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ICICI Personal Loan for Senior Citizen

ICICI Personal Loan for Senior Citizen

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Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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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 recognises the financial needs of senior citizens in India and offers loans up to ₹50 Lakh for managing lifestyle, medical expenses, or unforeseen events. Eligible applicants, including pensioners from government or private sectors, can apply for this unsecured credit without collateral. The process is streamlined with moderate criteria, minimal documentation, and swift fund disbursement, making it an attractive option for senior citizens.

ICICI Personal Loan for Senior Citizens – Highlights

The following are the key parameters of an ICICI instant loan for senior citizens:

Interest Rates	10.65% p.a. onwards
Processing Fees	Up to 2.50% of the loan amount + applicable taxes
Loan Tenure	12 months to 84 months
Eligibility	Pensioners

Compare Senior Citizens’ Loan From Other Banks

Following is the comparison of SBI personal loan senior citizens with other lending banks in India.

Lender	Interest Rate	Processing Fee	Tenure
ICICI Bank	10.65% onwards	Up to 2.50% of the loan amount	Up to 7 years
Bank of India (BOI)	10.25% onwards	Nil	Up to 5 years
State Bank of India	11.20% onwards	1% of the loan amount	Up to 6 years
Punjab National Bank	11.75% onwards	Nil	Up to 5 years
United Bank of India	11.40% onwards	1% of the loan amount	Up to 5 years
Central Bank of India	12.00% onwards	1% of the loan amount	Up to 7 years

ICICI Personal Loan for Senior Citizens – Fees and Charges

Following are the charges of an ICICI personal loan for senior citizens:

Fee/Charge	Amount
Processing Fee	Up to 2.50% of the loan amount + applicable taxes
Prepayment Charges	3% of the principal amount + applicable taxes
Additional Interest on late payment	24% per annum
Repayment Mode Swap Charges	Rs 500/- per transaction plus applicable taxes
Loan Cancellation Charges	Rs 3000/-plus applicable taxes
EMI Bounce Charges	Rs 500/- per bounce plus applicable taxes
Non Maintenance of Mode of Payment (NMMP Charges)	Rs 800/- (Plus applicable taxes or statutory levies, if any.)

ICICI Personal Loan for Senior Citizens – Documents Required

The following are the required documents for the senior citizen personal loan ICICI:

Proof of Identity: PAN Card, Passport, Voter ID or Driving License.
Proof of Address: Utility Bills, Passport, Driving License or Aadhaar Card.
Proof of Income: Pension slip, bank statement, or income tax return.

ICICI Personal Loan for Senior Citizens – Eligibility Criteria

The following are the applicable eligibility criteria regards an ICICI personal loan for senior citizens:

You must be a resident of India with a valid residential address.
You must have a regular monthly income or pension.
You must have a good credit score and a satisfactory repayment history.
You must have a savings account with any bank in India.

Frequently Asked Question (FAQs)

Can a Senior Citizen get a personal loan From ICICI?

Yes, the bank provides personal loans to senior citizens who are receiving pensions.

How much ICICI personal loan can a Senior Citizen get?

The maximum loan amount you can secure from ICICI is ₹50 Lakh, depending on your eligibility or repayment capacity.

What is the CIBIL score for Senior Citizens for ICICI?

A CIBIL score of 700 or above is considered ideal in ICICI Bank.

How can Senior Citizens get loans in ICICI instantly?

You can apply through the official website of Urban Money. Thus, our dedicated loan specialist will contact you regarding ICICI Bank and guide you through the process. You can typically expect the funds to be disbursed within a day.

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