ICICI Personal Loan Interest Rates
ICICI Bank Personal Loan Interest Rates vary between 10.80% per annum, depending on the loan amount, customer’s relationship with the bank, type of corporate/business, and other factors.
ICICI Bank Personal Loan Interest Rate
Before we decide on availing a personal loan from any bank, we also need to compare the other charges that are levied on a personal loan. In the case of ICICI Bank, some of such charges are as follows:
| Interest Rate | Starting @ 10.80% |
| Processing Fee | Up to 2.25% of loan amount + GST |
| Loan Tenure | 1-6 years |
| Lowest EMI Per Lakh | ₹ 1,878 for 6 years |
| Prepayment Charges | 5% on principal outstanding + GST |
| Charges for swapping the repayment mode | Rs. 500 per transaction + GST. |
| Late payment | 24% per annum |
| Charges for loan cancellation | Rs. 3,000 + GST |
| Charges for EMI bounce | Rs.400 per bounce + GST |
ICICI Personal Loan Charges
Before we decide on availing a personal loan from any bank, we also need to compare the other charges that are levied on a personal loan. In the case of ICICI Bank, some of such charges are as follows:
- Charges for loan cancellation: Rs. 3,000 + GST
- Charges for EMI bounce: Rs. 400 per bounce + GST
Factors Affecting ICICI Personal Loan Interest Rate
When you decide to avail ICICI Personal Loan, you can gauge different options so that you can pay an affordable and planned EMI. There are many factors which affect the Personal Loan rate of interest, such as:
- Loan amount: The amount that is borrowed from the bank to fulfill any immediate financial need is named as the loan amount. Generally, banks offer lower interest rates for a higher amount. ICICI Bank offers a Personal Loan ranging between 50,000 and 20 Lakhs.
- Salary or income: Your monthly income and earnings define your capability to repay the loan that is borrowed. Applicants with higher salary brackets are offered loans at a lower rate of interest. The interest rate of the bank differs from your net monthly income.
- Relationship with your bank: Several banks offer special rates of interest, offers, and some charges to the existing account holders of the bank, and so on. Individuals who have managed their accounts well and made all the monthly payments timely in the past will get the benefit of a low rate of interest with ICICI Bank.
- Employer category or group: ICICI Bank maintains a list of reputed companies internally that fall into groups that are ranked from high to low company groups based on the size of the company, number of employees, reputation, and the existing relationship with your bank. Hence the employees who belong to the companies that fall under higher company groups, get attractive discounts or offers and lower interest rates on personal loans.
- Repayment capacity: Before giving a Personal Loan to the customer, ICICI Bank checks the repayment capability of the customer. The bank or the lending agency also checks and verifies the repayment capacity of the customer through CIBIL as it provides the information in detail of the repayment track record of the previous loans that are availed. CIBIL also helps to capture the information on credit card bill payments.
- Loan tenure: Usually, Personal Loans are of a shorter period, which ranges from 12 months to 60 months as they are taken to meet their urgent financial requirements.
- Credit Score: ICICI Bank considers credit score a major factor that affects the interest on your loan. If you have a higher credit score then you can get the loan at the lowest interest rate.
How to Apply for ICICI Bank Personal Loans?
If you want to get a Personal Loan from ICICI Bank online, follow the procedure mentioned below:
- Visit ICICI Bank’s website or MyMoneyMantra.
- Go to the personal loan page and fill in the required details to complete your application.
- Your loan application will be processed online.
- ICICI Bank representatives will get in touch with you immediately to take the process ahead.
- Schedule a documents pick-up meeting.
- Your documents will be submitted to the lender.
- The lender will verify your documents and application.
- If you meet the ICICI Bank personal loan eligibility criteria, your loan will be approved.
- After approval, if you agree with all the terms and conditions of the loan, the loan will be disbursed to your account.
You can also visit any ICICI branch nearby and manually fill out the loan application form.
ICICI Bank Personal Loan Documents Required
Documents for Salaried Individuals
- Proof of residence: Utility Bill (not more than 3 months old)/ Leave and License Agreement/ Passport
- Proof of identity: Driving License/ Passport/ Voters ID/ PAN Card
- Last 3 months' bank statement (of the account where salary or income is credited)
- Last 3 months' salary slips
- 2 recent passport-size photographs
Documents for Self-Employed
- KYC Documents: Address proof; Proof of Identity; DOB proof
- Proof of Residence: Utility Bill (not more than 3 months old)/ Leave and License Agreement/ Passport
- Income Proof: Last 2 years' audited financials
- Last 6 months' bank statement
- Proof of office address
- Proof of residence or office ownership
- Proof of business continuity
ICICI Personal Loan Top-Up
Top up is an additional loan amount given on top of your existing Personal Loan limit, which can be availed from your bank. You can also avail top-up at the time of transferring the balance Personal Loan amount to a new lending institution. You can avail a top up on your Personal Loan from ICICI Bank if you have a regular and timely repayment track record on your current Personal Loan. Most of the time, the top-up loans are available at a similar rate of interest as that on your running Personal Loan. Presently the interest rate applicable on ICICI Personal Loan top up starts at 11.25%.
ICICI Bank Personal Loan Interest Rates FAQs
Banks usually inform their decision on a Personal Loan within 15 days of submitting a loan application. However, some banks provide instant loan offers which can be approved within very few hours or 2-3 days. The turn-around time for ICICI Bank Personal Loan can be around 2 to 3 days.
You can calculate ICICI Personal Loan Rates by using the personal loan interest rate calculators available online.
Banks usually inform their decision on a Personal Loan within 15 days of submitting a loan application. However, some banks provide instant loan offers which can be approved within very few hours or 2-3 days. The turn-around time for ICICI Bank Personal Loan can be around 2 to 3 days.
ICICI Bank offers a Personal Loan at an interest rate of 10.80% per annum with the lowest EMI of Rs. 2,187 per Lakh. Hence, if you are paying an EMI more than this amount then you can opt for a balance transfer and then change your loan to ICICI Bank.
ICICI Bank Personal Loans rates range between 10.80%. For salaried account holders it is comparatively lesser than that for other customers or borrowers.
The lowest EMI per Lakh for a personal loan with ICICI Bank is Rs. 2,187.
The Personal Loan with ICICI Bank has a flexible period of a minimum of 12 months and ranges up to a maximum of 60 months.
You can borrow a personal loan amount ranging from Rs. 50,000 to a maximum of Rs. 30 Lakhs.
The processing fees for ICICI Bank personal loan can be up to 2.25% of the sanctioned loan amount with applicable GST.
Yes, you can add your income or earnings along with the income of your partner or spouse in order to increase your Personal Loan eligibility and capacity to pay the EMIs. It also helps to get a higher Personal Loan amount.
Yes, age is a vital eligibility factor to get a personal loan from ICICI Bank. You need to be at least 23/28/25 years of age (for salaried/self-employed/doctors respectively) at the time of approval and 58/65 years (for salaried/self-employed and doctors respectively) at the time of maturity of the personal loan.
Yes, there are prepayment charges on a personal loan from ICICI Bank of 5% of outstanding principal plus applicable GST.
ICICI Bank personal loan interest rates are dependent on the segment to which the customer belongs. The rates can be negotiated based on the asset category and location.
Once your loan application is approved, the funds will be credited to your account within three seconds with ICICI Bank’s instant Personal Loan online services.