Multiple banks. Different interest rates. Call it a "conflict of interest".

ICICI Personal Loan Interest Rates 2019

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.

Particulars Salaried Self-Employed
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
Lowest EMI Rs.1,093* Rs.1,102*
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.)
2019 91,229 61,843 6,08,771
2020 1,21,329 62,356 4,87,443
2021 1,35,705 47,982 3,51,739
2022 1,51,783 31,903 1,99,956
2023 1,69,767 13,920 30,189
2024 30,189 425 0

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.)
2019 70,631 1,22,700 6,29,368
2020 1,03,570 1,28,429 5,25,797
2021 1,28,800 1,03,199 3,96,997
2022 1,60,176 71,824 2,36,822
2023 1,99,193 32,806 37,629
2024 37,629 1,038 0

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.
  1. How long does ICICI Bank take to disburse a personal loan application?
  2. ICICI Bank usually takes 72 hours to disburse a personal loan application.

  3. How does ICICI Bank credit the personal loan amount if the loan application is accepted?
  4. ICICI Bank will provide you with your personal loan amount via direct credit with the help of Fund Transfer (FT).

  5. What are the payment modes through which I can repay my ICICI personal loan?
  6. You can repay your ICICI personal loan through Electronic Clearing Service (ECS), Post-Dated Cheque (PDC), or Standing Instruction (SI).

  7. What is the minimum loan tenure for ICICI Personal Loan?
  8. The minimum loan period for ICICI Personal Loan is 12 months.

  9. What is the process that needs to be followed for the prepayment of an ICICI Personal Loan?
  10. 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.

  11. What is the maximum personal loan amount offered by ICICI Bank?
  12. The maximum personal loan amount provided by ICICI Bank is Rs.20 lakh.

  13. Is there any minimum time limit after which I can prepay my ICICI Bank personal loan?
  14. 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.

  15. Will I need to make arrangements for any guarantor while applying for a personal loan from ICICI Bank?
  16. No, you do not need any guarantor in order to apply for a personal loan from ICICI Bank.

  17. What is the Base Rate for ICICI Bank personal loans?
  18. The Base Rate for ICICI Bank personal loans is 9.35% p.a. which has been effective from October 5, 2015.

  19. Does ICICI Bank offer any personal loan product for NRIs?
  20. 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.

  21. What is the starting interest rate for personal loans for NRIs offered by ICICI Bank?
  22. The interest rates for ICICI Bank NRI personal loans start from 15.49% p.a.

  23. What is the maximum tenure for personal loans for NRIs provided by ICICI Bank?
  24. The maximum tenure for NRI personal loans provided by ICICI Bank is 36 months.

  25. 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?
  26. 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.

  27. Does ICICI Bank provide personal loans for business activities?
  28. Yes, the bank provides personal loans for business activities for self-employed people.

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

  31. Does ICICI Bank provide any top up facility for present personal loans?
  32. 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.

  33. Should the applicant be residing in India to apply for an ICICI NRI personal loan?
  34. 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.

  35. Does ICICI Bank offer any insurance option for ICICI personal loans?
  36. Yes, you can take the insurance plan known as ICICI Pru Loan Protect Plus plan to receive coverage while paying your personal loan EMIs.

News About ICICI Personal Loan Interest Rates

  • ICICI Bank Offering Instant Overdraft Facility to MSME Sector

    ICICI Bank is currently offering overdraft facility up to Rs.15 lakh to its micro, small, and medium enterprise (MSME) borrowers through InstaOD - an online platform where customers can get instant loans for their financial needs. In order to avail this benefit, candidates will have to click the offer banner or find the ‘InstaOD facility’ section under ‘Business loans’ on the bank’s official website. Applicants can also click on the offer banner on the i-Bizz app or on the corporate internet banking portal of ICICI Bank.

    Under this facility, borrowers will be able to get access to funds without having to provide any collateral. Additionally, a service fee of 2% of the overdraft amount plus taxes will be charged from the applicants. While the repayment tenure under this facility is 12 months from the date of limit setup, customers can choose to renew this facility when the tenure ends.

    5 June 2018

Personal Interest Rates

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