ICICI Personal Loan of 2 Lakh

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Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

ICICI Bank personal loans of 2 lakhs enjoy wide popularity because of their easy repayment options. The loan can cover a range of personal expenses and can be repaid comfortably in Equated Monthly Instalments (EMIs).

Personal Loan EMIs are significantly impacted by loan tenure. The higher the loan tenure, the smaller will be the 2 lakh personal loan EMIs. Coupled with interest rates, these two factors determine the monthly repayment installments. Let’s take a look at the ICICI Bank personal loan of 2 lakh’s EMIs for up to 7 years.

ICICI Bank 2 Lakh Personal Loan – Highlights

Before moving on to the EMIs, here is a quick overview of the ICICI Bank personal loan of 2 lakh.

Loan Amount	2 lakh
Maximum Loan Tenure	Up to 7 years
2 lakh loan Interest Rate	10.50%-16.00% p.a.
Type of Interest Rate	Fixed Interest Rate
Collateral Requirement	NIL

2 Lakh Personal Loan EMI for Upto 7 Years

Here’s the ICICI Bank’s personal loan of 2 lakh EMI scheduled for up to 7 years, calculated at the starting interest rate of 10.50% p.a.

Loan Tenure	Loan Amount	Interest Rate (p.a.)	EMI
1 Year	2 lakh	10.50%	₹17,630
2 Years	2 lakh	10.50%	₹9,275
3 Years	2 lakh	10.50%	₹6,500
4 Years	2 lakh	10.50%	₹5,121
5 Years	2 lakh	10.50%	₹4,299
6 Years	2 lakh	10.50%	₹3,756
7 Years	2 lakh	10.50%	₹3,372

Comparing ICICI 2 Lakh Personal Loan

Here’s a quick comparison of ICICI Bank’s personal loan of 2 lakh amount with other banks and NBFCs.

Bank Name	Maximum Loan Tenure	Interest Rate (p.a.)
KreditBee	2 years	16% onwards
L&T Finance	4 years	12% onwards
Citibank	5 years	10.75% onwards
Kotak Mahindra Bank	6 years	10.99% onwards
Axis Bank	7 years	10.49% onwards

2 Lakh ICICI Bank Personal Loan – Fees and Charges

The following fees apply to an instant 2 lakh loan from ICICI Bank.

Processing Fee: Upto 2.50% of the loan amount plus GST
Goods and Services Tax: 18% GST on all bank services
Other Charges: Loan cancellation charges, Delayed instalment charges, foreclosure and prepayment charges.

2 Lakh ICICI Bank Personal Loan – Documents Required

The complete list of 2 lakh personal loan documents for ICICI Bank is given below:

Loan Application Form (2 attested passport-size photographs)
KYC Documents: Aadhar Card, Driver’s License, Passport, Voter’s ID, previous 3 months’ utility bills
Income Proofs: Last 3 months’ salary statements/ Last 3 months’ bank statements/ Balance sheet and P&L account

2 Lakh ICICI Bank Personal Loan – Eligibility Criteria

The 2 lakh personal loan eligibility for ICICI Bank is as follows:

Eligible Borrowers: Self-employed/ Salaried
Age: 20-65 years
Minimum Income/ Turnover: ₹30,000 per month/ ₹15-40 lakhs per annum
Work Experience: 2 years in current job/ 5 years in current business
Number of years at current residence: 1 year
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