Icici Personal Loan Case Study

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ICICI Personal Loan:
ICICI Bank is one of the prominent private sector banks in the country that offers personal loan at reasonable interest rates. It also provides the largest number of personal loans in India. Personal loan scheme from ICICI is flexible and offers loan which can be used by the customers in any possible way.

Eligibility Criteria:

• For Salaried Persons: The eligibility criteria for ICICI personal loan is based on the income of the borrower, credit score, loan amount, and number of other active loans. The applicant has to be in the age group of 23 years to 58 years having a minimum monthly income of Rs. 17,500. The minimum monthly income limit becomes Rs. 25,000 if the person is residing in Delhi or Mumbai. Individuals residing
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Salaried applicants can get the maximum loan of Rs. 15 lakh whereas self-employed applicants are eligible for getting a loan up to Rs. 30 lakh. Self-employed professionals such as doctors and chartered accountants can get a loan of up to Rs. 40 lakh.

The maximum tenure limit under the ICICI personal scheme is 60 months (5 years). The limit is same for all type of applicants. However, borrowers can also suggest and choose their preferred tenure ranging from 12 to 60 months.

Interest Rates:
Rates of interest on personal loan offered by ICICI are highly competitive. Here, the bank determines the final interest on the basis of MCLR (Marginal Cost of Funds Based Lending Rate) and base rate. The base rate w.e.f. 5th October 2015 is 9.35%. Existing customers can choose not move to MCLR and continue paying interest as per the base rate. Here is a brief description of current MCLR rates from the bank.

Benchmark Tenure Benchmark
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There are other costs as well such as prepayment charges, processing fees, and penalties for delayed payments. Minimum processing charges for ICICI personal loan are Rs. 1,149 which goes up to 2.25% of the loan amount. Perclosure is allowed in the scheme only after a period of 6 months and charges are levied at the rate of 5% on the outstanding amount.


• Quick Processing: Personal loans from ICICI do not require elaborate paperwork. The processing and approval is fast so that the eligible applicants do not have to go through any problems. Eligible borrowers can get their loan approved within 72 hours of processing and the amount is disbursed promptly.

• Customised Facilities: ICICI personal loan scheme is fully customisable. Customers can choose their repayment period as per their convenience. Also, the scheme is modified according to the profession and repayment capacity of the borrower.

• Apply Online: You can apply online for ICICI personal loan and get it approved through e-approval as well. Applicants can also check their eligibility as per their professional and personal details. The bank provides an online EMI calculator as well that can calculate your EMIs according to the loan amount and tenure. This is a good way to ensure that you would be able to repay the loan in full according to your current financial

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