What is ICICI Personal Loan Interest Rate in 2017?

ICICI Bank is a leading private sector bank in India with its services in the banking and financial services. The bank has won the hearts of millions of its customers and investors due to its wide array of products and customer-friendly approach. It has always been the first priority of the bank to provide loans with affordable rates and a higher rate on the savings/investments. Having said that, personal loan offered by the bank is one of the best personal loans in India today. Out of all other loans like home loans, car loans, business loans, etc., personal loans have always been the most facilitated loans.

ICICI Personal Loan Interest Rate

In 2017, a lot of times, MCLR has been reduced by all the banking institutions as per the guidelines by RBI. ICICI Bank has also reduced the MCLR hence the interest rate on all its loans making it affordable for the masses. At present, the minimum or the lowest personal loan interest rate is 11% per annum. Hence, it is now much more easy to pay the fund as compared to the previous year. The rates offered to you will depend on your repayment capacity, the credit history and the relationship with the bank. Hence, the rates may vary from one applicant to another as per their overall profile.

Eligibility Criteria

Just like any other loan, personal loan also has certain set criterion on the basis of which the bank approves the application. However, the criteria are subject to change from one profession to another. But, the interest rate depends on the income of the applicant. The basic eligibility criteria are as follows:

For Salaried:

For Self-employed:

The applicants should have a relationship with the ICICI bank for a minimum of 1 year like an account holder or an existing loan customer wherein the loan is either running or would end in the initial 36 months of the loan tenure

Documents Required

Below are the documents that you must carry at the time of applying for a personal loan at ICICI Bank:

For Salaried:

For Self-employed:

How to Apply

The application process at ICICI Bank is simple, quick and hassle-free. Since the loan is unsecured one, you do not have to provide documents of the security but only the KYC, financial documents,

Fill up the loan application form with correct personal details like the name of the applicant/s, the income of the person who wants to take the loan and the profession, etc.

Submit the form along with the required documents and submit online or to the nearest bank branch.

Thus, with all the above details, you can apply for ICICI personal loan and enjoy paying a lower interest and hence pay lower EMIs.