In today’s fast-paced world, financial needs are constantly on the rise—be it for home renovation, wedding expenses, medical emergencies, or a big investment. In such situations, a personal loan emerges as an excellent solution. ICICI Bank, one of India’s leading banks, offers quick and easy loans at attractive interest rates. If you’re wondering how to take a 10 lakh loan from ICICI Bank, this blog is for you. Here, we’ll guide you through the entire process step-by-step so you can apply for a loan effortlessly.
Why Choose a Personal Loan from ICICI Bank?
ICICI Bank provides several benefits that make it a great choice for borrowing:
- Loan Amount: Available from ₹50,000 up to ₹50 lakh.
- Interest Rate: Starting at 10.85% per annum, depending on your credit profile
- Flexibility: Choose a repayment tenure between 12 to 72 months.
- No Collateral: It’s an unsecured loan, so you don’t need to pledge any assets.
- Fast Processing: Online application and quick approval
Now, let’s dive into how you can secure a 10 lakh loan.
Eligibility Criteria for a 10 Lakh Loan
To qualify for a loan from ICICI Bank, you need to meet certain eligibility criteria. These include:
1.Age
- Salaried Individuals: 23 to 58 years.
- Self-Employed Professionals: 28 to 65 years.
- Doctors: 25 to 65 years.
2.Income
- alaried: Minimum monthly income of ₹30,000.
- Self-Employed Professionals: Annual turnover of at least ₹15 lakh.
- Self-Employed Non-Professionals: Annual turnover of at least ₹40 lakh
- Minimum Profit: ₹2 lakh for professionals and ₹1 lakh for non-professionals (after tax)
3.Work Experience:
- Salaried: At least 2 years of job experience.
- Self-Employed: 5 years in the current business (3 years for doctors).
4.credit score
- A good credit score (750 or above) can help you secure a lower interest rate.
5.Residency
- You must be a resident of India and have lived at your current address for at least 1 year.If you meet these conditions, you’re ready to apply for the loan.
Required Documents
You’ll need to submit the following documents for your loan application
- Identity Proof: Aadhaar card, passport, voter ID, or driving license (any one).
- Address Proof: Aadhaar card, utility bill (not older than 3 months), or passport.
- Income Proof:
- Salaried: Last 3 months’ salary slips and bank statements
- Self-Employed: Last 2 years’ ITR, balance sheet, and profit-loss statement
- Photograph: Passport-size photo.
- These documents will need to be scanned and uploaded online.
Step-by-Step Process to Take a 10 Lakh Loan from ICICI Bank
Now, let’s address the main question—how to take a 10 lakh loan? Here’s the step-by-step process:
Step 1: Assess Your Needs and EMI
- First, determine why you need ₹10 lakh.
- Use the Personal Loan EMI Calculator available on ICICI Bank’s website. For example:
- Loan Amount: ₹10 lakh
- Interest Rate: 10.85% per annum
- Tenure: 5 years (60 months)
- EMI: Approximately ₹21,000 per month
- Ensure you can afford the EMI based on your monthly income.
Step 2: Apply Online
- Visit ICICI Bank’s official website (www.icicibank.com).
- Go to the “Personal Loan” section and click on “Apply Now.”
- Fill in your details such as name, mobile number, and loan amount (₹10 lakh).
- If you’re an existing customer, log in via net banking or the iMobile app.
Step 3: Upload Documents
- Upload scanned copies of all required documents.
- Existing customers with pre-approved offers may not need to submit documents.
Step 4: Verification and Approval
- The bank will review your documents and credit score.
- Approval typically takes up to 72 hours. For pre-approved customers, it can happen in seconds.
Step 5: Loan Disbursement
- Once approved, the loan amount will be transferred to your bank account within a few seconds to a few hours.
Features and Benefits of ICICI Bank Loans
- Paperless Process: Online application and document upload save time.
- Quick Disbursal: Funds available instantly when you need them.
- Flexible EMI: Choose a tenure from 1 to 6 years as per your convenience
- No Hidden Charges: Transparent process.
Things to Consider Before Taking a Loan
- Compare Interest Rates: Check rates offered by other banks.
- Processing Fees: Understand the processing fees and other charges.
- Prepayment Option: If you plan to repay early, confirm prepayment charges (usually up to 5%).
- Credit Score: Maintain a good credit score for better rates.
Conclusion
Taking a 10 lakh loan from ICICI Bank is simple and convenient, provided you meet the eligibility criteria and have the necessary documents ready. The online process has made it even easier. Whether it’s for an emergency or to fulfill your dreams, ICICI Bank’s personal loan can be a reliable partner.
So, why wait? Visit ICICI Bank’s website today, check your eligibility, and take the first step toward achieving your financial goals. Have any questions? Let us know in the comments—we’re here to help
