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.
|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|
|Age||23 years to 58 years|
|Number of years in current residence||1 year|
|Number of years in job/profession||2 years|
|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|
If you are a salaried applicant, here are the documents you need to submit for a personal loan from ICICI Bank:
Here are the documents required for ICICI Bank personal loans for self-employed individuals:
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|
|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||15.5% p.a. onwards||11.65% 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|
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.
|ICICI Loan for New Entities||ICICI Loan against Property||ICICI Agriculture Loan||ICICI Bank SME Loans|
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.
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.
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.
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.
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.
To apply for a personal loan from ICICI Bank, you will have to visit the website of the bank and go to the personal loansection, orcall the bank’s customer care on 18601207777 from 8:00 a.m. to 8:00 p.m., or visit a branch of the bank.
No, you can avail a personal loan without having to pledge any security or signing up a guarantor.
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