ICICI Personal Loan interest rate for salaried person varies from: 11.25% to 17.99% p.a. and for self-employed varies from: 11.59% to 22% p.a.
|Interest rate||11.25% to 17.99% p.a.||11.59% to 22% p.a.|
|Loan Amount||Up to Rs.20 lakh||Up to Rs.30 lakh|
|Loan Tenure||Up to 60 months||Up to 60 months|
|Processing Fee||Up to 2.25% of the loan amount + GST||Up to 2.25% of the loan amount + GST|
|Age||23 to 58 years||25 years (for doctors) 28 years (self-employed individuals) Max. age: 65 years|
|Prepayment Charges||5% of the outstanding amount + GST||5% of the outstanding amount + GST|
ICICI Bank is a leading bank in India that extends various banking products and services to individuals across the bank. The bank offers outstanding personal loan options that will help you meet any of your numerous financial requirements. The interest rate charged by ICICI Bank for its personal loan is affordable and reasonably priced. The interest rates for ICICI personal loans start from 11.25% to 22.00% p.a.
How To Calculate Interest On Your ICICI Bank Personal Loan
While there is a formula to determine the interest on your loan, it’s easier to use an EMI calculator. You can make your calculations with BankBazaar’s Personal Loan EMI Calculator to figure out the interest amount you’ll owe the bank as well as the monthly payment you’d be required to make. All you have to do is enter your loan details and click ‘Calculate’.
Here’s how it works.
Example 1: Calculate monthly payment on a loan of Rs.7 lakh at the lowest interest rate
Let’s assume you have taken a Rs.7 lakh loan from ICICI Bank for 5 years at an interest rate of 11.25% p.a. You’ll be charged a processing fee of 2.25% p.a. (with 18% tax on the amount).
Your EMI will amount up to Rs.15,307.
Check out the loan amortisation table for a 5-year loan taken in March 2019 till February 2024:
|Year||Principal paid (in Rs.)||Interest paid (in Rs.)||Outstanding amount (Rs.)|
Example 2: Calculate monthly payment on a loan of Rs.7 lakh at the highest interest rate
Let’s calculate with the highest interest rate at 22% p.a. With all the other factors staying the same, your EMI will now be Rs.19,333.
Your loan amortisation table for 5 years will look like this (March 2019 to February 2024):
|Year||Principal paid (in Rs.)||Interest paid (in Rs.)||Outstanding amount (Rs.)|
ICICI Bank Personal Loan Fees and Charges
|Loan processing fee or origination fee||Up to 2.25% p.a. of loan amount along with applicable GST|
|Extra interest on late payment of fee||24% p.a.|
|Personal loan interest rate||10.99% p.a. to 22.00% p.a.|
|Pre-payment charges||5% p.a. of unsettled principal amount along with applicable GST|
|Repayment mode swap charges||Rs.500 for each transaction along with the GST|
|Account statement charges||Rs.200 for each schedule along with the GST|
|Foreclosure or repayment charges||Rs.200 for each schedule along with the GST|
|Duplicate No Due Certificate (NDC) OR No Objection Certificate (NOC)||Rs.500 for each NOC along with the GST Rs.200 for each NDC along with the GST|
|EMI bounce charges||Rs.400 for each bounce along with the GST|
|Amortisation schedule charges||Rs.200 for each schedule along with the GST|
|Loan cancellation charges||Rs.3,000 along with the applicable GST|
|Auto debit bounce charges||Rs.50 along with the applicable GST|
- These interest rates can be modified or updated by ICICI Bank on a regular basis.
- GST and other taxes will be imposed on the fees and charges according to the existing rates.
ICICI Customer Care for Personal Loans
If you have any questions or doubts about your ICICI personal loan, you can get in touch with the bank via the following ways:
- You can send a text message to 5676766 with the content ‘PL’.
- You can request a call from the bank by filling an online form with your name, last name, pin code, contact number, product type, and your email address.
- You may also call the bank at the number given for each location and talk to a representative to get your doubts clarified.
