How to get a Rs. 3 lakh Personal Loan

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

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

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 10.80% to 16.15% per annum.
• Loan processing charge: A hassle-free application process with a Loan processing charge of up to 2.50%.
• Prepayment charges:

  a. 3% on principal outstanding amount.

  b. Nil after 12 EMIs paid.

  c. For Business Loans (BIL/BL) <=50 Lakhs i.e. Booked under code ‘UP’, the FC to be considered as “NIL” if first EMI is paid. This is applicable only for Micro and Small enterprises only (subject to URC submission) and not for Medium enterprises.

• Additional interest on late payment: 5% Per Annum will be charged on the overdue EMI until repayment.