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Eligibility criteria and documents required for a pre-approved Personal Loan are as follows:

Eligibility criteria

Details

Good credit score

A track record of timely repayments and a good CIBIL score

No credit history

Stable income and savings history can compensate for the lack of credit history

Existing ICICI Bank customer

Accessible through the iMobile Pay app orwww.icicibank.com.

No paperwork needed. Documents can be submitted online after accepting the Terms and Conditions for pre-approved Personal Loans.

Note: Additional documents may be required based on individual cases. Please get in touch with ICICI Bank for specific details.

The pre-approved Personal Loan amount differs for every individual. The maximum pre-approved amount can go up to Rs 50 lakh after taking into consideration the customer’s credit history as well as the loan repayment cycle. To repay the loan, you can opt for a tenure ranging from 12 months to 72 months which will make the loan repayment process easy for ICICI Bank customers.

Sample Personal Loan Calculation

Loan amount

Rs 10,00,000

Interest rate

11.25% per annum

Loan term

60 months

Monthly EMI

Rs 21,867

Processing Fee

2.5% of the loan amount plus GST

*The values shown here are for representation purposes only. Actual values may differ.

How to avail a pre-approved Personal Loan?

To avail a pre-approved Personal Loan digitally, follow these steps:

Step 1: Log in to the iMobile Pay app or visit www.icicibank.com

Step 2: Navigate to the ‘Loans’ section and select ‘Pre-approved Personal Loan’

Step 3: Confirm your required loan amount and tenure

Step 4: Validate all the details of your loan

Step 5: Accept the Terms and Conditions by checking the box and click on ‘Disburse Now’

Step 6: Authenticate by providing the grid values on your Debit Card and then click on ‘Submit’.

This digital loan approval process ensures a hassle-free experience.

Aspect

Details

Interest rate

10.65% to 16.00% per annum

Loan processing charges

Up to 2.50% of the loan amount plus applicable taxes

Prepayment charges

3% + taxes after the 1st EMI for salaried customers, Nil if 12 or more EMIs are paid. Nil for MSE customers up to Rs 50 lakh

Penal charges for late payment

24% per annum

Repayment mode swap charges

Rs 500 per transaction plus applicable taxes

Loan cancellation charges

Rs 3000 plus applicable taxes before the 1st EMI

EMI bounce charges

Rs 500 per cheque bounce plus applicable taxes.

 

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