How much time does bank take to approve a ICICI personal loan?

ICICI Personal Loan

In an emergency, ICICI Personal Loan can help you meet a variety of financial needs. It’s an unsecured loan that can be used to pay for wedding expenses, medical emergencies, or if you want to go on a dream vacation or renovate your home.

You can take up your own Loan of up to Rs 25 lakh at any time to meet your personal needs. ICICI Personal Loan have a quick approval process, offering an easy borrowing experience. Additionally, you can acquire funds in as little as 3 seconds with the Insta Personal Loan or pre-approved loan services. This feature is only available to ICICI bank clients who are already customers.

ICICI Personal Loan Benefits & Features

A Personal Loan from ICICI comes with a lot of benefits, including:

  • The money is credited to your account three seconds after your application is approved. The Insta Personal Loan is the name of this service.
  • You have the option of picking the loan term with ICICI Bank. You have the option of applying for a loan with a term of one to six years.
  • ICICI Bank’s online services allow you to keep track of the status of your application and get any help you need at any time.
  • There is only a handful of papers required.
  • The interest rate is set and will not vary during the term of the loan.
  • Because it is an unsecured loan, you are not obliged to provide any sort of collateral or security.

ICICI Bank Personal Loan Eligibility Criteria

For individuals who are salaried

  • The age range is 23 to 58 years old.
  • Individuals with a monthly salary of Rs.30,000 or more (net salary).
  • Two years of experience in the job/profession is essential.
  • 1 calendar year in your current residence

For individuals who are self-employed

  • Self-employed people must be at least 28 years old and doctors must be at least 25 years old.
  • According to audited financials, non-professionals must have a minimum turnover of Rs. 40 lakh, while professionals must have a minimum turnover of Rs. 15 lakh.
  • For proprietorship firms/self-employed persons, the minimum profit after tax should be Rs. 2 lac, and for non-professionals, it should be Rs. 1 lac. 
  • Stability For at least 5 years in the current industry, and for doctors for at least 3 years.
  • Existing ICICI Bank relationship – In the last 36 months, a minimum one-year liability relationship (current or savings account) or Asset relationship (loan) should have existed, either live or closed, as the repayment track is required.

The Bottom Line

The time it takes for your application to be approved varies depending on whether you are a current or new customer. If you already have an ICICI Bank savings account, credit card, or other credit instruments, your personal loan application is quite likely to be approved immediately. You will also get reasonable ICICI bank personal loan interest rate according to your existing relationship with the bank. If you are a new customer, you may be required to provide personal and contact information in order for bank executives to contact you. Your application will be reviewed for approval after all of the documents have been confirmed. After submitting the application, it could take up to 3 to 5 days for it to be approved.

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About the Author: Peter Beaumont

Peter Beaumont is a senior reporter on Daily Mid Time Global Development desk. He has reported extensively from conflict zones including Africa, the Balkans and the Middle East and is the author of The Secret Life of War: Journeys Through Modern Conflict. Email: