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    Features and benefits

    Enjoy these features and benefits with a Rs. 20 lakh loan at ICICI Bank:

    No end-usage restrictions
    No end-usage restrictions
    Ample loan amount of up to Rs. 50 lakh to cover various expenses
    Ample loan amount of up to Rs. 50 lakh to cover various expenses
    Repayment tenure ranges from 12 to 72 months
    Repayment tenure ranges from 12 to 72 months
    Minimal documentation requirements
    Minimal documentation requirements
    The interest rates range from 10.85% to 16.25% per annum
    The interest rates range from 10.85% to 16.25% per annum
    Instant approvals and quick disbursals
    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

    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:

      Apply Now

      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.

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