ICICI Personal Loan Interest Rate

Personal Loan Schemes under ICICI Bank

Overview of ICICI Bank Personal Loan Interest Rates

This is a multi-purpose loan scheme that offers up to Rs.50 lakh and can be availed by who earn a minimum of Rs.30,000 per month. ICICI Bank promises to disburse the loan amount in 3 seconds after online verification and final acceptance are done. The loan can be repaid in EMIs during the loan tenure which can be anywhere between 12 months and 72 months.

Other Fees and Charges

Fees and charges, besides those mentioned above, are given below:

Factors affecting Personal Loan Interest Rate

ICICI Bank decides the interest rate applicable on a loan and can change the rate from time to time too. Here are a few factors that determine the rate of interest for your ICICI Bank Personal Loan:

1. Loan applicant's place of residence
2. Salary bracket of the individual
3. Profession of the applicant - salaried/self-employed
4. Credit score of the loan applicant
5. Repayment capacity of the person
6. Loan tenure
7. Type of loan scheme - Personal Loan/Business Instalment Loan

Sample ICICI Personal Loan EMI & Interest Calculation

1. Mr. Gopal is a fresher who earns Rs.25,000 per month in a media agency. He had taken a loan to take care of his sister's wedding expenses but ended up defaulting a few payments due to low disposable income. His credit score hence went down to 705. He needed additional money to take care of other household expenses and hence applied for a top-up loan of Rs.2 lakh from ICICI Bank. The bank charged an interest rate of 16.50% p.a. due to the low credit score plus the history of default payments.

The EMIs of Gopal's loan for a one-year tenure is given in the amortisation table below:

For Salary of Rs.25,000 Per Month

2. Ms. Reshma wanted a loan of Rs.2 lakh to work on the interiors of her house. Her monthly income is Rs.50,000 and she has a credit score of 800. She approached ICICI Bank and was offered a Home Renovation personal loan at a rate of interest of only 11.25% p.a.

The EMIs payable by Reshma for a one-year tenure is mentioned in the amortisation table given below:

For Salary of Rs.50,000 Per Month

ICICI Bank Personal Loan Top-Up

Existing ICICI Bank personal loan borrowers can choose to top-up their personal loan at attractive interest rates. The tenure of the loan will be equal to the existing personal loan and the personal loan top-up can be done with minimum documentation and without the need to submit collateral.

Steps to apply for an ICICI Bank personal loan top-up

1. Visit the official website of ICICI Bank - https://www.icicibank.com/Personal-Banking/loans/personal-loan/top-up-loan.page
2. Click on 'apply now'.
3. Enter a loan amount and tenure.
4. Enter your mobile number, and other important details.
5. Once all the details are submitted, ICICI Bank will call-back to proceed with the personal loan top-up.

The personal loan top-up will be sent directly to the bank account of the borrower.

ICICI Bank Personal Loan Balance Transfer

Personal loan borrowers can choose to transfer their existing personal loan balance from another financial lender to ICICI bank to either reduce their EMI or get a better interest rate. Customers can choose to get extra funds as well. To ensure that they are eligible, customers can make use of the balance transfer calculator.

Steps to apply for ICICI Bank personal loan balance transfer

1. Visit the website of ICICI Bank - https://www.icicibank.com/Personal-Banking/loans/personal-loan/personal-loan-balance-transfer.page
2. Click on 'apply now'.
3. Enter a loan amount and tenure.
4. Enter your mobile number, and other important details.
5. If you are eligible for the ICICI Bank personal loan balance transfer, the ICICI Bank customer care unit will get in touch with you on the process of submission of the required documents, and other related details.

A good credit score can help you secure lower interest rates on loans and credit cards.

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