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Why ICICI Bank Personal Loan is best for self-employed individuals?

Why ICICI Bank Personal Loan is best for self-employed individuals?

If it’s a business expansion, home renovation or some medical emergency, only personal loans can serve your purpose. The main reason to choose a personal loan is that the personal loans are collateral-free and you don’t need to state that in advance – how you are going to use these funds in future?

But there are lots of lender out there who have specific set for terms and conditions for salaried and self-employed individuals. Most of them are offering personal loan to salaried individuals and if you’re a self-employed professional then you need a specific lender. If you’re also a self-employed individual and looking for a personal loan then you will like ICICI personal loan.

Benefits of ICICI Bank Personal Loan 

 

  • As ICICI Bank is the leading private sector bank of India, offers personal loan at lucrative interest rate. Generally, ICICI personal loan starts from 10.99%.
  • To repay the personal loan you can choose a flexible tenure up to 60 months. The minimum tenure to repay the loan is 12 months.
  • Nowadays you can apply for an ICICI personal loan online that makes your personal loan application process hassle-free.
  • You don’t need to pledge any security to avail ICICI personal loan. As a result, it offers you peace of mind.
  • To process your personal loan application, you need fewer documents to show which eventually speeds up approval and disbursal.

ICICI Bank Personal Loan Interest Rate, Processing Fee, and the Loan Tenure

Lenders Name

ICICI Bank

Interest rate

10.99% - 18.49%

Processing fee

Up to 2.25% of the loan amount + GST

Loan amount

Up to Rs 40,00,000

Loan tenure

Up to 60 months

Eligibility Criteria to Avail ICICI Bank Personal Loan

Salaried Individuals

Self-employed Individuals

Any applicant between 23 to 58 years can apply for such loans.

The age of the applicant should be between 28 to 65 years.

Applicant should be earning at least 17,500 per month.

The minimum turnover of the business must be Rs 40 lakhs with non-professionals.

Any individual living in Delhi & Mumbai should have a monthly income of Rs 25,000.

The minimum turnover of the business must be Rs 15 lakh with professionals.

Individuals living in Bangalore, Chennai, Hyderabad, Kolkata, or Pune need a minimum monthly income of Rs. 20,000.

With self-employed the minimum profit should be Rs 2 lakh. For non-professionals, it should be Rs 1 lakh.

Applicants need to have 2 years’ work experience and 1-year experience with the current employer.

The applicant should have an experience of 5 years. In case of doctors, it should be 3 years.

Documents Required for ICICI Bank Personal Loan

Salaried applicants

Self-employed applicants

Signed loan application form 

Signed loan application form

Photographs

Identity proof

Identity proof

Processing fee cheque

Processing fee cheque

Latest 6 months bank statements

Latest 3-month bank statement

Income proof properly audited

Last 3 month's salary slips

 

ICICI Bank Personal Loan EMI Calculator

The EMI calculator is a free tool that computes your monthly EMIs, total interest outgo even before applying for a personal loan.

Let’s assume an applicant want to get a personal loan of Rs 5 lakh for the five years, then the monthly instalments and the total interest for the five years will look like as described in the table below.

Loan amount

Interest rate

Tenure

Monthly Instalments

Total interest

Total amount

Rs 5,00,000

10.99%

1

Rs 44,188

Rs 30,262

Rs 5,30,262

Rs 5,00,000

10.99%

2

Rs 23,302

Rs 59,238

Rs 5,59,238

Rs 5,00,000

10.99%

3

Rs 16,367

Rs 89,212

Rs 5,89,212

Rs 5,00,000

10.99%

4

Rs 12,920

Rs 1,20,176

Rs 6,20,176

Rs 5,00,000

10.99%

5

Rs 10,869

Rs 1,52,123

Rs 6,52,123

EMI, Total Interest Outgo, and Total Repayment Per Year

Year

Principal

Interest

Balance Amount

1

Rs 79,394

Rs 51,030

Rs 4,20,605

2

Rs 88,573

Rs 41,851

Rs 3,32,031

3

Rs 98,813

Rs 31,611

Rs 2,33,218

4

Rs 1,10,237

Rs 20,188

Rs 1,22,981

5

Rs 1,23,079

Rs 7,443

Rs 0

ICICI Bank Customer Care

In case of any doubt, the applicant can also reach out to ICICI Bank customer care

ICICI Bank Customer Care Number toll-free 1860 120 7777.

FAQs

What are the different ways to track the ICICI Bank personal loan application?

There are various methods that can be used to track the ICICI personal loan application. First, you can visit the official website of the bank and then track your application or you can visit the official website of the AFINOZ.

Does ICICI Bank allow prepayment?

Yes, ICICI Bank offers its user to prepay the loan amount, but the borrower needs to pay a charge of 5% the outstanding principal.

What is the minimum tenure for ICICI Bank personal loan?

If you apply for a personal loan from ICICI Bank, you can take a personal loan up to a maximum tenure of 12 months.

Can we borrow a loan of Rs 20 lakhs from ICICI Bank?

Yes, you can borrow a personal loan of Rs 20 lakh from the ICICI Bank easily. In fact, if you have a good credit score the bank may offer you a personal loan up to Rs 40 lakhs.

 

Website:http://afinoz.com/
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