ICICI Bank Personal Loans

It is a proven fact that financial crisis has a tendency to crop up at a time when one is totally unprepared for it. Earlier, one had to approach friends, relatives or even loan sharks for that. However, today with different banks offering personal loans, one can hope to tide over such crisis in a safe and respectable way. If indeed, prompt service is the need of the hour, the one name borrowers can always rely upon is ICICI Bank. To be sure, no other entity can offer salvage as fast as ICICI bank personal loan can.

However, apart from meeting emergencies, one can also avail personal loans for purchase of durable goods. Although it depends upon the eligibility of the applicant, one can avail such loans to the amount of Rs 10 lakhs without any guarantor. The minimum amount to be sanctioned is Rs 50,000. The processing fee is generally 2 to 3% of the total loan amount. An additional feature is that after paying six installments as EMI, the borrower can even consider the option of prepaying the loan.The rate of interest is attractive, but it depends upon the tenure. One can repay the loan within 12 to 48 months.

ICICI Bank Personal Loan Eligibility Criteria

However, as with every other loan offered by banks, the eligibility factor is an important issue. The bank is generally very strict about them. Firstly, the age of the applicant must be within 23 to 58 years old. In case the applicant is an existing ICICI bank salary account holder or has an existing personal loan from the bank, the net monthly income must be a minimum of Rs 20,000. In case he/she holds a salary account with any other bank, the minimum monthly net salary must be Rs 30,000. He/she must also posses an experience of 2 years in any profession and must have spent over a year at the current residence. For members of armed forces and other government organizations, the bank offers special package.

Just as any other loan application, a bit of documentation is also required. If the applicant is a salaried professional, he/she will have to submit the last three months banks statement where the salary is credited. The last three salary slips will also have to be shown. He/she will also have to submit proof of continuity of current job. He/she may submit a form 16 or a company appointment letter. Then there are the basic things of the ID and address proof.

ICICI Bank Personal Loan Interest Rate

The interest rate is an area, where this bank clearly stands out. It can be flexible or fixed. The rate of interest offered is highly competitive and is with market rates. For example, if one has applied for a loan of Rs 1 lakh and the term is for a period of 60 months, the fixed rate of interest is 12%. In such circumstances the EMI that is to be paid works out to Rs 2,225.00. One can always seek the help of the EMI calculator to learn about the exact amount that will have to be paid. The flexible rate of interest however, depends upon the monetary policies of the Reserve Bank of India.

There are other facilities in the form of prepayment options. However, to avail such an option, one will first have to pay six EMIs. The monthly payments are due on the 5th or the 10th of every month. If there are late payments, the borrower is charged 2% of the loan amount. The cheque swap charges are Rs 500 and the cheque return charges is Rs 200.

ICICI Bank Personal Loan Customer Care

The customer care services offered by the bank have added a new dimension to the concept of banking in India. One does not need to rush to the bank at the drop of a hat. The 24x7 call centre is there to look after queries. Hence, even at the dead of the night if there are worries bugging the applicant, one is free to dial up and settle the matter. ICICI Bank Personal Loan Customer Care number is 1800224848, this is toll free number and the non toll free number is +91 40 2312. A sneak into the website will give the customer more local numbers across the length and breathe of the country.