- You may also visit a bank branch and meet the customer care representative at the branch.
- How long does ICICI Bank take to disburse a personal loan application?
- How does ICICI Bank credit the personal loan amount if the loan application is accepted?
- What are the payment modes through which I can repay my ICICI personal loan?
- What is the minimum loan tenure for ICICI Personal Loan?
- What is the process that needs to be followed for the prepayment of an ICICI Personal Loan?
- What is the maximum personal loan amount offered by ICICI Bank?
- Is there any minimum time limit after which I can prepay my ICICI Bank personal loan?
- Will I need to make arrangements for any guarantor while applying for a personal loan from ICICI Bank?
- What is the Base Rate for ICICI Bank personal loans?
- Does ICICI Bank offer any personal loan product for NRIs?
- What is the starting interest rate for personal loans for NRIs offered by ICICI Bank?
- What is the maximum tenure for personal loans for NRIs provided by ICICI Bank?
- If I want to make any modifications to my contact information that is recorded with ICICI Bank for my personal loan, what should I do?
- Does ICICI Bank provide personal loans for business activities?
- Does ICICI Bank offer balance transfer features for personal loans?
- Does ICICI Bank provide any top up facility for present personal loans?
- Should the applicant be residing in India to apply for an ICICI NRI personal loan?
- Does ICICI Bank offer any insurance option for ICICI personal loans?
ICICI Bank usually takes 72 hours to disburse a personal loan application.
ICICI Bank will provide you with your personal loan amount via direct credit with the help of Fund Transfer (FT).
You can repay your ICICI personal loan through Electronic Clearing Service (ECS), Post-Dated Cheque (PDC), or Standing Instruction (SI).
The minimum loan period for ICICI Personal Loan is 12 months.
When you plan to prepay your ICICI personal loan, you will need to first get a request letter which should be signed by you. Next, you will have to keep your PAN card ready if you plan to prepay with cash and if your prepayment amount is higher than Rs.50,000. In case, you cannot visit the bank branch when you want to prepay your loan, you can make arrangements for a representative. Your representative will need to carry an authority letter which is duly signed by you. Your representative will also need to carry your (the actual loan borrower) valid ID proof.
The maximum personal loan amount provided by ICICI Bank is Rs.20 lakh.
Yes, you can prepay your ICICI personal loan only after you complete a period of 6 months. You will not be allowed to foreclose your loan before this.
No, you do not need any guarantor in order to apply for a personal loan from ICICI Bank.
The Base Rate for ICICI Bank personal loans is 9.35% p.a. which has been effective from October 5, 2015.
Yes, ICICI Bank has exclusive personal loan options for NRIs. You do not have to offer any security or collateral. You can get a loan of up to Rs.10 lakh.
The interest rates for ICICI Bank NRI personal loans start from 15.49% p.a.
The maximum tenure for NRI personal loans provided by ICICI Bank is 36 months.
You can make changes to your contact information such as mobile number, mailing address, or email ID with the help of ICICI customer care or ICICI Internet Banking or by visiting any ICICI Bank branch. You can login to the internet banking platform of the bank with your user ID and password, and request for changing address or updating contact number and email address.
You may also call the 24-hour customer care centre of the bank and get your contact details modified.
You may also go to any ICICI Bank branch and then request for changing your contact information.
Yes, the bank provides personal loans for business activities for self-employed people.
Yes, you can go for a balance transfer facility for an ICICI personal loan if you have completed paying 12 EMIs.
Yes, the bank provides a top up facility for existing personal loans if you have completed paying 12 EMIs. You can ask for a top up facility by visiting the bank’s internet banking platform or by going to any ICICI bank branch or by calling the bank’s customer care centre.
Yes, to apply for an ICICI NRI personal loan, the applicant should be a resident Indian and the co-applicant will be the NRI who is a close relative of the main applicant.
Yes, you can take the insurance plan known as ICICI Pru Loan Protect Plus plan to receive coverage while paying your personal loan EMIs.