ICICI Personal Loan of 7 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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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.

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, 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