• ICICI Personal Loan

    ICICI Bank offers personal loans of up to Rs.20 lakh at competitive rates starting at 11.25% p.a. for a tenure of up to 5 years. The bank charges a processing fee of 2.25% of the loan amount plus applicable GST.

    ICICI Personal Loan Details

    Interest Rate  11.25% p.a. onwards 
    Loan Amount  Up to Rs.20 lakh 
    Loan Tenure  Up to 5 years 
    Processing Fee  2.25% of the loan amount + GST 
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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
    10.99% - 16.25% Fixed
    From 0.75%(Min ₹999) 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

    • Disbursal within 3 seconds*.
    • The interest rate will remain fixed for the entire tenure of the loan.
    • Loans of up to Rs.20 lakh.
    • Minimal documentation.
    • Flexible repayment tenures.

    “T&C; apply. *Applicable for pre-approved customers upon completion of online verification and acceptance of the final offer, subject to the sole discretion of ICICI Bank.”

    Fees and Charges

    Maximum Loan Amount Rs.20 lakh
    Tenure 12 months to 60 months
    Interest Rate 11.25% to 21% p.a.
    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 Minimum monthly income of Rs.30,000
    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?

    Use BankBazaar’s ICICI Personal Loan EMI Calculator to calculate your monthly EMI. This online calculator is user-friendly and lets you calculate your monthly repayments along with the upfront processing fee within a minute. All you need to do is enter your loan details, including the amount, processing fee, interest rate and tenure. Hit “Calculate” to check your EMI. This will be followed by an amortisation able giving you a complete break-up of your repayment schedule.

    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 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 10.75% p.a. onwards 7.65% p.a. onwards 10.50% 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

    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

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

    6. When can I apply for ICICI personal loan moratorium?

      Adhering to RBI’s guidelines, ICICI Bank allows its customers to opt for moratorium. If you want moratorium for the month of August 2020, you can apply on ICICI’s website and the bank will notify regarding the same. Kindly note that you need to submit your moratorium request at least 5 working days prior to your EMI due date to avoid EMI payment to be debited. In such cases, the refund of EMI/ payment (if debited) shall be processed within the next 7 working days.

    7. I have two personal loan accounts running simultaneously in ICICI. How should I apply for moratorium for both the loan accounts?

      You have to apply one at a time to avail personal loan moratorium. Once you are done applying for one loan account, you can start initiating the process for another. As per RBI guidelines, ICIC has extended their moratorium period till 31 August, 2020.

    8. 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.

    9. 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.

    10. 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.

    11. 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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