What is ICICI Bank Loan?What you need to know about ICICI Bank Loan

ICICI Bank Loan
icici personal loan

||What is ICICI Bank Loan? What you need to know about ICICI Bank Loan||

What is ICICI Bank Loan?

An ICICI Bank Loan is a type of personal loan offered by ICICI Bank Ltd., a commercial bank based in Mumbai, India. It is a short-term unsecured loan that can be taken for any purpose. You can use the money you get from the loan for any purpose including home renovation, education, wedding expenses, medical bills, etc.

Eligibility Criteria

The eligibility criteria for both the loans are the same. You need to fulfill certain requirements to qualify for the loan. These requirements vary depending on the type of loan you choose.

How much does an ICICI bank loan cost?

The amount of the loan varies from person to person. The minimum monthly installment of this loan is Rs.1000/- and the maximum is Rs.50 Lakhs.

Interest Rates

The interest rate for the home loan ranges between 8% to 12%. Car loan has interest rates ranging between 11% to 13%.


To apply for the ICICI Bank Loan, you need to visit the nearest branch of the bank. Fill out the application form along with the documents mentioned below. Once the application is submitted, the bank will verify your documents and then give you a call to inform you about the status of your application. If everything goes well, they will send you a formal approval letter.

Is it possible to apply online for an ICICI Bank loan?

Yes, you can apply for an ICICI bank loan online. However, if you want to know about the eligibility criteria and the application procedure, you should read our article titled “How to Apply for an ICICI Personal Loan”.

 Do I need collateral for an ICICI loan?

You do not need collateral for an ICICA loan. However, if you wish to borrow more than Rs. 50,000/-, then you will need to provide some security.

Can I repay my ICICI Bank Loan early?

Yes, you may prepay your ICICI Bank Loan at any time before its maturity date. But, remember that you will incur a prepayment penalty.

Documents Required

For applying for a home loan, you need to submit the following documents:

- Proof of identity - Passport/Voter ID card/Driving License

- Proof of address - A utility bill (Gas/Electricity)

- Proof of income - Salary slip /Pensioner's Identity Card

- Proof of employment - Any letter issued by the employer stating the current status of the employee

- Proof of savings - Account statement showing last 6 months' average balance

- Proof of residence - Voter ID card/Passport

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