ICICI Bank Personal Loan Highlights
|Interest rate||11.25% p.a. onwards|
|Loan Amount||Up to Rs. 20 Lakh|
|Loan Tenure||Up to 60 months|
|Types of ICICI Bank Personal Loans||Wedding Loan, Holiday Loan, Home Renovation Loan, Fresher Funding, Top up Loan and NRI Personal Loan|
ICICI Bank offers personal loans of up to Rs. 20 lakh, which can be easily availed with minimal documentation for a tenure of 12 to 60 months. Depending upon your need you can choose from various types of personal loans offered by ICICI Bank including Wedding Loan, Holiday Loan, Home Renovation Loan, Fresher Funding and NRI Personal Loan. Read on to know various details about ICICI Bank personal loans.
- Quick Loan Disbursal: ICICI Bank promises to credit the desired loan amount in your account within a period as short as 3 seconds. This feature is available for select customers upon completion of online verification and acceptance of final offer
- Loan amount: ICICI Bank provides personal loans up to Rs. 20 lakh with flexible end-use. All one needs to do is apply online or visit any nearby branch to get their loan application processed
- Fixed Interest Rate: ICICI Personal Loan Interest rates start from 11.25% p.a.
- Minimal Documentation: Application process is hassle-free and requires minimal documentation, thus making it extremely easy and convenient for individuals who wish to apply
- Flexible Loan Tenure: The loan tenure ranges from 12 months to 60 months. Customers have the option to choose the loan tenure according to their feasibility
- Personal Loan Balance Transfer: With ICICI Bank, you can also opt for Personal Loan Balance Transfer whereby anyone can reduce their EMIs by transferring their existing high interest personal loan to ICICI bank at a lower rate
Personal loan Interest rates of ICICI Bank ranging from 11.25% to 17.99% p.a. Special interest is applicable to personal loan for NRI which starts from 15.49% p.a. Specific personal loan interest rates applicable to an applicant are dependent upon multiple factors including but not limited to credit score, loan amount, customer segment and location.
Types of ICICI Bank Personal Loans
Depending on the end-use, personal loans can belong to one of the following categories:
|Type of ICICI Bank Personal Loan||Interest Rate (p.a.)|
|Wedding Loan||Starting at 11.25% p.a.|
|Home Renovation Loan|
|Top up Loan||Starting at 11.25% p.a.|
|NRI Personal Loan||Starting at 15.49% p.a.|
a. Wedding Loan
ICICI Bank Wedding Loan offers you the extra funds that you might need to deal with the last minute urgent wedding expenses like venue booking, guest accommodation, catering, shopping, jewellery, invitation cards, etc. The application process is simple and requires minimal documentation. Some key features of ICICI Bank’s Wedding Loan are as follows:
- Wedding Loan interest rates start as low as 11.25% p.a.
- One can avail loan amount up to Rs. 20 Lakh
- The documentation process is easy and minimal so the loan application is processed quickly
- No collateral/security is required
b. Home Renovation Loan
ICICI Bank offers home renovation loan for individuals who wish to get their home renovated. This personal loan can fund vital repairs or help the applicant get new fittings, fixtures and furniture for their home. Some key features of ICICI Bank Home Renovation Loan are:
- Interest rate for ICICI Bank’s Home Renovation Loan starts at as low as 11.25%
- Individuals may be eligible for a loan amount up to Rs. 20 Lakh to get their home renovated
- Home renovation loan from ICICI Bank requires minimal documentation making the entire loan process hassle free
- The loan amount typically gets credited into the account within 72 hours once the bank approves your application
c. Holiday Loan
ICICI Bank’s Holiday Loan can help you arrange for your dream vacation with minimal hassle. This personal loan from ICICI can fund a range of vacation-related expenses including flight ticket booking, hotel accommodations, guided tours, etc. Key features of ICICI’s Holiday Loan are:
- Interest Rates for Holiday Loans start at 11.25% p.a.
