ICICI Bank offers two personal loan schemes at interest rates between 10.99% to 16.25% p.a.
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 | 10.99% to 16.25% 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 Scheme | Best For | Interest Rate |
| Personal Loan | Getting a quick loan | 10.99% to 16.25% p.a. |
| Business Instalment Loan | Getting loans for non-salaried individuals with or without audited financials |
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.
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.
Fees and charges, besides those mentioned above, are given below:
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. |
| 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 |
Existing ICICI Bank personal loan borrowers can choose to top-up their personal loan at attractive interest rates starting from 10.99% 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
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 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.
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).
Yes, you can go for a balance transfer facility for an ICICI personal loan if you have completed paying 12 EMIs.
The personal loan interest rate for salary holders can be set anywhere between 10.99% - 16.25% p.a.
Yes, you can close your ICICI Bank personal loan after the payment of 1 EMI. The applicable pre-closure charges will be 5% + GST.
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.
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.
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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