Features and benefits for a Rs 60,000 Personal Loan

A Personal Loan of Rs 60,000 from ICICI Bank is designed to provide quick and convenient financial solutions.
Let’s look at its features and benefits:

Minimal documentation

Minimal documentation

Our streamlined process ensures minimal paperwork, reducing the hassle and expediting your loan application

240
Collateral-free loan

Collateral-free loan

Enjoy the freedom of borrowing without collateral, making the loan accessible to a broader audience

240
Flexible tenure

Flexible tenure

Choose a repayment tenure that aligns with your financial capacity, ranging from 12 to 72 months

240
Fixed interest

Fixed interest

Your interest rate remains constant throughout the loan tenure

240
Instant loan approval

Instant loan approval

Experience the convenience of funds credited to your account almost instantly upon loan approval

240
Interest rate

Interest rate

Benefit from competitive interest rates starting at 10.65%

240
Processing fees

Processing fees

Transparent and reasonable processing fees, with charges up to 2.50% of the loan value.

240

EMI required for a Rs 60,000 Personal Loan

Below is a detailed breakdown of the EMI for loans of Rs 60,000, at 11%

Loan tenure Approx. EMI amount
2 years Rs 2,796
3 years Rs 1,964
5 years Rs 1,305

Rs 60,000 Personal Loan eligibility, documents and interest rates

Documents required

Submit your application by providing the following essential documents:

  • Proof of identity: Aadhaar Card or PAN Card (any one)
  • Proof of residence: Leave and Licence Agreement, Utility Bill (not more than 3 months old) or passport (any one)
  • Latest 3 months Bank Statement: Reflecting the transactions where your salary or income is credited
  • Salary slips for the last 3 months
  • 2 passport size photographs.

Eligibility criteria

To get a Rs 60,000 Personal Loan, you must meet the following eligibility criteria:

For salaried individuals:

  • Age: Between 20 to 58 years
  • Net salary: Minimum monthly income of Rs 30,000
  • Total years in the job/profession: A minimum of 2 years in the current employment
  • Years in the current residence: Residing at the current address for at least 1 year.

For self-employed individuals:

  • Age: Minimum 28 years for self-employed individuals, 25 years for doctors and a maximum age of 65 years
  • Minimum turnover: Rs 40 lakh for non-professionals and Rs 15 lakh for professionals
  • Minimum profit after tax: Rs 2 lakh for a Proprietorship firm/Self-employed individuals and Rs 1 lakh for non-professionals
  • Business stability: At least 5 years in the current business for non-professionals and 3 years for doctors
  • Existing relationship with ICICI Bank: Minimum 1 year liability relationship (Current or Savings Account) or Asset Relationship (loan) either live or closed in the last 36 months, with a satisfactory repayment track as required.

Interest rates and charges

Personal Loans feature competitive interest rates ranging from 10.65% to 16.00% per annum. You also get transparent processing charges, with origination fees up to 2.50% of the loan amount. You can also use an interest calculator for a Personal Loan to get the exact amount.

Read More

FAQs

Can I get a Personal Loan if I get salary in cash?

Yes, ICICI Bank considers various income sources including cash salary, when evaluating your eligibility for a Personal Loan.

What is the EMI for a Rs 60,000 Personal Loan?

Use the Personal Loan EMI calculator to determine the exact monthly instalment based on your chosen tenure and interest rate.

Is it possible to get a Rs 60,000 Personal Loan?

ICICI Bank offers Personal Loans starting from Rs 60,000, providing a tailored financial solution to meet your specific needs.

Does a Personal Loan offer tax benefits?

Personal Loans, including those for Rs 60,000 do not offer tax benefits. The focus is on providing financial support without the complexity of tax implications.

How fast can a Personal Loan be disbursed?

ICICI Bank prioritises efficiency, aiming to instantly disburse funds upon successful approval, ensuring quick access to Personal Loans.