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  • ICICI Personal Loan Interest Rates 2019

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  • ICICI Bank offers two personal loan schemes at interest rates between 11.25% and 22% p.a. The processing fee charged is up to 2.25% p.a. of the loan amount. The loan tenure options offered by the bank start from 12 months and go up to 60 months.

    If you choose to pre-pay the loan amount, you will be charged 5% p.a. of the outstanding loan amount. The processing fee will be waived off, if the borrower has paid 12 EMIs and is using his/her own funds to pre-pay. Part pre-payment facility is not available.

    The bank offers a scheme for personal expenditures such as weddings, home renovations, and holidays to salaried individuals. The other scheme is exclusively for self-employed individuals, non-professionals, and doctors.

    Particulars Salaried Self-Employed
    Interest Rate 11.25% to 22% p.a.
    Processing Fee Up to 2.25% p.a. of the loan amount
    Loan Tenure 12 to 60 months Up to 60 months
    Loan Amount Up to Rs.20 lakh Up to Rs.40 lakh
    Income Rs.17,500 to Rs.25,000 p.m. Rs.15 lakh to Rs.40 lakh turnover
    Total years in profession 1 year 5 years (3 years for doctors)
    Credit Score 700 and above
    Lowest EMI per Lakh Rs.2,187
    Pre-Payment 5% p.a. of the outstanding loan amount
    Additional Interest on late payment 24% p.a.

    *Note: GST may be applicable over and above the charges mentioned in the table above.

    Personal Loan Schemes:

    Personal Loan Scheme Best For Interest Rate
    Personal Loan Getting a quick loan 11.25% to 22% p.a.
    Business Instalment Loan Getting loans for non-salaried individuals with or without audited financials

    ICICI Bank Personal Loan

    This is a multi-purpose loan scheme that offers up to Rs.20 lakh and can be availed by salaried individuals who earn a minimum of Rs.17,500 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 60 months.

    The types of ICICI Bank Personal Loan are:

    • Wedding Loan: You can avail a loan to take care of your wedding expenses. No collateral needs to be pledged and only minimal documentation is required.
    • Holiday Loan: You can avail the holiday loan to take care of your holiday expenses to any desired destination. The documentation is simple, and the loan amount is processed and disbursed quickly.
    • Home Renovation Loan: You can get a home renovation loan with minimal documentation and no security up to Rs.20 lakh.
    • Top-up Loan: The top-up loans allow you to get an additional loan through ICICI Bank. You can get the loan separately and pay two EMIs - one for the base loan and one for the new loan. Alternatively, you can get a loan that includes the remaining amount of the base loan plus an additional amount. This way, you can pay a single EMI.
    • Fresher Funding: You can get a loan up to Rs.1.5 lakh as fresher funding without any collateral. Any individual above the age of 21 years can get this loan with simplified documentation.
    • NRI Personal Loan: NRIs can avail up to Rs.10 lakh as NRI Personal loan from ICICI Bank. The interest rates start at 15.49%. The documentation is simple, and the maximum tenure is 36 months.

    ICICI Bank Business Instalment Personal Loan

    This is a special loan type that is offered to cater to one’s business needs such as expansion, purchase of small infrastructure, office renovation, or working capital. This is a scheme that can be utilised by self-employed individuals who do not get a regular salary. While the maximum loan amount under this scheme is Rs.40 lakh, it may vary as per the profession of the loan applicant.

    The types of ICICI Bank Business Instalment Loan are:

    • Business Instalment Loan on Audited Financials: Proprietors, Private Limited Companies, Partnership firms, and Unlisted Public Limited Companies can avail personal loans up to Rs.40 lakh.
    • Business Instalment Loan for Professionals (Non-audited Financials): Architects, CAs, CSs, CWAs, and CMAs can get a loan up to Rs.15 lakh.
    • Business Loan – Assessed Income Plans: Non-salaried individuals with a minimum rental income of Rs.15,000 per month and a current account relationship with ICICI Bank or any other bank for minimum 12 months.
    • Business Loans for Non-Professionals based on ITR: Non-professionals can avail up to Rs.10 lakh on the basis of Income Tax Returns. Audited financials are not required in this case, but certified financials are required.
    • Business Loans for Doctors: Doctors with MBBS, MD, or BDS can get a personal loan under this scheme for up to Rs.40 lakh.

    Other Fees and Charges

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

    • Repayment mode swap charges: Rs.500+GST per transaction
    • EMI bounce charges: Rs.400+GST per bounce
    • Loan cancellation charges: Rs.3,000+GST
    • Legal and incidental charges: Actuals

    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:

    • Loan applicant’s place of residence
    • Salary bracket of the individual
    • Profession of the applicant – salaried/self-employed
    • Credit score of the loan applicant
    • Repayment capacity of the person
    • Loan tenure
    • Type of loan scheme – Personal Loan/Business Instalment Loan

    Illustration

    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 18% 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

    Loan Amount Rs.2 lakh
    Processing Fee 1%
    Loan Tenure 1 year
    Interest rate 18% p.a.
    Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) Total Payment (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 15,336 3,000 18,336 1,84,664
    2 15,566 2,770 18,336 1,69,098
    3 15,800 2,536 18,336 1,53,298
    4 16,037 2,299 18,336 1,37,262
    5 16,277 2,059 18,336 1,20,985
    6 16,521 1,815 18,336 1,04,464
    7 16,769 1,567 18,336 87,695
    8 17,021 1,315 18,336 70,674
    9 17,276 1,060 18,336 53,398
    10 17,535 801 18,336 35,863
    11 17,798 538 18,336 18,065
    12 18,065 271 18,336 0

