Apply for an ICICI Personal Loan to Meet Various Purposes

We all know COVID has resulted in a big financial crisis for many of us. And in times like these, ICICI Personal Loan has helped many meet the financial requirements. The lump sum amount helps you ensure a lavish wedding, overseas studies, medical treatment, and much more. All it takes is the Equated Monthly Installments (EMIs) for the time you pay the loan. Read this page below and know more about the ICICI Personal Loan.

How Much Can I Borrow from ICICI Bank?

A maximum of INR 40 Lakh is offered to you. And in an ICICI Personal Loan, your limit is based on income and other factors. Because the bank wants to assure whether you can repay the loan comfortably. 

To get an ICICI Personal Loan, you need to meet the basic requirements such as –

  • Minimum Monthly Income – INR 30,000
  • Age – 23 to 58 years
  • Minimum Work Experience – 2 years
  • Minimum Stay in the Current Residence – 1 year

If you meet the above criteria, you can borrow a minimum ICICI Personal Loan of INR 50,000. But the income criteria, in particular, may differ depending on the loan amount. ICICI Bank would like your EMI to be less than 40-50% of your monthly income.  

What is the ICICI Personal Loan Interest Rate?

ICICI Bank charges an interest rate of 10.50% per annum. This is one of the lowest rates available in the market. So if you’re looking for a loan, do add ICICI Personal Loan to your list. You’ll get the lowest interest rate on your borrowed amount if you have a good repayment history and high eligibility for the personal loan.

For What Purpose Can I Borrow ICICI Personal Loan?

This is a multi-purpose loan, so you can utilize it for any purpose such as –

Hospitalization Expenses

Nowadays medical expenses are rising at a fast pace, and if you don’t have any insurance to cover such expenses, ICICI Personal Loan helps you cover the hospital bills. What makes it an ideal choice? Well, ICICI Bank will disburse the loan amount within three seconds. This instant service is available to the borrower if he has a pre-approved personal request.

Wedding Preparations

If you’re having trouble planning a wedding, apply for an ICICI Personal Loan. This will help you cover unexpected expenses. Loan amounts ranging from INR 50,000 to INR 40 Lakhs will help ensure a dream wedding. Of course, the loan amount eligibility for individuals will differ based on their income, credit score, repayment potential, etc.

Abroad Studies

You know education abroad is costly, and if you want to provide the best to your child, get an ICICI Personal Loan and cover travel expenses, fees and several other costs. 

Home Renovation Cost

Renovation of a home is expensive and needs a lot of planning, and if unexpected expenses arise due to problems in the house wiring, water connection, the expenses will increase. To tackle this problem, apply for an ICICI Personal Loan. And you can repay the borrowed amount in EMIs.

Purchase of Latest Gadgets

The gadget geeks look to buy the latest iPhones whenever they are made available. And you can get a lump sum ICICI Personal Loan by completing the application online and also get to know about the personal loan lowest interest rate. To apply for an ICICI Loan, you need to follow the below steps –

  • Select the ‘Loans’ option
  • Click on ‘Personal Loan’
  • Click on the ‘Apply Online’ button present at the top of the page
  • Enter the amount you require and select the tenure
  • Click on the ‘Let’s Get Started’ button
  • Enter your mobile number
  • Now, you’ll receive an OTP, enter the same and proceed with the application
  • Enter details such as name, email, PAN number, etc.
  • Upload a few KYC and income documents
  • Click on the ‘Submit’ button