- Rs 20 lakh Personal Loan
- Personal Loan
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Do you have unforeseen expenses knocking at your door? Relax and borrow an instant Rs. 20 lakh loan from ICICI Bank anytime, anywhere. An online Personal Loan is arguably one of the most popular funding options, enabling borrowers to take care of planned or unplanned expenses. Be it higher education, home renovation, foreign travel, a wedding or a medical emergency, Personal Loans can fund any purpose. The entire process is paperless and the loan amount can be disbursed directly and swiftly to your account.
Features and benefits
Enjoy these features and benefits with a Rs. 20 lakh loan at ICICI Bank:
No end-usage restrictions
Ample loan amount of up to Rs. 50 lakh to cover various expenses
Repayment tenure ranges from 12 to 72 months
Minimal documentation requirements
The interest rates range from 10.85% to 16.25% per annum
Instant approvals and quick disbursals
Eligibility Criteria and Documents required
Eligibility Criteria for a Personal Loan
To qualify for a Rs 20 lakh loan at ICICI Bank, you must fulfil the following conditions, depending on your profession:
| Parameter | Salaried employees | Self-employed Professionals | Non-professionals | Doctors |
|---|---|---|---|---|
| Age | 20-58 | 28-65 | 25-65 | |
| Minimum Income | Rs 30,000 per month | Rs 15 lakh turnover | Rs 40 lakh turnover | |
| Experience | 2 years in the current job 1 year in the current residence | 5 years | 3 years | |
| Minimum profit | Rs 2 lakh after tax | Rs 1 lakh after tax |
Documentation Requirements
You must provide the following documents to apply for a Personal Loan at ICICI Bank:
For salaried employees:
- Identity proof: Passport, driving licence, PAN card and/or voter’s ID card
- Address proof: Latest utility bill, Leave and Licence Agreement and/or passport
- Last three months’ salary slips and bank statements
- Two passport-size photographs.
For self-employed individuals:
- KYC documents: Identity proof, residence proof and date of birth proof
- Address proof: Latest utility bill, passport and Leave and Licence Agreement
- Income proof (that includes audited books for the last two years)
- Last six months’ bank statements
- Last two years’ audited financials
- Office address proof
- Proof of office or residence ownership
- Proof of business continuity
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Rs. 20 lakh loan EMI plan
When you borrow a Rs. 20 lakh loan, your Rs. 20 lakh Personal Loan EMIwill largely depend on your interest rate and repayment tenure. At ICICI Bank, the Personal Loan interest rate ranges from 10.85% to 16.25% per annum and you can choose a repayment tenure of 12 to 72 months. Based on your loan plan, your EMIs will be as follows for a loan at 16.00% interest rate:
| Repayment Tenure | EMI Amount | Interest Payable |
|---|---|---|
| 12 months | Rs. 1,81,462 | Rs. 1,77,541 |
| 24 months | Rs. 97,926 | Rs. 3,50,229 |
| 36 months | Rs. 70,314 | Rs. 5,31,306 |
| 48 months | Rs. 56,681 | Rs. 7,20,667 |
| 60 months | Rs. 48,636 | Rs. 9,18,167 |
| 72 months | Rs. 43,384 | Rs. 11,23,625 |
| 84 months | Rs. 39,724 | Rs. 13,36,827 |
Choosing an appropriate Personal Loan repayment tenure
As per the above EMI plan, if you opt for a longer repayment tenure, the monthly payable EMI amount decreases, but the total interest payable amount increases. Therefore, choosing the shortest possible repayment tenure with EMIs you can easily afford is key. A Personal Loan calculator helps with these calculations instantly. Enter your loan amount, interest rate and loan term in the online tool for instant results. You can evaluate your budget and expenses to choose an appropriate EMI plan and repayment tenure.
Steps to apply for a Personal Loan at ICICI Bank
Are you looking for a Rs 20 lakh loan at ICICI Bank? Follow these steps to apply:
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A financial emergency can emerge and exhaust your savings without warning. It may affect your finances significantly, leaving you in a crunch for a long time. The best way to cover such expenses without disrupting your emergency funds is to borrow a Personal Loan from ICICI Bank. With a Rs. 20 lakh loan, you can cover various expenses and safeguard your savings at the same time.
