What is the procedure to foreclose the loan in case I cannot visit the branch?

You can visit the bank's website and log in to your personal banking portal to foreclose your loan. You can also submit the necessary documents online to foreclose your loan.

What are the prepayment charges levied by ICICI Bank?

In the case of prepayment, ICICI Bank will charge 3% of the principal amount that is outstanding plus GST.

After how long can I pre-close the personal loan?

You can pre-close the personal loan after paying 12 or more EMIs.

What is the TAT for the issuance of the pre-closure statement?

Once you have requested for pre-closure, it may take up to 5 working days for the issuance of the pre-closure statement.

Is part pre-payment option available?

No, ICICI Bank does not provide a part-prepayment facility.

Is it beneficial to foreclose my ICICI personal loan?

If you can afford to pay your EMIs before the repayment tenure, then you can. It will also help you save significantly.

I have repaid 15 EMIs. Will I be charged a foreclosing charge?

If you have repaid 15 EMIs, then you will not be charged any foreclosing fee.

Will my credit score drop if foreclose my loan?

No, your credit score will not have any negative impact if you foreclose your loan.

ICICI Personal Loan Preclosure

ICICI Bank personal loan can be availed to fund your personal needs that are genuine and legal without any interference of the bank. Also, you can anytime repay the loan based on your convenience. The hassle-free borrowing process with flexible pre-closure facility makes ICICI personal loan a viable option for those who require urgent fund.

Table of Contents

ICICI Bank Personal Loan Prepayment or Preclosure Options
ICICI Personal Loan Preclosure or Prepayment Fees and Charges
How to Request ICICI Bank Personal Loan Preclosure Statement?

ICICI Bank Personal Loan Prepayment or Preclosure Options

ICICI Bank allows the borrowers to pre-pay their personal loan after the completion of a specific time period at some additional foreclosure charges. However, there are a few ICICI personal loan preclosure criteria that you need to meet to close the account.

Preclosure of your ICICI personal loan will be allowed any time during the entire loan tenure after at least 1 installment is paid by the borrower.
For pre-paying or pre-closing your ICICI Bank personal loan, you will have to repay the total outstanding amount along with all other applicable charges
You have to pay 3% of the loan amount that is outstanding after the payment of the EMIs along with taxes before closing your personal loan as preclosure charges.

If you can meet the above mentioned ICICI Bank personal loan preclosure criteria, you can prepay your loan much before the due date. The process of preclosure is simple and you just need to follow a few basic steps to close your loan earlier than the specified time.

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ICICI Personal Loan Preclosure or Prepayment Fees and Charges

You can pre-close your loan if you have sufficient amount of fund with you by paying the following fees and charges:

Prepayment Charges

Prepayment Charges - 3% p.a. of the outstanding principal amount + applicable GST.

Waiver of Prepayment Charges - The waiver, if there is any, will be applicable only if:

The borrower has paid 12 or more equated monthly instalments against the applied personal loan.
For MSE classified customers, there are no charges after payment of the 1st EMI for loan amount of up to Rs.50 lakh.

How to Request ICICI Bank Personal Loan Preclosure Statement?

Personal loan preclosure statement is a vital document required to close your loan account. You can apply for it online through ICICI Bank's official website by following the step below:

Step 1 - Click on the link https://www.icicibank.com/html/en/Personal-Banking/insta-banking/internet-banking/personal-loan-related.html and click on 'Request for Foreclosure Statement Personal Loan' page.

Step 2 - Log in using either your user id and password or registered mobile number.Enter your personal loan account number in the box against 'Loan Account Number'.

Step 3 - Next, select a relevant reason for foreclosure from the drop-down list under the 'Reason for Foreclosure' tab.

Step 4 - In the next box, select the city where you live.

Step 5 - Now, you need to provide your telephone number along with STD code. You can skip this step if you don't have a telephone number.

Step 6 - Here, key in the mobile number that is registered with the bank. If it is not available for some reason enter a hyphen (-).

Step 7 - Lastly, enter your email id in the box to complete the application.

Step 8 - Double-check the details provided in the given form and see if there is any typing error or incorrect information.

Step 9 - Go through the ICICI Bank preclosure terms and conditions and if you agree with them, click the 'Submit' button.

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ICICI Bank Personal Loan Preclosure Statement Terms and Conditions

You can close your ICICI personal loan account in advance if you agree to the following conditions put forward by the bank:

ICICI Bank issues personal loan Foreclosure Statement only after 180 days (6 months) from the date of loan disbursement.
ICICI Bank will send the Foreclosure Statement to your email ID within 3-5 business days from the day of request.
The Preclosure Statement will contain the details about the outstanding principal amount and the applicable charges that you have to pay before closing the loan.
The Statement will be sent in the email ID registered with the bank during loan application. You will also receive SMS in your registered mobile number.
Email or mobile number provided in your preclosure request will not be updated in the bank's record. You need to fill up an address change form for changing details.
The bank will not take any kind of liability or responsibility if the details given by you are found to be incomplete or incorrect.

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FAQs on ICICI Personal Loan Preclosure

What is the procedure to foreclose the loan in case I cannot visit the branch?
You can visit the bank's website and log in to your personal banking portal to foreclose your loan. You can also submit the necessary documents online to foreclose your loan.
What are the prepayment charges levied by ICICI Bank?
In the case of prepayment, ICICI Bank will charge 3% of the principal amount that is outstanding plus GST.
After how long can I pre-close the personal loan?
You can pre-close the personal loan after paying 12 or more EMIs.
What is the TAT for the issuance of the pre-closure statement?
Once you have requested for pre-closure, it may take up to 5 working days for the issuance of the pre-closure statement.
Is part pre-payment option available?
No, ICICI Bank does not provide a part-prepayment facility.
Is it beneficial to foreclose my ICICI personal loan?
If you can afford to pay your EMIs before the repayment tenure, then you can. It will also help you save significantly.
I have repaid 15 EMIs. Will I be charged a foreclosing charge?
If you have repaid 15 EMIs, then you will not be charged any foreclosing fee.
Will my credit score drop if foreclose my loan?
No, your credit score will not have any negative impact if you foreclose your loan.

Important Personal Loan Pages

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

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