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  • ICICI Bank Personal Loan

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  • ICICI Bank is one of the top lenders in India’s private sector. The personal loan offered by the bank comes with interest rates starting from just 11.25% p.a.

    • Quick disbursal and hassle-free application process 
    • 2.25% processing fee
    • Up to Rs.20 lakh in personal loans
    • Loan tenure up to 5 years
    More

    Features of ICICI Personal Loan

    • Quick disbursal: Once your application is approved, the loan amount will be transferred to your account within three seconds.
    • The interest rate will remain fixed for the entire tenure of the loan.
    • Hassle-free application process.
    • Minimal documentation.
    • Flexible repayment tenures.

    ICICI Bank Personal Loan Fees and Charges

    Maximum Loan Amount Rs.20 lakh
    Tenure 12 months to 60 months
    Interest Rate 11.25% onwards
    Processing Fees Up to 2.25% p.a. of the loan amount + GST
    Prepayment Charges 5% p.a. of principal outstanding amount + GST
    Loan Cancellation Charges Rs.3,000 + GST

    Other Charges and Penalties

    Additional interest on late payment 24% p.a.
    Repayment mode swap charges Rs.500 per transaction + GST
    EMI bounce charges Rs.400 per bounce + GST

    Eligibility Criteria

    Salaried applicants:

    Age 23 years to 58 years
    Net salary
    • Rs.25,000 for applicants living in New Delhi and Mumbai
    • Rs.20,000 for applicants living in Bangalore, Chennai, Kolkata, Hyderabad and Pune
    • Rs.17,500 for applicants living in other cities
    Number of years in current residence 1 year
    Number of years in job/profession 2 years

    Self-employed applicants:

    Age 25 years (for doctors) and 28 years (for self-employed individuals) to 65 years
    Minimum turnover Rs.15 lakh for professionals and Rs.40 lakh for non-professionals as per audited financials
    Minimum profit after tax Rs.1 lakh for non-professionals and Rs.2 lakh for self-employed individuals or proprietorship firms as per audited financials
    Business stability At least 3 years for doctors and 5 years for professionals in their current business

    Documents Required for ICICI Bank Personal Loan

    If you are a salaried applicant, here are the documents you need to submit for a personal loan from ICICI Bank:

    • ID Proof: Any one of PAN card, driving license, passport, or voters ID
    • Residence Proof: Any one of passport, recent utility bills, or lease or rent agreement
    • Salary slips for the last 3 months
    • Bank statement for the last 3 months
    • 2 passport size photographs

    Here are the documents required for ICICI Bank personal loans for self-employed individuals:

    • KYC Documents: ID proof, residence proof, proof of date of birth
    • Income Proof: Audited financial statements for the last 2 years
    • Proof of office or residence ownership
    • Proof of office address
    • Bank statements for the last 6 months
    • Proof of continuity of business

    How to calculate EMI for ICICI Bank Personal Loan?

    BankBazaar.com offers users a unique tool to calculate your EMI for all loans. This helps you to understand how much a loan would cost you, and plan your budgets accordingly before applying for a loan.

    With our loan calculator tool, all you need to do is to enter the amount you wish to apply and the preferred tenure. The loan calculator then calculates the EMI based on the applicable rate of interest and displays your monthly EMI.

    Let’s consider an example to check how the EMI calculation works for your ICICI personal loan. You take a personal loan of Rs.1 lakh from ICICI at an interest of 11.25% p.a. for a period of 1 year. For this loan, your loan repayment EMI is set at Rs.8,850. The repayment schedule for this loan is given as follows: 

    Year  Principal  Interest  EMI (principal + interest)  Balance  Percentage of loan paid to date 
    Apr  Rs.7,912  Rs.938  Rs.8,850  Rs.92,088  7.91% 
               
