ICICI Personal Loan of 7 Lakh

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Written By
Amrita Sinha
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.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

ICICI Bank offers personal loans of up to 7 lakh rupees. This loan can be used for a myriad of purposes, such as weddings, home renovation, education fees, or medical emergencies. The loan amount can be repaid in flexible EMIs, ranging from 12 to 60 months. ICICI Bank provides competitive interest rates and a hassle-free application process, making it convenient for individuals to use this personal loan. With minimal documentation and quick approval, ICICI Bank’s 7 lakh personal loan can help individuals meet their financial needs efficiently.    

7 Lakh ICICI Personal Loan – Highlights 

Interest Rate From 10.50 % (p.a) onwards
Loan Tenure Ranging between 12 to 84 months 
Type of Interest Rate Fixed Interest rate 
Collateral Requirement -NIL-

7 Lakh ICICI Personal Loan EMI for 10 Years 

The table below represents a 7 Lakh ICICI Personal Loan EMI schedule for 10 years. 

Loan Tenure Loan Amount Interest Rate (p.a) EMI
1 Year 10 Lakh  10.50 % 44,133
2 Year 10 Lakh  10.50 % 23,246
3 Year  10 Lakh  10.50 % 16,310
4 Year  10 Lakh  10.50 % 12,862
5 Year 10 Lakh  10.50 % 10,809
6 Year 10 Lakh  10.50 % 9,453
7 Year  10 Lakh  10.50 % 8,496
8 Year
9 Year 
10 Year

Comparing ICICI 7 Lakh Personal Loan with Other Banks

Here’s a quick comparison of ICICI Bank’s personal loan of 7 lakh amount with other banks and NBFCs.

Bank Name  Maximum Loan Tenure Interest Rate (p.a)
ICICI Bank  5 Years  11.25%
Axis Bank  5 Years  9.50%
Syndicate Bank  5 Years  10.1%
IDBI Bank  5 Years  9.95%
Navi  4 Years 9.90 – 45 %
Moneyview 5 Years  15.96

7 Lakh ICICI Bank Personal Loan – Fees and Charges 

The following fees apply to an instant 7 lakh loan from ICICI Bank.

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

7 Lakh ICICI Bank Personal Loan – Documents Required 

The complete list of 7 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 three months’ utility bills
  • Income Proofs: Last three months’ salary statements/ Last three months’ bank statements/ Balance sheet and P&L account 

7 Lakh ICICI Bank Personal Loan – Eligibility Criteria

The 7 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/five years in existing business
  • Number of years at current residence: 1 year
  • High credit ratings
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