ICICI Bank is one of India’s major private sector banks, with more than 4800 branches and 15,000 ATMs throughout the country. The banking giant offers a diverse range of financial solutions to both retail and corporate customers. Personal Loans are one of ICICI Bank’s most well-known retail products. ICICI bank Personal Loan is recognised as among the best Personal Loans in the market due to a variety of noteworthy features and fantastic perks. However, before you decide on an ICICI Personal Loan, you should compare it to offers from other lenders. This will assist you in assessing whether ICICI Personal Loans are appropriate for your needs.
Features of ICICI Bank Personal Loan
Some of the features of ICICI Bank personal loan are as follows:
- These are unsecured loans, which means you don’t have to put up any collateral to secure the loan.
- There are no limitations on how the borrowed funds can be used. It can be used for personal or professional purposes.
- You can apply for a Personal Loan online, via the company’s mobile app, or in person at a bank location.
- Depending on your needs, you can get a high-value loan up to INR 20 lakh.
- Personal Loans are approved in principle in real time by ICICI Bank.
- The repayment period varies between 12 and 60 months.
- The interest rates on ICICI Bank Personal Loans start at 11.25 % and can go up to 22 % every year.
- Processing fees might be as high as 2.25 % of the loan amount plus GST.
- ICICI Personal Loan repayments must be made in EMIs. Prepayment is an option, but only after foreclosure or pre-payment charges have been paid.
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Advantages of ICICI Bank Personal Loan
You can get a Personal Loan from ICICI Bank for INR 50,000 to INR 20 lakh, which is comparable to other banks. HDFC Bank, on the other hand, offers a bigger sum of INR 40 lakhs.
Tenure of Repayment
Almost all banks, including ICICI Bank, offer personal loans with repayment terms of up to 60 months, with the exception of SBI, which gives the longest repayment term of 72 months.
The ICICI Personal Loan has interest rates as low as 11.25 percent per annum. With the exception of HDFC Bank, which has interest rates starting at 10.75 percent per year, it is lower than all other major banks. The low interest rates offered by ICICI Bank ensure that your EMI amount remains cheap, as well as the overall interest cost you must bear.
Processing fees of up to 2.25 percent of the loan amount + GST are charged by ICICI Bank. This is slightly more than what other banks are willing to offer. Processing fees are a one-time cost that cannot be refunded, thus they should not be the deciding factor.
Charges for prepayment
You must pay up to 5% of the outstanding amount as pre-payment or foreclosure charges if you want to make a partial prepayment on your ICICI Bank Personal Loan. This is substantially greater than what other banks charge, and it should be negotiated at the time of loan approval.
Top Up Loan and Balance Transfer
Only a few institutions, including ICICI Bank, provide the option of a Personal Loan Balance Transfer with Top Up. This tool allows you to transfer your Personal Loan from another lender to ICICI Bank and benefit from lower ICICI Bank Personal Loan interest rates. If you require additional cash, you can also apply for a Personal Loan top-up.
These are some of the advantages that ICICI Bank personal loan offers over other personal loans.
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