    May  Rs.7,987  Rs.863  Rs.8,850  Rs.84,101  15.90% 
    Jun  Rs.8,061  Rs.788  Rs.8,850  Rs.76,040  23.96% 
    Jul  Rs.8,137  Rs.713  Rs.8,850  Rs.67,903  32.10% 
    Aug  Rs.8,213  Rs.637  Rs.8,850  Rs.59,690  40.31% 
    Sep  Rs.8,290  Rs.560  Rs.8,850  Rs.51,399  48.60% 
    Oct  Rs.8,368  Rs.482  Rs.8,850  Rs.43,031  56.97% 
    Nov  Rs.8,446  Rs.403  Rs.8,850  Rs.34,585  65.42% 
    Dec  Rs.8,526  Rs.324  Rs.8,850  Rs.26,059  73.94% 
    Jan  Rs.8,606  Rs.244  Rs.8,850  Rs.17,454  82.55% 
    Feb  Rs.8,686  Rs.164  Rs.8,850  Rs.8,768  91.23% 
    Mar  Rs.8,768  Rs.82  Rs.8,850  Rs. 0  100.00% 

    Compare ICICI personal loan with loans from other lenders?

    Fees and charges  ICICI bank Personal Loan  HDFC Bank Personal Loan  Bank of Baroda Personal Loan  Citibank Personal Loan 
    Interest rate  11.25% p.a. onwards  11.25% p.a. onwards  11.35% p.a. onwards  10.99% p.a. onwards 
    Processing fee  2.25% + GST  2.5% + GST  2% + GST  0.25% to 3.00% + GST 
    Foreclosure charges  5% of the outstanding loan amount  2% to 4% of the outstanding loan amount  N/A  4% of the principal outstanding 
    Late payment fee  2% of the overdue amount per month  2% of the overdue amount per month  2% of the overdue amount per month  Contact the bank for details 

    Brief Summary

    ICICI Bank is not only the largest private sector banks in the country but also one of the largest facilitators of personal loans in India. It offers personal loans to help borrowers ride over any immediate financial requirements. ICICI Banks understand that time is of paramount significance when faced with financial crisis and hence fast tracks all its personal loan applications resulting in quick loan approval and facilitation.

    Whether you wish to take off on a dream vacation to an exotic overseas destination or finance a grand wedding for yourself or a loved one, ICICI Bank personal loans can help you fulfil your financial goals with relative ease. Thanks to easy-to-meet eligibility criteria in addition to low interest rates and flexible repayment tenures, repaying the loan is just as borrowing it.

    Related loan products by ICICI bank

    ICICI Loan for New Entities ICICI Loan against Property ICICI Agriculture Loan ICICI Bank SME Loans

    Frequently Asked Questions

    Am I allowed to prepay or foreclose my ICICI Bank personal loan?

    The whole outstanding amount can be repaid at any time over the course of the loan tenure. However, you will have to pay at least one instalment before you foreclose your loan. You will also have to pay a fee of 5% of the outstanding loan amount plus GST at the time of prepayment/foreclosure.

    Can I prepay my ICICI Bank personal loan partly?

    ICICI Bank does not allow part prepayment, but for full prepayment/foreclosure, you will have to submit a duly signed request letter to the bank along withyourPAN card in case you are making the payment by cash. You can also prepay your personal loan through demand draft or cheque.

    How can I repay my ICICI Bank personal loan?

    The repayment of your ICICI Bank personal loan can be done through Equated Monthly Instalments (EMIs). Customers who have an account with ICICI Bank can repay the loan using the direct debit facility. Customers of other banks can repay their loans through NACH mandate.

    Can I get a top up on my current ICICI Bank personal loan?

    ICICI Bank offers the top up facility to customers who have made 12 EMI payments on their current personal loans. The request for a top up can be placed through net banking, by calling customer care, or by visiting a branch of the bank.

    Does the bank offer the balance transfer facility?