    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

    Loan Amount Rs.2 lakh
    Processing Fee 1%
    Loan Tenure 1 year
    Interest Rate 11.25%
    Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) Total Payment (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 15,825 1,875 17,700 1,84,175
    2 15,973 1,727 17,700 1,68,202
    3 16,123 1,577 17,700 1,52,080
    4 16,274 1,426 17,700 1,35,806
    5 16,426 1,273 17,699 1,19,379
    6 16,580 1,119 17,699 1,02,799
    7 16,736 964 17,700 86,063
    8 16,893 807 17,700 69,170
    9 17,051 648 17,699 52,119
    10 17,211 489 17,700 34,908
    11 17,372 327 17,699 17,535
    12 17,535 164 17,699 0

    ICICI Bank Personal Loan Top-Up

    Existing ICICI Bank personal loan borrowers can choose to top-up their personal loan at attractive interest rates starting from 11.25% p.a. 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

    • Visit the official website of ICICI Bank - https://www.icicibank.com/Personal-Banking/loans/personal-loan/top-up-loan.page
    • Click on ‘apply now’.
    • Existing ICICI Bank customers have to enter key details of their existing loan and choose any of the payment modes – credit card, debit card, net banking account.
    • Non-ICICI Bank customers can click on the ‘skip and continue as guest’ button.
    • The customer has to enter his/her personal and professional details to check their eligibility.
    • 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

    • Visit the website of ICICI Bank - https://www.icicibank.com/Personal-Banking/loans/personal-loan/personal-loan-balance-transfer.page
    • Click on ‘apply now’.
    • Enter your personal and professional details to check your eligibility. Once the details have been entered, click on ‘check eligibility’.
    • 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.

    FAQs

    1. I’m planning to get a personal loan from ICICI Bank. How do I calculate the EMI?
    2. You can use the EMI calculator available on the BankBazaar website to calculate how much you have to repay to the bank each month. You only have to enter certain details such as loan amount, loan tenure, rate of interest, and processing fee.

    3. How do I find out how much interest will be charged if take a personal loan?
    4. You will first have to apply for the loan. You can do this either online or offline. The bank will process the loan application and get back to you with the details.

    5. How long does ICICI Bank take to process a loan application?
    6. ICICI Bank usually takes 72 hours to process a personal loan application.

    7. What are the payment modes through which I can repay my ICICI Bank personal loan?
    8. You can repay your ICICI personal loan through Electronic Clearing Service (ECS), Post-Dated Cheques (PDC), or Standing Instructions (SI).

    9. Does ICICI Bank offer balance transfer features for personal loans?
    10. Yes, you can go for a balance transfer facility for an ICICI personal loan if you have completed paying 12 EMIs.

    11. What is the ICICI Bank personal loan interest rate for salary account holders?
    12. The personal loan interest rate for salary holders can be set anywhere between 11.25% p.a. and 22% p.a.

    13. Can I close my ICICI Bank personal loan after 1 year?
    14. Yes, you can close your ICICI Bank personal loan after the payment of 1 EMI. The applicable pre-closure charges will be 5% + GST.

    15. How can I close my ICICI Bank personal loan online?
    16. To pre-close your ICICI Bank personal loan, you will have to visit the nearest branch of ICICI Bank.

    17. How can I close my ICICI Bank personal loan before 1 year?
    18. Visit the ICICI Bank branch with the pre-closure request letter, PAN card and close the loan making the payment either by cash, cheque or demand draft. If the payment is more than Rs.50,000, then your PAN will be mandatory.

    19. Can I negotiate with ICICI Bank for the personal loan interest rate?
    20. Yes, depending on your relationship with ICICI Bank, your eligibility and income, you can negotiate with ICICI bank for a better personal loan interest rate.

    21. Which documents should I carry at the time of visiting ICICI Bank to apply for a personal loan?
    22. Carry identity and address proof documents (Aadhaar card, Passport, Voter ID card, etc.), personal loan application form, income proof documents (Salary slips, bank statements, Form 16, IT return certificate, etc.), passport-size photographs, etc.

    23. Is it possible for non-ICICI Bank customers to get a personal loan from ICICI Bank?
    24. Yes, it is possible.

    25. How to check ICICI Bank personal loan balance?
    26. Request the customer care team of ICICI Bank to send you the repayment schedule to your registered email ID to check your personal loan balance.

    27. How can I pay my ICICI Bank personal loan EMI?
    28. Existing ICICI Bank customers can pay their EMIs by choosing the auto-debit function using their net banking account. Non-ICICI Bank customers can pay their EMIs through the NACH mandate.

    29. How can I pay my ICICI Bank personal loan EMI through net banking?
    30. If you have an existing ICICI Bank current account or salary account, choose the auto-debit mode to pay your EMIs. If note, non-ICICI Bank customers can choose the NACH mandate once they have linked their personal loan to their bank account.

    31. How to get ICICI Bank personal loan statement?
    32. ICICI Bank will send you a monthly personal loan statement to your residence or registered email ID.

    33. How to pay ICICI Bank personal loan EMI online from another bank?
    34. Link your ICICI Bank personal loan to your bank account to set up systematic and auto-debit payments.

    35. How to get ICICI Bank personal loan status by mobile number?
    36. Register your mobile number with ICICI Bank when availing the personal loan.

    37. How to track my ICICI Bank personal loan application status?
    38. You can use your application reference number and date of birth to check your personal loan status by click on the ‘track application’ tab. Customers can also call the customer unit of ICICI Bank to check the status of their personal loan.

    39. What is the ICICI Bank personal loan disbursement time?
    40. ICICI Bank promises loan approvals within 72 hours and disbursals within 3 seconds.

        

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