ICICI Personal Loan of 8 Lakh

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Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

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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 personal loan of 8 Lakh rupees is an unsecured loan. This means you can get the loan amount without securing your assets as collateral. Instead, the bank considers your credit score, income, repayment history, and other parenting factors regarding your creditworthiness and ability to repay. In addition, the digital application process allows you to apply for a personal loan online without leaving your couch. The entire application process takes approximately 10 minutes. Once you apply for a loan with the necessary documents, the money will be credited to your bank account within two days.

8 Lakh ICICI Bank Personal Loan – Highlights

Loan Amount	8 lakhs
Maximum Loan Tenure	Up to 7 years
2 lakh loan Interest Rate	From 10.50% p.a.onwards
Type of Interest Rate	Fixed Interest Rate
Collateral Requirement	NIL

8 Lakh ICICI Bank Personal Loan EMI for Upto 7 Years

Loan Tenure	Loan Amount	Interest Rate (p.a)	EMI
1 Year	8 Lakhs	10.50%	70,519
2 Year	8 Lakhs	10.50%	37,101
3 Year	8 Lakhs	10.50%	26,002
4 Year	8 Lakhs	10.50%	20,483
5 Year	8 Lakhs	10.50%	17,195
6 Year	8 Lakhs	10.50%	15,023
7 Year	8 Lakhs	10.50%	13,489

Comparing 8 Lakh ICICI Bank Personal Loan

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

Bank Name	Maximum Loan Tenure	Interest Rate (p.a)
Axis Bank	5 Years	13.70%
HDFC Bank	5 Years	13.86%
Bajaj Finserv	8 Years	13.00%
Moneyview	5 Years	16.00%

8 Lakh ICICI Bank Personal Loan – Fees and Charges

The following fees apply to an instant 8 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

8 Lakh ICICI Bank Personal Loan – Documents Required

The complete list of 8 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

8 Lakh ICICI Bank Personal Loan – Eligibility Criteria

The 8 lakh ICICI Bank personal loan eligibility 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