Personal Loan ICICI

Personal Loan ICICI Bank

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About Personal Loan

A personal loan refers to money that is borrowed from a financial institution, for personal (not professional or business) use. In opposition to larger and long-term loans, personal loans are taken into relatively short to medium terms. Generally personal loans are used to pay for one-time or short term expenses where a borrower (the person who is getting the loan) doesn't normally require disclosing the specific reason for the loan. This type of loan is used by many to resolve their current financial needs. A personal loan is taken for tenure of one to five years. Also these require lowest formalities and no collateral or security.

It is a type of unsecured loan which can be availed on the basis of various criteria. Level of income, employment history, credit score and scope for repayment are those specific criteria. Considering these criteria and lender, the APR (Annual Percentage Rate) of personal loan can be anywhere between 11.29% to 35%.

Why Should You Take A Personal Loan from ICICI?

In every individual's life there comes a moment where you urgently need a specific amount of money which can't be covered by your savings. The amount can be needed for any personal reason like home or vehicle repair, to pay unexpected medical bills, for wedding, travel, credit card outstanding balance transfer etc. Here the option of getting this desired amount via personal loan comes extremely handy. ICICI offers you personal loan with easy EMI option, fixed interest rate and quick approval. They offer loan for your various personal needs. Flexible tenure, no collateral and simple documentation makes it one of the most popular personal loans in India.

Why Choose Ruloans To Apply For Personal Loans from ICICI?

Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for ICICI's personal loans with Ruloans' latest online application process. We help you borrow right.

Hassle free process

We have developed an efficient, smooth and easy process for our consumers to get an ICICI personal loan. Our easy to use online procedure allows consumers to upload documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.

Benefits of applying with us

We value our consumers and are always on our toes to give them benefits of our expertise. Applying for an ICICI personal loan with us, gives you a chance to avail the best offers and deals from ICICI.

Privacy policy

We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.

Free expert guidance and advice

Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime.

What are the Features & Benefits of getting a Personal Loan from ICICI?

There are many reasons behind the popularity of taking personal loan from ICICI. Go for personal loans by choosing any one or all from below

They have easy availability

The main reason behind the popularity of ICICI personal loan is untroublesome availability. The ICICI personal loan can be acquired within 24 to 72 hours of loan application and submission of required documents.

They need minimum documentation

Unlike the other long term or larger loans, ICICI personal loans require very little documentation. Thus these loans are approved quickly without any hassle.

You get expeditious loan approval

As many financial institutions offer personal loans and ICICI require minimum documentation, they are approved quickly. When it comes to online personal loan approval, they are approved quickly where as the paper approval takes not more than one to two working days. The mechanism of approving personal loan is very easy, efficient and hassle free.

You can consolidate your debts

When it comes to financial debts, we strongly recommend clearing off a high-interest debt by taking a low-interest debt. If you happen to have multiple debts, you can combine them under one umbrella. By opting for a personal loan, you can pay off your multiple debts and be answerable to only one, which is a more hassle-free solution! Also you can clear your credit card bills by choosing ICICI personal loan for a balance transfer. This will allow you to enjoy lower interest rates.

You can take multi-purpose loan

The fund from ICICI personal loan can be used for any purpose. Be it a wedding or medical expenses; renovation or personal bulk shopping, you can use these funds as they suit you. They can mainly be used to overcome any financial adversaries. Borrower can apply and access the loan amount without disclosing the purpose of the same.

You don't have to offer any collateral

To get approval on an ICICI personal loan, you do not need to offer any collateral or guarantee. ICICI approves personal loan on the basis of borrower's income details and financial history. As you do not require offering your fixed assets as mortgage or collateral, you can access the loan easily.

It offer you adjustable sum of loan

Based on various criteria like level of income, employment history, credit score and scope for repayment, the borrower can get an ICICI personal loan ranging anywhere between Rs. 1,00,000 to Rs. 20,00,000.

You're rewarded with flexible payback option

To payback your personal loan, ICICI offers you a tenure ranging from 1 year to 5 years. Thus it is easy for the borrower to pay back the loan with easy EMI policies. Though this depends on the amount of loan, it is always a better option from other types of loans.

Varied interest rate

Depending on eligibility criteria, the borrowed sum, payback tenure, the interest rate varies on personal loan. ICICI offers 11.59% to 22% interest rate for salaried applicants and self-employed applicants.

What are the Eligibility Criteria to avail a Personal Loan from ICICI?

ICICI offers personal loans to customers who fulfill their designed eligibility. The eligibility criteria changes as per the profile of the borrower. But there are some commonalities which you have to follow or acquire to get an ICICI personal loan. ICICI gives personal loans by dividing their customer's profession and their income history. You can refer the following table for a gross understanding of ICICI's eligibility criteria:




Minimum Loan Amount Approved

Maximum Loan Amount Approved

Loan Tenure

Salaried Borrowers

21 years to 60 years

Rs. 15,000 (Rs. 20,000 in metros)

Rs. 75,000

Rs. 15,00,000

12-72 months

Self-Employed Borrowers

23 years to 60 years

Turnover of minimum Rs. 24,00,000 (differs for professional and non-professional)

Rs. 75,000 to Rs. 3,00,000

Rs. 15,00,000 to 20,00,000

12-48 months

*The eligibility criteria differ from bank to bank. The above details are generic, not specific.

What are the Documents Required to avail a Personal Loan from ICICI?


Identity Proof

Address Proof

Bank Statement

Additional Documents

Salaried Borrowers

Passport, Driving License, Voters ID or PAN Card

Passport or utility bills

Salary slips for last 3 months,2 year employment continuity document

Self-Employed Borrowers

Passport, Driving License, Voters ID or PAN Card

Last 6 months

Proof of highest professional degree,Latest Income Tax Return Balance sheet,Profit and Loss for last 3 years certified by CA

*The list of documents differs from bank to bank. The above given list is generic, not specific.

How can you repay your Personal Loan from ICICI?

Interest rates

ICICI personal loans are easy to pay back. Depending on eligibility criteria, the borrowed sum, payback tenure, the interest rate varies on personal loan. ICICI offers 11.59% to 22% interest rate for salaried applicants and self-employed applicants.

Easy EMI

ICICI offers their customers to use ultra modern facility of EMI calculator. The calculator comes with two scales: loan amount and tenure. Here borrowers can choose their desired loan amount and tenure to pay it off. The calculator tells you the interest rate, processing fee and can help you to choose most suitable loan option as per your budget.

Flexible tenure

You can pay off the loan in tenure of 1 to 5 years.


The payment of decided EMI is done through auto debit or ECS facility offered by ICICI.

How to Apply For a Personal Loan on Ruloans from ICICI?

Applying for an ICICI personal loan on Ruloans involves few easy steps:

Step 1: Go to the 'ICICI Personal Loans' page on our website and click on 'Apply Now' box

Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.

Step 3: Our loan calculator presents you a list of required document along with interest rates.

Step 4: You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.

Step 5: Your application will be sent electronically to ICICI. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions

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