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|
“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.”
|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|
|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|
|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:
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|
|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|
|ICICI Loan for New Entities||ICICI Loan against Property||ICICI Agriculture Loan||ICICI Bank SME Loans|
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.
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.
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.
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.
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.
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.
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 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.
No, you can avail a personal loan without having to pledge any security or signing up a guarantor.
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