- You can easily avail an amount of up to Rs 20 Lakh so your dream vacation won’t be spoilt due to a financial crunch
- Simplified and minimal documentation ensures that funding your vacation is simple and easy
- Quick processing and disbursal of loan which is credited directly to your account
d. Fresher Funding
A majority of unsecured personal loans are targeted at individuals with a regular income however ICICI Bank’s Fresher Funding is different. This loan option from ICICI Bank is designed to help freshers i.e. a recent graduates seeking their first job. Some key features of ICICI Bank Fresher Funding personal loan are as follows:
- Loan amount up to Rs 1.5 lakh
- Applicant must to be at least 21 years old
- The rate of interest for Fresher Funding depends on the profile of the loan applicant, the credit history/score, age and location of the applicant
e. NRI Personal Loan
Understanding the needs and dreams of NRIs, ICICI Bank offers a personal loan specifically for NRIs. The primary loan applicant needs to be an Indian resident and the co-applicant NRI must be a close relative. Personal Loan for NRIs includes the following features
- ICICI Bank offers NRIs personal loans up to Rs. 10 lakh with flexible end use
- The interest rates for NRI Personal Loan start at 15.49% p.a.
- The loan features a tenure of up to 36 months
f. Top up Loan
ICICI Bank offers top-up loan on existing personal loans to help individuals meet their incremental financial requirements. There are two top up loan options offered by ICICI Bank to an applicant. You can either choose to get a new loan in addition to your existing personal loan to meet a new financial requirement or get a top-up on your existing personal loan. In case you opt for two separate loans, you will need to pay separate EMIs – one for the existing loan and another for the new loan. However, if you opt for a top-up on the existing loan amount you pay a single consolidated EMI on the entire loan amount. A Top up Loan includes the following features:
- The interest rates start at as low as 11.25% p.a.
- These loans do not require any collateral/security
- The documentation involved is minimal hence processing and disbursal are quick
Also Read: ICICI Bank Instant Personal Loan
To avail a personal loan from ICICI Bank, the following eligibility criteria need to be considered:
For salaried professionals:
|Particulars of Applicant||Eligibility Criteria|
|Minimum Monthly Net Salary||Rs. 17,500 (Rs. 25,000 in case the applicant is residing in Delhi or Mumbai; Rs. 20,000 if the applicant is residing in Hyderabad, Chennai, Bangalore, Kolkata or Pune)|
|Minimum Total Working Experience||2 Years|
|Years in Current Residence||1 Year (min.)|
Note: The criteria mentioned above may change periodically based on ICICI Bank’s internal criteria. The minimum salary requirement may differ based on the profile of the customer (relationship with the bank, type of employer, etc.)
For self-employed individuals:
|Particulars of Applicant||Eligibility Criteria|
|Age||28 Years (for self-employed individuals) & 25 Years (for doctors) – 65 Years|
|Minimum Turnover||● Rs. 15 lakh (for professionals)|
● Rs. 40 lakh (for non-professionals)
|Business Stability||● At least 5 years in current business|
● Practicing for at least 3 years (in case of a doctor)
|Minimum Profit After Tax||● Rs. 2 lakh (For Self Employed Individuals/Proprietorship Firm)|
● Rs. 1 lakh (For non-professionals)
|Relationship With The Bank||● At least 1 year Liability relationship (savings or current account)|
● Asset relationship (Loan) either closed or live in the last 36 months & repayment track (if any) as required
Know More About ICICI Bank Personal Loan Eligibility
Documents required for Loan Application
The following documents are required to avail ICICI Bank Personal Loan:
For salaried professionals:
- Identity Proof: PAN/Aadhaar/Passport/Voter ID/Driving License, etc. (any one)
- Residence Proof: Utility Bill (less than 3 months old)/Valid Rent Agreement, etc. (any one)
- Salary slips for last 3 months
- Latest 3 months bank statement of salary account
- 2 passport size photographs
For self- employed individuals
- KYC Documents: Proof of Identity, DOB proof, Address proof, etc.
- Proof of Residence: Rent Agreement / Utility Bill (less than 3 months old), etc. (any one)
- Income proof (audited financial report for the past two years)
- Proof of office address
- Bank statement of the previous 6 months
- Proof of business continuity
- Proof of residence/office ownership
How to Apply for ICICI Bank Personal Loan with Paisabazaar?
The application process involves the following steps:
1. Visit Paisabazaar.com and fill out the online application form to check offers.
2. You will receive offers from several banks listed as per the chances of approval.
3. Choose a prospective lender from the list or contact Paisabazaar for assistance.
4. Complete and submit your loan application online.
Personal Loan Verification Process
The following are key steps of the personal loan verification process after online submission of your personal loan application on Paisabazaar.
Step1. Paisabazaar will forward your loan application to you chosen lender and typically within 48 hours you will receive a call from the lender’s representative.
