Features of a Rs. 3 lakh Personal Loan

Benefits and features of a Rs. 3 lakh Personal Loan with ICICI Bank:

No restrictions on the fund usage

No restrictions on the fund usage

Enjoy complete financial flexibility with no restrictions on how you use the Loan amount.

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Instant approval

Instant approval

Get instant approval with swift access to funds when you need them the most

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Flexible tenure

Flexible tenure

The tenure spans from 12 months to 72 months, providing borrowers the flexibility of choosing a repayment period that aligns with their financial capacities

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Online services

Online services

Embrace the ease of online services. Online services ensure a seamless and convenient borrowing experience from the comfort of your home

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Minimum documentation

Minimum documentation

Minimum documentation requirement will speed up your approval for a Rs. 3 lakh Personal Loan

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Fixed interest

Fixed interest

Benefit from the stability of a fixed interest rate throughout the Loan tenure

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No collateral needed

No collateral needed

Secure a Rs. 3 lakh Personal Loan without risking your valuable assets.

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Eligibility Criteria, Documents Required and Interest Rates

Eligibility criteria

To secure a Rs 3 lakh Personal Loan, applicants must meet the following criteria:

  • Age: 20 years to 58 years for salaried employees, 65 years for self-employed
  • Person should be an Indian citizen residing in India
  • Salaried individual with a steady monthly income
  • A positive credit score
  • Savings Account with an Indian Bank

Required documents

Documents required for a Rs 3 lakh Personal Loan:

For salaried individuals:

  • Proof of Identity (Choose one): Passport, Driving Licence, Voter ID, PAN Card
  • Proof of residence (Choose one): Leave and Licence Agreement, Utility Bill, Passport
  • Bank statements for the last 3 months
  • Salary slips for the last 3 months
  • 2 passport size photographs.

For self-employed individuals:

  • KYC documents: Proof of Identity, DOB proof, Address proof
  • Proof of residence (Choose one): Leave and Licence Agreement, Utility Bill, Passport
  • Income proof (that includes audited books for the last two years)
  • Bank statements for the last 6 months
  • Office address proof
  • Proof of residence or office ownership
  • Proof of continuity of business

Interest rates and charges

Secure a Rs 3 lakh Personal Loan with ICICI Bank at competitive interest rates and transparent charges. Here are the key details:

  • Interest rates: The interest rates range from 10.65% to 16.00% per annum.
  • Loan processing charge: A hassle-free application process with a Loan processing charge of up to 2.50%.
  • Prepayment charges: For salaried customers, 3% plus applicable taxes on the principal outstanding after the 1st EMI. Nil charges after 12 EMIs.
  • Additional interest on late payment: Maintain financial discipline with a 24% per annum charge on late payment.
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Rs. 3 lakh Personal Loan FAQs

What is the EMI for a Rs. 3 lakh Personal Loan?

Use our online Personal Loan EMI Calculator to determine the exact Equated Monthly Instalment (EMI) based on your chosen tenure and interest rate.

What is the minimum salary requirement to avail a Rs. 3 lakh Personal Loan?

The minimum salary requirement varies based on your location, credit score and other factors. Check your eligibility through our online application process.

Who is eligible for a Rs. 3 lakh Personal Loan?

Individuals meeting the minimum age requirement, having a stable source of income and complying with the credit policies of ICICI Bank are eligible for a Rs. 3 lakh Personal Loan.

How can I get a Rs. 3 lakh Personal Loan without income proof?

ICICI Bank typically requires income proof for Loan approval. Ensure that you have the necessary documents such as Salary slips or Bank statements, to support your application.

How to avail a Rs. 3 lakh Personal Loan immediately?

While immediate disbursal is subject to approval, you can speed up the process by applying online and ensuring that all the required documents are ready, for a swift and convenient experience.