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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
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    We found 1 ICICI Bank Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    11.25% - 22.00% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    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

    How to check ICICI Personal loan status?

    The status of ICICI personal loan status can be tracked by visiting the website of the bank. There, you need to enter the mobile number, application number and date of birth in order to view the status of the loan application.

    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.

    How to contact ICICI personal loan customer care?

    The customer care executives can be contacted by calling on the toll-free number 1860 120 7777 or by writing to them.  Alternatively, you can also call on 011 – 33667777for Delhi, 033 – 33667777 for Kolkata, 022 – 33667777 for Mumbai and 044 – 33667777 for Chennai.

    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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