ICICI Bank offers two personal loan schemes at interest rates between 10.75% p.a. to 19% p.a.
If you choose to pre-pay the loan amount, you will be charged 3% 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 | Details |
| Interest Rate | 10.75% p.a. to 19% p.a. |
| Processing Fee | Up to 2.5% p.a. of the loan amount |
| Loan Tenure | 12 to 72 months |
| Loan Amount | Up to Rs.50 lakh |
| Income | Individuals with salaries up to Rs.30,000 p.m. |
| Total years in profession | 2 years |
| Credit Score | 700 and above |
| Lowest EMI per Lakh | Rs.1,878 |
| 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 Scheme | Best for | Interest Rate |
| Wedding Loan | Avail loan to meet the cost of a wedding event | 10.25% p.a. onwards |
| Home Renovation | Avail a personal loan to meet the expenses of renovating your house and meet the cost of hiring interior designers, getting raw materials for renovation, etc. | 10.50% p.a. - 19% p.a |
| Holiday Loan | Go to your favorite holiday destination by availing a personal loan from the ICICI Bank | 10.50% p.a. onwards |
| Top-up Loan | Avail more amount on your existing personal loan scheme | At the discretion of the bank |
| Fresher Funding | Avail a personal loan to meet the expenses of your needs despite you being a fresher at your new job. | At the discretion of the bank |
| NRI Personal Loan | As an NRI, you can fulfill your needs by availing a personal loan from the bank | 15.49% p.a. onwards |
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.
Fees and charges, besides those mentioned above, are given below:
| Repayment mode swap charges | Rs.500+GST per transaction |
| EMI bounce charges | Rs.500+GST per bounce |
| Loan cancellation charges | Rs.3,000+GST |
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. 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. |
| EMI Payable | Rs.18,336 |
| Total Amount Payable | Rs.2,20,032 |
| 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% |
| EMI Payable | Rs.17,700 |
| Total Amount Payable | Rs.2,12,396 |
| 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 |
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
The personal loan top-up will be sent directly to the bank account of the borrower.
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
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.
ICICI Bank usually takes 72 hours to process a personal loan application.
You can repay your ICICI personal loan through Electronic Clearing Service (ECS), Post-Dated Cheques (PDC), or Standing Instructions (SI).
To pre-close your ICICI Bank personal loan, you will have to visit the nearest branch of ICICI Bank.
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.
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.
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.
Yes, it is possible.
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.
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.
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.
ICICI Bank will send you a monthly personal loan statement to your residence or registered email ID.
Link your ICICI Bank personal loan to your bank account to set up systematic and auto-debit payments.
Register your mobile number with ICICI Bank when availing the personal loan.
ICICI Bank promises loan approvals within 72 hours and disbursals within 3 seconds.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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