ICICI Bank Personal Loan Highlights | |
| Interest rate | 10.75% p.a. onwards |
| Loan Amount | Up to Rs 50 lakh |
| Tenure | 1-6 years |
| Processing Fee | Up to 2.50% of loan amount |
| Minimum Monthly Salary | Rs 30,000 |
| Prepayment Charges |
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| Documentation |
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Note: Rates as of 31st January 2023
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Table of Contents
ICICI Bank Personal Loan Interest Rates
ICICI Bank Personal Loan interest rates vary on the basis of the personal loan subtypes. However, ICICI Bank has not disclosed its personal loan interest rate matrix based on credit score, minimum monthly income, occupation profile, employers’ profiles, etc. of its personal loan applicants, as many lenders have done.
| Loan Product | Interest Rate (p.a.) |
| Personal Loan | 10.75% onwards |
| Flexicash (Overdraft facility to salary account holders) | 12%-14% |
| Personal Loan for NRIs | 15.49% onwards |
Comparison of Personal Loan Interest Rates with Top Banks/NBFCs
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 11.00% onwards | Apply Now |
| SBI | 10.90%-15.40% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Check which bank/NBFC is best for personal loan
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ICICI Bank Personal Loan Processing Fees and Charges
| Processing Fee | Up to 2.50% of loan amount + GST |
| Pre-payment Charges | For salaried customers- 3% plus applicable taxes on principal outstanding after payment of 1st EMI, Nil if 12 or more EMIs are paid. |
| For MSE classified customers, charges are Nil after payment of the 1st EMI for loan amount of up to Rs 50 lakh | |
| Loan Cancellation Charges | Rs 3,000 + GST |
| Penal Interest | 24% p.a. |
| EMI Bounce Charges | Rs 400 per bounce + GST |
| Repayment mode swap charges | Rs 500 per transaction + GST |
Also Read: Personal Loan Processing Fee charged by other banks and NBFCs
Types of ICICI Bank Personal Loans
FlexiCash
- Purpose: To offer short-term instant credit or personal loan overdraft facility to the ICICI Bank salary account holders to meet any sudden expenses.
- Processing Fee: From Rs 1,999 + taxes
Personal Loan for NRI
- Purpose: To meet the personal requirements of Non-Resident Indians
- Loan Amount: Up to Rs 10 lakh
Pre-Approved Personal Loan
- Purpose: Instant personal loans offered to select ICICI customers with loan disbursal within 3 seconds
- Loan Amount: Up to Rs 50 lakh
- Tenure: 1-5 years
Pre-Qualified Loan
- Purpose: Online personal loan with simple application process and quick processing
Top-up Personal Loan
- Purpose: Personal loan top-up facility on the existing loan with quick processing and disbursal facilities, to fulfill the personal requirements of the applicants
- Loan Amount: Rs 50,000-Rs 25 lakh
Personal Loan Balance Transfer
- Purpose: ICICI Bank Personal loan balance transfer facility allows existing personal loan borrowers of other banks/NBFCs to transfer their personal loans to ICICI Bank at lower interest rates
Fresher Funding
- Purpose: To finance the personal expenses of freshers and new employees
- Loan Amount: Up to Rs 1,50.000
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Eligibility Criteria for ICICI Bank Personal Loan
ICICI Bank has set its personal loan eligibility criteria based on the job profile, age, minimum monthly income, total work experience, business vintage (incase of self-employed individuals) of its personal loan applicants. Below mentioned are the ICICI Bank Personal Loan eligibility criteria set by ICICI bank.
For Salaried Individuals
- Age: 23-58
- Minimum Monthly Income: Rs 30,000
- Total Work Experience: At least 2 years
- Total Years in Current Residence: At least 1 year
Also Read: Personal Loan for salaried
For Self-Employed
Age
- For Self-Employed Individuals- 23-65years
- For Doctors- 25-65 years
Minimum Turnover
- For Professionals: Rs 15 lakh
- For Non-Professionals: Rs 40 lakh
- (as per audited financials)
Minimum Profit after Tax
- For Self-Employed Individuals/Proprietorship Firm: Rs 2 lakh
- For Non-Professionals: Rs 1 lakh
- (as per audited financials)
Business Stability
- For Doctors: At least 3 years
- For Current Business: At least 5 years
Existing Relationship with ICICI Bank: At least 1 year liability relationship/asset relationship either running or closed in the last 3 years
Also know about the Personal Loan Eligibility Criteria set by Various Lenders
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Documents Required for ICICI Bank Personal Loan
For Salaried
- ID Proof (any 1): Driving License, Passport, PAN Card, Voter ID
- Address Proof (any 1): Passport, Utility Bill less than 3 months old, Leave and License Agreement
- 2 passport size photographs
- Bank Statement for last 3 months with salary and income credits
- Salary slips for last 3 months
For Self-Employed
- KYC Documents: ID Proof, Address Proof, Date of birth proof
- Residence Proof: Passport, Leave and License Agreement, Utility Bill not more than 3 months old
- Income Proof
- Proof of office address
- Bank Statement for last 6 months
- Residence Proof or Office ownership proof
- Proof of continuity of business
Also Read: Personal Loans for Self-employed individuals
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ICICI Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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ICICI Bank Customer Care
- Toll-Free Number: 1860-120-7777
- Alternate Numbers: Chennai: 044-33667777 Kolkata: 033-33667777 Mumbai: 022-33667777 Delhi: 011-33667777
- For unresolved queries you can register your grievance by dialing to ICICI Bank customer care at 1800 200 3344
FAQs
Q. What is the total time taken for the disbursal of an ICICI Bank personal loan?
Ans. ICICI Bank claims to approve personal loan within 72 hours of submitting all documents. It also claims to disburse the loan amount to the applicant’s account within 3 seconds of loan approval. ICICI Bank also offers pre-approved instant personal loans to select customers with quick processing and disbursal in 3 seconds.
Q. What is the eligibility criteria to avail pre-approved personal loans?
Ans. ICICI Bank provides pre-approved offers to personal loan applicants with a clean repayment track record and good credit history. Applicants having no credit history are also provided with pre-approved personal loan offers based on their savings history and income.
Q. Is Personal Loan Balance Transfer facility provided by ICICI Bank?
Ans. Yes, ICICI Bank offers Personal Loan Balance Transfer facility wherein, the existing personal loan borrowers of other banks/NBFCs can transfer their personal loan accounts to ICICI Bank at lower interest rates.
Q. Are there any restrictions on prepaying ICICI Bank Personal Loan?
Ans. ICICI Bank allows borrowers to prepay their personal loan only after the repayment of 12 monthly instalments. However, the bank does not allow part-prepayment of personal loan. The bank charges prepayment fee of 5% of the outstanding principal.
Q. At what minimum credit score can I avail ICICI Bank Personal Loan?
Ans. ICICI Bank has not specified the cut-off credit score for its personal loan applicants. However, credit scores of 750 and above usually increase the chances of availing personal loan at lower interest rates.
