ICICI Bank Flexi Loan

The ICICI Bank’s Flexi Personal Loan is a type of personal loan offered at a predefined credit limit. For instance, on a flexi loan of 10 lakhs, a borrower can either use the full or less than the full amount as per their needs. These loans are aimed at offering greater flexibility to a borrower, allowing them to withdraw and repay as per their convenience. Borrowers are liable to pay interest only on the used portion of the loan and not on the full amount. 

Flexi Personal Loans from ICICI Bank can be put to multiple uses, such as wedding expenses, medical bills, car purchases etc. Take a comprehensive look into the loan’s various aspects here.

Features and Benefits of ICICI Bank Flexi Personal Loans

Take a look at the highlighting features and benefits of flexi personal loans from ICICI Bank.

1. Easy Withdrawal: Borrowers need not withdraw the whole amount at once. They can withdraw the necessary amount within the limit as and when the need arises. 
2. Flexible Repayments: When the borrower has enough funds, they can comfortably repay the withdrawn amount as per their convenience.
3. Prepayments: ICICI Bank also allows prepayment of flexi personal loans in case a borrower has surplus funds.
4. Pay for Only Used Amount: ICICI Bank charges Flexi loan interest rate only on the used amount from the entire loan limit.
5. Digital Application: ICICI Bank offers digital applications on flexi loans for pre-approved customers. 

ICICI Bank Interest Rate for Flexi Personal Loan

The ICICI Bank Flexi loan interest rate ranges from 10.65% p.a. to 16.00% p.a. The interest is charged every month but only on the used amount. For instance, out of the 10 lakhs limit of the loan, a borrower uses only 2 lakhs. The interest, then, would be charged on the used amount of 2 lakhs only.

Eligibility Criteria for ICICI Bank Flexi Personal Loan

The following criteria determine the ICICI Bank Flexi loan eligibility:

• Eligible Candidates: Salaried/ Self-Employed individuals
• Age: 25-65 years 
• Minimum Income: 30,000 per month for salaried/ as specified for self-employed
• Minimum Work Experience: 2 years
• High Credit Score

Documents Required for an ICICI Bank Flexi Personal Loan

ICICI Bank Flexi Loan Document requirement is as follows:

1. KYC Document: ID Proof (Aadhar Card/Voter’s ID) and Address Proof (Utility Bills/ Aadhar Card)
2. Financial Documents: Bank statements of past months
3. Income Documents: Salary Slips/ IT Returns/ Balance Sheet and P&L account/ Other proofs
4. 2 passport-size photographs

Difference Between Term Loan and Flexi Loan

The interest treatment primarily differentiates ICICI Bank Flexi Loan from Standard term loan.

Flexi loan charges interest only on the used amount and not the entire credit limit. At the same, a borrower can comfortably repay and withdraw the necessary amount from the limit, within the loan tenure, without having to apply for a new loan each time. This makes flexi loans among the most convenient and flexible loan options available.

How to Apply for an ICICI Bank Flexi Personal Loan Online at Urban Money?

Urban Money offers end-to-end assistance in submitting an ICICI Bank Flexi Loan application. From loan application to document submission, every step is duly taken care of. Simply visit www.urbanmoney.com or contact us at 1800 208 3344 for expert assistance within minutes.