    Yes, customers who have made at least 12 EMI payments are eligible for the balance transfer facility. To avail the same, you will have to contact customer care or visit the nearest branch of ICICI Bank.

    How can I apply for an ICICI Bank personal loan?

    To apply for a personal loan from ICICI Bank, you will have to visit the website of the bank and go to the personal loan section, or call the bank’s customer care on 18601207777 from 8:00 a.m. to 8:00 p.m., or visit a branch of the bank.

    Does the bank require a guarantor or security for personal loans?

    No, you can avail a personal loan without having to pledge any security or signing up a guarantor.

        

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    ICICI Bank Personal Loan Reviews

    • ICICI Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with ICICI bank before 2 years which was taken from the bank directly. Since I am holding a salary account with them they had offered me a personal loan for the amount of 1 lakh 30 thousands for the tenure period of 4 years. Interest was nominal of 16% and processing fee was rs 3700.
      Was this review helpful? 0
      , daman
      Reviewed on Oct 17, 2019
    • ICICI Bank
      ICICI Bank Personal Loan
      "Very quick & ease accessible"
      0.5 4.0/5 "Great!"
      June 2019, I took a personal loan in ICICI BANK. They need an improvement on the customer care connectivity because its not easy to reach them. As for a first time, the interest rate is nominal. The processing fee is included. The loan duration is 4 years.
      Was this review helpful? 1
      , nasik
      Reviewed on Oct 15, 2019
    • ICICI Bank Personal Loan
      "Less formalities in ICICI"
      0.5 5.0/5 "Blown Away!"
      At the time, I'm holding the account from ICICI. From the branch side they approached me so i accepted the same. Without collecting any documents, they provide me a loan and i got credited within 48 hours. They provided me a interest rate of 12.5%.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Oct 15, 2019
    • ICICI Bank Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      They have provided me a interest rate of 14.95% and the ICICI service has been good. I have not done for any online transaction and the person itself was very helpful and very kindful to understand the customer's needs. I have taken the personal loan 1 month before.
      Was this review helpful? 0
      , vellore
      Reviewed on Oct 15, 2019
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI bank 3 years before still 4 months only pending to close the loan. I had applied directly to bank since I am holding an account there was no verification process. Within 2 days sanctioned the loan for the amount of 2.6 lakhs for the tenure period of 3 years. The rate of interest was nominal.
      Was this review helpful? 1
      , erode
      Reviewed on Oct 14, 2019
    • ICICI Bank Personal Loan
      "Good Loan services"
      0.5 5.0/5 "Blown Away!"
      I have a salary account with ICICI so i have selected the same bank for my personal loan as well. I got the loan amount of Rs. 1.5 lakhs and they have disbursed the loan in 1 week. My friend is working as a collection executive so the process was very easy and smooth. They do have a pre-closure for that they are charging 5% interest rate.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 13, 2019
    • ICICI Bank Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      Earlier, I had a personal loan with ICICI BANK and there was no hassle on the process. They have charged me interest rate of 14% at that time, it was bit higher but they made it very clear before disbursement and have taken because of my need. I have completed the loan and got NOC letter also.
      Was this review helpful? 1
      , kanpur
      Reviewed on Oct 12, 2019
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for ICICI Bank personal loan through Bank directly .I have got this loan sanctioned on time .The rate of interest and the processing fee was high since had requirement i have availed this loan .This loan is still active and there was no difficulties faced so far.
      Was this review helpful? 1
      , khammam
      Reviewed on Oct 12, 2019
    • ICICI Bank Personal Loan
      "Superb service"
      0.5 5.0/5 "Blown Away!"
      ICICI BANK has provided me a pre approved personal loan, within 10minutes they have credited the amount into my account and done all the formalities. They have sanctioned me 70K and the interest rate is 12% which I need not checked. They were very customer friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 10, 2019
    • ICICI Bank Personal Loan
      "Fast and easy service with reasonable interest rate"
      0.5 5.0/5 "Blown Away!"
