Apply for Personal Loan Starting From 10.50%*ICICI Bank Personal Loan Highlights -June 2022 | |
| Interest rate | 10.50% p.a. onwards |
| Loan Amount | Rs 50,000-Rs 25 lakh |
| Processing Fee | Up to 2.50% of loan amount |
| Tenure | 1-6 years |
| Minimum Monthly Salary: | Rs 30,000 |
Note: Rates as of 23rd June 2022
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Table of Contents
ICICI Bank Personal Loan Interest Rates
ICICI Bank offers personal loans starting @ 10.50% p.a. The final interest rates offered to the applicants depend upon age, monthly income, job profile, employer’s income, credit score, loan repayment history, etc.
Comparison of Interest Rates of ICICI Bank vs other Banks/NBFCs
| Banks/NBFCs | Interest Rates (per annum) |
| ICICI Bank | 10.50% onwards |
| HDFC Bank | 10.50% – 21% |
| SBI | 9.80%-13.80% |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 25% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
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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 | 5% on outstanding principal + GST |
| NIL, if the loan is closed using own funds (for MSME classified borrowers) Any waiver on prepayment charges are applicable if borrower has paid at least 12 EMIs | |
| 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 Know About What are the pre-closure charges for an ICICI personal loan?
Types of ICICI Bank Personal Loans
Top-up Personal Loan
- Purpose: A top-up 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: Transfer of existing personal loan from other banks/NBFCs 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
FlexiCash
- Purpose: To offer short-term instant credit or 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
Eligibility Criteria for ICICI Bank Personal Loan
Eligibility 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
Eligibility 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
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
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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
Personal Loan at Attractive Interest Rates Apply Now
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 dialling to ICICI Bank customer care at 1800 200 3344
Know More: ICICI Bank Personal Loan Login: Registration Process & Services
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?
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? 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.
Also Know: What is the process of personal loan balance transfer in ICICI Bank?
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.