplace. Individuals must have been in the company for at least 5 years. Doctors must have been in practice for at least 3 years. Existing ICICI Bank connection Minimum one-year liability relationship in current or savings account or through debt in the previous 36 months, either open or closed; repayments track as necessary
ICICI Loan- Duration and Fees
- The loan term is of up to 60 months (5 years). ICICI bank personal loan interest rate range from 10.5 percent to 19 percent per year. With a non-refundable processing charge of up to 2.50 percent of the loan amount + GST.
- The loan also allows for prepayment and costs 5% on the remaining principal plus GST for salaried customers Repayment Mode Swap Charges of 500/- per transaction plus GST are also chargeable by the bank.
- Loan cancellation fees for an ICICI personal loan are Rs 3000 + GST. With EMI bounce fees of Rs 400 plus GST for each bounce.
- Prepayment of the loan is allowed at any point throughout the loan term, subject to regular pre-closure costs of 5% + GST. The remission of prepayment costs, if any, shall be applied if the client has paid 12 or more EMIs. Also, the loan is being paid off using the consumer’s own cash. In the case of a balance transfer, the waiver of prepayment charges does not apply. The option of paying in installments is not available.
ICICI Bank FlexiCash:
FlexiCash is a service that ICICI Bank Salary Account clients may use to get a line of credit or an overdraft to cover unexpected or regular costs. By offering short-term quick credit, it protects ICICI Bank Salary Account clients from missing their Equated Monthly Instalments (EMIs) or check bounces owing to inadequate money. Customers may easily make use of this service by submitting an online application.
ICICI Bank FlexiCash Benefits
- You just have to pay for what you use. Pay ICICI bank personal loan interest rate on the amount you borrow and the time you borrow it.
- Flexible Repayment to repay the outstanding balance at your leisure, with just the interest payments each month.
- Facility right away simply by applying online and providing no documents.
- Auto sweep-in facility to reduce interest load from the Salary Account to the Overdraft Account due to the auto sweep feature.
- Auto-improvement and -renewal
- Enhancement and renewal of overdraft limits are both automated processes.
- Facility for pre-closure You may pay back the money whenever you wish without incurring any pre-closure fees.
