Personal loans are given by ICICI Bank and other financial institutions to individuals without asking about the requirement or need. They are unsecured loans ranging from Rs. 50,000 to Rs. 20,00,000 which means that you need not mortgage any property or need a guarantor. The most common reason for taking a loan is debt consolidation. Some of the other reasons include medical treatment, travel, home renovation, wedding and so on.
You need to have a good credit history and adequate salary to get a loan sanctioned by ICICI Bank. Other factors like years of employment, company you work for, salary, current liabilities etc will determine the most important factors like amount, tenure and rate of interest. Some of the banks in give you the flexibility to pre-close the loan without any additional charges. But ICICI Bank does not extend such a facility on personal loans