• ICICI Personal Loan Interest Rate

    ICICI Bank offers two personal loan schemes at interest rates between 10.50% p.a. to 19% 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 Details
    Interest Rate 10.50% 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.25 lakh
    Income Individuals with salaries up to Rs.30,000 p.m.
    Total years in profession 1 year
    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 Schemes under ICICI Bank

    Personal Loan Scheme Best for Interest Rate
    Wedding Loan Avail loan to meet the cost of a wedding event 10.5% 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.
    Holiday Loan Go to your favorite holiday destination by availing a personal loan from the ICICI Bank
    Top-up Loan Avail more amount on your existing personal loan scheme
    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

    ICICI Bank Personal Loan

    This is a multi-purpose loan scheme that offers up to Rs.20 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.

    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.
    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

    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 10.5% 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 on ICICI Personal Loan Interest Rates

    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 10.5% - 19% 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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