|ICICI Personal Loan Interest Rates 2018|
|Interest rate||11.59% to 22.00% p.a.||11.59% to 22.00% p.a.|
|Loan Amount||Min: Rs 50,000; Max: Rs 20 lakh.||Min: Rs 50,000; Max: Rs 20 lakh.|
|Loan Tenure||Min.: 12 months; Max.: 60 months||Min.: 12 months; Max.: 60 months|
|Lowest EMI||Rs 1,102 (calculated at lowest loan amount taken for the maximum loan tenure)||Rs 1,102 (calculated at lowest loan amount taken for the maximum loan tenure)|
|Processing Fee||Up to 2.25% per annum of loan amount + Applicable GST||Up to 2.25% per annum of loan amount + Applicable GST|
|Age||Applicant must be aged between 23 years and 58 years.||Applicant must be a minimum of 28 years (self-employed individuals) and 25 years (for doctors); Maximum age - 65 years|
|Prepayment Charges||5% per annum of principal outstanding loan amount + applicable GST||5% per annum of principal outstanding loan amount + applicable 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 10.99% to 22.00% p.a.
When you take a personal loan from ICICI Bank, it is very important to have clear knowledge about the total interest that you will be paying. You can acquire this knowledge by first computing your installment amounts for each month.
The formula that is used for computing EMIs is E = P*r*[(1+r)^n/((1+r)^n-1)].
Here, E refers to the monthly EMI, n refers to the number of years, and r refers to the rate of interest for each month.
EMIs for your ICICI personal loan can be calculated with the help of an online EMI calculator offered by the official website of ICICI or various third-party financial websites. The BankBazaar website has an easy-to-use EMI calculator which can be accessed by any loan applicant.
You will only have to key in your ICICI Bank personal loan details in this calculator. First, you will need to go to the ‘Finance Tools’ section in the main menu of the website. Here, you will have to select ‘EMI Calculator’ and then begin your calculation!
We will view an illustration to understand how the BankBazaar EMI calculator works. In the following table, we will assume that the processing fee is 2% and that the interest rate is 9.90% p.a. We have used different loan amounts and various loan tenures to see how the EMI varies for each amount. We have also assumed that the borrower is not interested in making any pre-payment.
|Loan amount (Rs.)||Processing Fee||Interest rate (p.a.)||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)||EMI for 6 years (Rs.)||EMI for 7 years (Rs.)|
Now that you know how EMIs can be calculated with an online calculator, we will show you how to compute your overall interest for your ICICI Bank Personal Loan. The components of your loan EMI are interest and principal. Typically, a borrower pays high interest during the initial part of the full loan tenure. During the end of the loan tenure, the borrower will be paying a higher principal amount.
When you utilise the BankBazaar ICICI Bank personal loan EMI calculator, you will arrive at the monthly installment amount. Further, when you check the amortisation details, you will get an idea about the interest amount and the principal amount that you will be paying for your loan.
In the following table, you can see the breakup clearly.
We will assume that you take a personal loan worth Rs.5 lakh from ICICI Bank. The loan period starts from September 2017 for a period of 4 years. We will assume that you will not be making any pre-payment with this loan. The interest rate for your loan is assumed to be 9.75% p.a. Your EMI will then be Rs.12,621.
The total interest outstanding for this loan will be Rs.1,05,825. Your total processing fee will be Rs.10,000.
|Year||Principal paid (in Rs.)||Interest paid (in Rs.)||Total of principal paid and interest paid (in Rs.)||Unsettled loan balance (in Rs.)|
|2017 (From September)||34,654||15,830||50,484||4,65,345|
|2021 (Until August)||97,377||3,594||1,00,971||0|
|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|
Marginal Cost of Funds Based Lending Rate (MCLR) for ICICI Personal Loans
The MCLR rates are applicable for new borrowers. The latest MCLR rates charged by ICICI Bank for its personal loan are as follows:
|Tenure-wise benchmark MCLR||Benchmark MCLR|
If you have any questions or doubts about your ICICI personal loan, you can get in touch with the bank via the following ways:
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.
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