ICICI Bank Personal Loan Information
ICICI Bank offers personal loan,Here we compile the information about ICICI Bank Personal Loan for your Guidance.
ICICI bank offers personal loans upto an amount of Rs.15 lakhs. No security/ guarantor is required for this loan and it can be repayed over a period of between 12 months and 60 months. They claim that ‘minimum documentation’ is required. You can also get an ICICI Bank Personal Loan on the repayment track of your existing Home loan, Car loan or Personal loan; or your Credit Card statement. If you’re an ICICI bank customer, you can get a loan without having to visit your local branch. If you’ve been an ICICI customer for atleast six months, you may have been ‘pre-approved’ for a loan, according to ICICI.
Eligibility for the ICICI personal loan
Salaried
The salaried and self-employed are both, eligible for this personal loan. If you’re salaried, you need to be between 25 years and 58 years of age with a minimum net annual income of 96,000 per annum and employed with a public limited company, a private limited company, a multinational corporation (MNC) or with the government. You should have been employed for atleast one year and living in your current residence for atleast one year.
Self employed
If you’re self employed, you need to be between 25 years and 65 years of age with a minimum net profit after tax of Rs.60,000 per annum. Doctors, MBA’s, Architects, CA’s, Engineers, Traders & Manufacturers are eligible. You need to have been in your profession for atleast three years and living at your current residence for atleast one year.
Documentation required
Salaried
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Latest 3 months Bank Statement (where salary/income is credited)
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3 Latest salary slips
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Proof of Continuity current job (Form 16 / Company appointment letter )
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Proof of Identity (any one)Passport / Driving Licence / Voters ID / PAN card / Photo Credit Card / Employee ID card
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Proof of Residence (any one) Ration Card / Utility bill / LIC Policy Receipt
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Proof of Qualification Highest Degree (for Professionals / Govt employees
Self employed
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Latest 3 months Bank Statement (where salary/income is credited)
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Last 2 years ITR with computation of income / Certified Financials
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Proof of Turnover (Latest Sales / Service tax returns)
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Proof of Continuity of current profession (IT Returns / Certificate of business continuity issued by the bank)
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Proof of Identity (any one) Passport / Driving Licence / Voters ID / PAN card / Photo Credit Card / Employee ID card
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Proof of Residence (any one) Ration Card / Utility bill / LIC Policy Receipt Yes Yes
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Proof of Office (any one) Lease deed / Utility bill / Municipal Tax receipt / title deed Yes
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Proof of Qualification Highest Degree (for Professionals / Govt employees
Service charges for the ICICI personal loan
Loan Processing Charges
This is 2 % of the loan amount. So for a personal loan of Rs.50,000, you’ll pay Rs.1,000. This can go as high as 5 % in select categories.
Origination Charges
This is 1 % of the loan amount. So on an amount of Rs.50,000 you’ll pay Rs.500. This is to be paid along with the first repayment installment.
Cheque swap charges
If you need to change the post-dated cheques issued to ICICI bank, towards repayment of the personal loan, ICICI will charge you Rs.500.
Cheque bounce charges
When a cheque issued by you to ICICI, bounces, you pay a penalty of Rs.200.
Charges for late payment
If you’re late in paying the installment due on the ICICI personal loans, you’ll be charged 2 % per month as charges for late payment.
Interest rate can change
ICICI bank can, using its discretion change the interest rate on the personal loan according to their terms and conditions. In fact they cna change virtually anything they want in the terms and conditions as you will find out by the time you finish reading this review.
Changing mode of repayment
If you wish to change the mode of repayment of the ICICI personal loan, this needs to be done with the permission of ICICI bank. Stopping payments on post-dated cheques or otherwise cancelling or revoking mandates would be considered ‘committed with a criminal intent’ according to the ICICI terms and conditions.
For more details Log on to
http://www.icicibank.com