      Previously i have taken the personal loan from ICICI. I had taken the loan amount of Rs. 50000 and i have closed the same within 3 months. There was no additional charges for pre-closure. They have given me a interest rate of 14%. I had taken the loan without any documents earlier now the service is disabled for me.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 09, 2019
    • ICICI Bank Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I felt, the personal loan processing was very lengthy and they are taking long time for the disbursement. The interest rate is same as like other banks, its around 14% and they were charging processing fee of approx 7K to 8K. The loan period is 5years.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Oct 08, 2019
    • ICICI Bank Personal Loan
      "Need to decrease interest charges"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI bank on 3 years before which was applied directly to them. The loan amount was sufficient for the tenure period of 5 years. The rate of interest was 16% and processing fee is 9000 rupees. Monthly EMI as well is high. They have sanctioned within few days.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 06, 2019
    • ICICI Bank Personal Loan
      "Need to decrease interest charges"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with ICICI bank one year before which was applied directly to bank. The loan amount was sufficient of 2 lakhs for the tenure period of 4 years. The rate of interest was high at an initial of 17%. They have sanctioned a loan within 10 days. For monthly EMI pay for 5735 rupees.
      Was this review helpful? 0
      , erode
      Reviewed on Oct 06, 2019
    • ICICI Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with ICICI bank on 2 years before which loan was sufficient of 5 lakhs for the tenure period of 5 years. The rate of interest was nominal. The verification process was smooth and they have sanctioned on time. I use to do pay for an EMI of 11 thousands.
      Was this review helpful? 0
      , bellary
      Reviewed on Oct 05, 2019
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have personal loan with ICICI bank. Tenure is for 5 years and I have paid 2.5 years emi. They had provided sufficient loan amount. ICICI bank customer service is very helpful and responsive. Rate of interest is nominal but they charged 6000 for processing fee.
      Was this review helpful? 1
      , surat
      Reviewed on Oct 05, 2019
    • ICICI Bank Personal Loan
      "Medium"
      0.5 4.0/5 "Great!"
      On 3 years before I had taken a personal loan with ICICI bank which was processed to the bank directly. The amount given for one lakh for the tenure period of 3 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days.
      Was this review helpful? 0
      , alleppey
      Reviewed on Oct 04, 2019
    • ICICI Bank Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan from ICICI and i didn't get the amount from any other bank but ICICI was ready to provide the loan for me but the offered interest rate of 16% which is higher for me. They have sanctioned the loan in 6 days. I bought the loan amount of Rs. 5 lakhs.
      Was this review helpful? 1
      , hosur
      Reviewed on Oct 04, 2019
    • ICICI Bank Personal Loan
      "Interest rates are high"
      0.5 4.0/5 "Great!"
      I was using the ICICI credit card in that i was having a offer for applying the personal loan so i bought the loan from them. They have given me a interest rate of 13% and i forgot about the processing fee. 1 year back, i got this loan. They have provided the loan without any documents. I bought the loan amount of Rs. 1.38 lakhs and I'm paying the EMI amount of Rs. 6800 for the tenure period of 2 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 03, 2019
    • ICICI Bank Personal Loan
      "Emergency loan"
      0.5 3.0/5 "Satisfactory"
      I have received a call from customer care and offered me a personal loan. They have sanctioned the loan within 10 days. Interest rates are quite high but the processing fee was nominal. I bought the loan amount of Rs. 75000 after that they have given me a loan amount of Rs. 1.50 lakhs. I have chosen the tenure period of 4 years.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 01, 2019
    • ICICI Bank Personal Loan
      "Unhappy with the interest rate"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan in ICICI before 2 years ago. The rate of interest is average and there was a higher processing fee which I did not expect. The loan duration is 5 years. The payment mode is ECS. They should reduce the rate of interest.
      Was this review helpful? 0
      , thane
      Reviewed on Sep 24, 2019
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