Step2. The prospective lender will schedule pickup of your KYC, income, etc. documents or provide an option to upload them online. These documents will be used to verify your application.
Step3. Once the lender’s verification is completed and your loan is approved, you will receive another call to verify the loan offer and ask for your consent for disbursal.
Step4. After loan approval and successful verification, the loan is usually disbursed within 48 hours.
Note: The above mentioned turnaround time for personal loan verification/disbursal may vary based on lender’s internal requirements as well as other criteria.
Check Your Personal Loan Application Status
The process to check your application Status includes the following steps:
- Visit the official website of ICICI bank, Click on ‘Products’ and select ‘Personal Loans’.
2. On next page that open hereafter, click on ‘More’ and select ‘Check Loan Application Status’.
3. Next, you can check your application status by entering details like your mobile number, date of birth and by either entering the OTP that you receive on your mobile number or via your application number.
Fees and other Charges
The following are some of the key fees and charges associated with a personal loan from ICICI Bank:
|Prepayment Charges||5% per annum of principal outstanding plus GST|
|Loan Processing Charges (Non-Refundable)||Up to 2.25% per annum of Loan Amount plus GST|
|Loan Cancellation Charges||Rs 3000/- plus GST|
|EMI Bounce Charges||Rs 400/- per bounce plus GST|
|Repayment Mode Swap Charges||Rs 500/- per transaction plus GST|
|Additional Interest on Late Payment||24% p.a. (2% per month)|
How to Login on ICICI Bank Portal
- Visit the official website of ICICI Bank.
- On the top right corner of the page click on ‘Login’.
- Login using your User ID and Password or your registered mobile number
How to Check Your Loan Statement
Customers can download the bank’s personal loan statement by following the steps given below:
- Visit the official website of the bank.
- Click on ‘Get in Touch’ and select ‘Service Requests’ from the drop down list.
- On the subsequent page that opens, under the ‘Loans’ menu, select ‘Personal Loan Related’.
- Next, click on ‘Request for Statement of Loan Account’.
- Login using your User ID and password or using your registered mobile number and OTP to avail the bank’s personal loan statement.
The rate of interest for ICICI Bank Personal Loan varies between 11.25% to 22% p.a. The table below depicts a sample of loan amounts against different loan tenures and interest rates along with monthly EMIs.
|Loan Amount (Rs.) and Interest Rate||Monthly EMI Payout (Rs.)|
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|5 lakh @ 13% p.a.||Rs. 44,659||Rs. 23,771||Rs. 16,847||Rs. 13,414||Rs. 11,377|
|10 lakh @ 15% p.a.||Rs. 90,259||Rs. 48,487||Rs. 34,666||Rs. 27,831||Rs. 23,790|
|20 lakh @ 11.25% p.a.||Rs. 1.76 lakh||Rs. 93,448||Rs. 65,715||Rs. 51,935||Rs. 43,735|
Know more about ICICI Bank Personal Loan EMI Calculation
Top Up offers
ICICI Bank offers top-up loan where one can opt for a top-up on their existing personal loan or an altogether fresh loan in case of additional financial requirement. In case of a top up loan, you can get a consolidated EMI for the existing loan plus the top-up loan amount. The key features of a top-up loan including interest rate and tenure are similar to the features of an ICICI Bank Personal Loan.
Comparison of ICICI Bank Personal Loan vs. Other Lenders
|Particulars||ICICI Bank||Citi Bank||Axis Bank||HDFC Bank||Bajaj Finserv|
|Interest Rate||11.25% to 22.00%||Starting from 10.50%||11.49% to 17.49%||10.75% to 21.30%||Starting from 12.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 20 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 15 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto 2.25% of loan amount plus GST||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.50% of the loan amount||Up to 4.13% of the loan amount|
ICICI Bank Customer Care
Customers can contact the ICICI Bank customer care via any of the following means:
- By Phone: You can call ICICI Bank on 1860-120-7777 (toll free)
- Callback Request: You can also request a call back by visiting the bank’s website
- Online Chatbot: You can also get your queries answered by the iPal chatbot online
- Branch Visit: You can visit the nearby ICICI Bank branch to get your queries
Know More About ICICI Bank Personal Loan Preclosure Charges
Benefits of Applying for Personal Loan on Paisabazaar
There are various advantages of applying for a personal loan on the Paisabazaar website. Some of them are given below:
- 24 x 7 Accessibility: You can access the Paisabazaar website anytime and anywhere and thus, apply for a personal loan anytime from the comfort of your home or office.
