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ICICI Bank 5 Lakh Personal Loan

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max. Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Features of 5 Lakh ICICI Bank Personal Loan

The following are some of the key features of a personal loan of Rs. 5 lakh from ICICI Bank:

  • Offered at an interest rate starting from 11% p.a. and can go up to 13%
  • Loan tenure can range between 12 months to 60 months
  • Zero collateral or security required and no end usage restriction
  • Low processing fees
  • Zero foreclosure charges after payment of 12 EMIs
  • 100% Digital application process

Interest Rates for 5 Lakh ICICI Bank Personal Loan

ICICI Bank personal loan interest rate starts at 11% p.a. for applicants availing a loan amount of Rs. 5 lakh.  However, the personal interest rate may go up to 13% p.a. and may vary based on the credit and job profile of the applicant, monthly income, EMI/NMI ratio, etc.

Eligibility Criteria for 5 Lakh ICICI Bank Personal Loan

Given below is the key eligibility criteria that needs to be taken into consideration when applying for a personal loan of Rs. 5 lakh from ICICI Bank:

  • You should be an Indian citizen
  • Should be either salaried or self-employed
  • Salaried applicants should be aged between 20 - 58 years, while self-employed can be between 23 to 65 years
  • Salaried individuals should have a minimum total work experience of 2 years. Self-employed applicants should have been at least 2 years in the current business and a total experience of at least 3 years
  • The EMI/NMI ratio of the applicant should be 50-55% including the existing EMIs and EMI of the proposed personal loan.

Documents Required for ICICI Bank Personal Loan of 5 Lakh

Given below are the key documents required to avail a personal loan of Rs. 5 lakh from ICICI Bank:

Salaried Individuals Self Employed Individuals
Proof of Address and Proof of Identity Proof of Address and Proof of Identity
Last 3 months' bank statement (where the salary is credited) Proof of Income (audited financials for past 2 years)
Last 3 months’ salary slips Latest 6 months’ bank statement
PAN Card Proof of Office Address
Aadhaar Card Proof of Residence or Office Ownership
Proof of business continuity

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Fees and Charges for 5 Lakh ICICI Bank Personal Loan

Given below are the key fees and charges associated with a personal loan of Rs. 5 lakh from ICICI Bank:

Charge Type Applicable Amount
Loan Processing Charges (non-refundable) Up to 2% of the loan amount
Repayment Mode Swap Charges Rs. 500
Loan Cancellation Charges Nil - If loan is cancelled within the free look/cooling off period (i.e. 15 days from date of disbursement).

Rs. 2,500 - If loan is cancelled after the cooling off period
Prepayment Charges/Foreclosure Charges 3% of the outstanding principal amount

Nil after payment of 12 EMIs
Part Payment Charges 3% + GST on the part payment amount being paid for the loan seasoning period of up to 24 months

Nil for a loan seasoning period of above 24 months
Cash Transaction Charges Rs. 100 at the branch
Duplicate NOC (No Objection Certificate) /NDC (No Dues Certificate) Charges Rs. 250 for physical printout at branch
Prepayment Statement Charges Rs. 200 for physical printout at branch
Amortisation Schedule Charges Rs. 200 for physical printout at branch
Auto Debit/Cheque/Electronic Clearing Service Bounce Charges (Late payment fee) Rs. 500
Late Payment Charges 5% p.a. will be charged on the overdue EMI until repayment
Non Maintenance of Mode of Payment Charges (NMMP) Rs. 800
Charge for Unpaid Interest Amount/ Overdrawn Amount 5% p.a. will be charged on the unpaid interest amount/ on overdrawn amount

How to Apply for Personal Loan through Paisabazaar

You can apply for a personal loan online, by following the steps mentioned below:

  1. Visit the Paisabazaar app or website
  2. Enter  your mobile number
  3. Fill in the necessary information
  4. Enter the OTP that you receive on your mobile number
  5. Browse through different offers available and select the one that suits you best

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Icici Bank Lenders

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FAQs

The total interest cost of Rs.5 lakh personal loan at 11% p.a. for a tenure of 1 year is Rs. 30,290.

At present, a personal loan of Rs. 5 lakh from ICICI is offered at an interest rate starting from 11% p.a. However, the interest rate can go up to 13% p.a. and may vary based on the credit profile of the applicant. 

You can avail a personal loan of Rs. 5 lakh from ICICI bank for a tenure ranging between 12 months to 60 months. 

You have to pay a processing fee on your ICICI Bank personal loan. This fee will be deducted from the disbursal amount payable to you. 

No, since personal loans are unsecured loans, you don’t need to provide any collateral or security to get a personal loan of Rs. 5 lakh from ICICI Bank.

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