icici personal loan

ICICI Personal Loan FlexiCash is a facility offered to salary account holders of ICICI Bank. Using this, you can get a line of credit for meeting your financial needs. This is designed to protect customers from delayed Equated Monthly Installments (EMIs) or cheque bounces due to the unavailability of funds by giving them a short-term instant credit. To get this, you need to fill in an application form online. Read this page to know more about this ICICI Personal Loan product.

Fees and Charges for ICICI Personal Loan FlexiCash

The bank charges the following when you use the ICICI Personal Loan FlexiCash facility –

  • Processing Fee – A non-refundable charge that starts from INR 1,999. This may vary based on the line of credit you’re eligible for. 
  • Renewal Fee – To renew ICICI Personal Loan FlexiCash, you need to pay a charge of INR 1,999+GST.

Is There Any Interest Rate on ICICI Personal Loan FlexiCash?

Yes, the bank charges an interest rate on FlexiCash only on the amount that you have used. For example, Samar has a FlexiCash limit of INR 1 Lakh with an interest rate of 12.20% per annum and he uses INR 10,000 for medical expenses and is left with INR 90,000 credit limit. If Samar repays INR 10,000 after 15 days and does not use any more of the FlexiCash limit, his interest will be INR 50.14 only.

ICICI Bank charges an interest rate from 12.00-14.00% per year on your credit limit. And this rate is based on your income and credit score. Your monthly salary and previous repayments help the bank know your repayment capacity based on which you get a line of credit. 

When Can I Use the ICICI Personal Loan FlexiCash?

You can manage immediate lump sum requirements for weddings, education, travel using the ICICI Personal Loan FlexiCash. And this facility is available to you for up to 12 months. After that, you need to renew this service by paying a fee.

How to Repay the Borrowed money?

You can repay the used credit limit using the auto sweep facility. It debits the money from your ICICI salary account to repay the borrowed amount. This way, your money can be repaid automatically without bothering you.

ICICI Personal Loan FlexiCash Pre-closure Facility

If you have had a good financial year and saved a good amount of money, repay the used credit limit in a lump sum. For this, ICICI Bank doesn’t charge any fees as applicable on a standard personal loan of ICICI Bank.

How to Get the ICICI Personal Loan FlexiCash Facility?

To get the advantage of this ICICI Personal Loan product, you need to follow the below steps –

  • Visit the official website of ICICI Bank
  • Go to the ‘Personal Loan’ section
  • Now, click on the ‘FlexiCash’ option
  • Click on the ‘Apply Now’ button
  • Choose from ‘Net Banking’ or ‘Debit Card’
  • If you choose ‘Net Banking’, enter your user ID and password
  • Click on the ‘Proceed’ button
  • In the case of the ‘Debit Card’ option, enter the card number and PIN
  • Click on the ‘Proceed’ button

The bank will show your credit limit. Now, if you confirm the credit limit of your FlexiCash, you can use the same without any trouble. 

What Documents Do I Need for ICICI Personal Loan FlexiCash Facility?

You don’t need any documents for Lowest Personal Loan interest rate FlexiCash Facility as the whole process is online and the bank already has your information as your salary gets disbursed there. 

So, if you need a line of credit to meet your financial needs, apply for an ICICI Personal Loan FlexiCash Facility by logging in to your account. Just have enough balance in the account for a smooth debit.

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