- Multiple lenders on a single platform: com enables you to access personal loan offers from multiple prospective lenders on a single platform and thereby eliminates the need to visit multiple bank websites or branches.
- Know EMI instantly: With the personal loan EMI calculator on Paisabazaar.com you can check the EMIs you would be paying on a personal loan even before you apply for one. This will help you borrow the appropriate amount that you can easily repay and have a convenient repayment schedule.
- Free of cost: Additionally, you are not required to pay any charges when you apply for a personal loan on Paisabazaar.com.
Given below are some important aspects that you must consider when applying for a personal loan with ICICI Bank:
- When applying for a personal loan it is always good to check your credit score. A good credit score increases the chances of approval of your personal loan and can enable you to avail a personal loan on more favourable terms.
- Before finalizing upon a particular lender, it is advisable to compare the cost of a personal loan (interest cost and all the applicable fees and charges) offered by various lenders on Paisabazaar.com.
- Borrow according to your need and repayment ability. Avoid borrowing simply because you are eligible to borrow a higher amount. It will only add to your interest cost and not have any benefits in the long run.
Avoid applying for a personal loan with multiple lenders at the same time. This shows you to be credit-hungry and also increases the number of hard inquiries for your credit report which may adversely affect your credit score.
Q1. What is the maximum personal loan amount that can be sanctioned by ICICI Bank?
ICICI Bank offers personal loans up to Rs. 20 Lakh for various requirements.
Q2. Are foreclosure or full prepayment charges applicable for ICICI Bank Personal Loan?
Foreclosure of personal loan from ICICI Bank is allowed only after the payment of 12 or more EMIs any time during the tenure of the loan. On full prepayment, standard pre-closure charges of 5% on principal amount prepaid +GST are applicable. For foreclosure of your personal loan, visit the nearest ICICI Bank branch with the following documents:
- Prepayment request letter signed by the Loan Applicant
- PAN Card (if the payment mode is cash and the amount is Rs 50,000 or more)
Also, the payments can be made through Cheque, Demand Draft or Cash. No part prepayment is allowed on Personal Loan for ICICI Bank.
Q3. Does the bank offer pre-approved personal loans?
Yes, ICICI Bank does offer pre-approved personal loans to select customers. These are limited time offers and usually feature predefined loan amounts and limits.
Q4. How much time is taken for the Personal Loan to be approved?
After submitting the completed loan documents, loans are typically approved within 72 hours. The actual approval and disbursal time may differ subject to various factors.
Q5. Are there any top up offers on the existing Personal Loan?
Top up facility is offered to existing personal loan borrowers who have paid at least 12 EMIs of their current personal Loan. One can submit a request for a top up on their existing personal loan through the following mediums:
Customer Care: One can contact the customer care for top up related questions (8:00 am to 8:00 pm) on toll free number 1860 120 7777
Internet Banking: Log in to www.icicibank.com with your User ID and Password. Go to the Main Page>>Select Loans options in My Accounts>>Click on Apply for Loans>>Under Personal Loan>>Click on Apply now>>Check your Eligibility and Click on Apply Now
ICICI Bank Branch: You can also visit the nearest ICICI Bank branch along with applicable KYC and income proof documents to apply for a top-up personal loan
Q6. Is Balance Transfer Facility offered in Personal Loan?
Yes Balance Transfer Facility on personal loan is offered when the loan applicant has paid at least 12 EMIs. Exact details regarding amount, interest rate and fees of the balance transfer offer vary according to individual applicant profile.
Q7. What is the Loan Repayment Tenure?
The Personal Loan from ICICI Bank can be repaid within 12 to 60 months. One can choose any repayment tenure as long as it is within its available tenure range.
Q8. How to repay the personal loan?
One can repay the loan in Equated Monthly Installments (EMIs). One can also get auto debit mandate activated if they have an existing account with ICICI Bank. EMI payments from bank account held with other banks can be made through NACH (National Automated Clearing House).
Q9. Do I have to pay additional charges for a personal loan from ICICI Bank?
Yes. ICICI Bank charges processing fees in addition to interest rate charges when you avail a personal loan.
Q10. How can I update my mailing address, e-mail ID or mobile number registered under my loan account?
You can update your mailing address, e-mail ID or mobile number by visiting any ICICI Bank loan branch along with a valid photo ID proof. All you need to do is to submit an application along with supporting documents to get the information updated on the bank’s records.