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ICICI Bank Consumer Loan

ICICI Bank provides consumer loans to consumers at an interest rate starting from 9.95% p.a. for purchasing consumer electronic items and gadgets in form of easy EMIs. ICICI Bank Consumer Durable Loan is an unsecured loan facility with digitised documentation and quick loan approval within minutes. The bank also offers no cost EMI facility through its consumer durable loans for select brands/products.
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Get up to ₹50 Lakhs starting at 9.98%

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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
ICICI Bank
100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest11% - 13%
Tenure upto1-5 Years
Processing FeeUpto 2%
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
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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

ICICI Bank Consumer Loan Highlights

Interest Rates
  • 9.95% to 28.64% (Consumer EMI)
  • 13.63% to 21.87% (Cardless EMI)
Processing Fees
  • Rs. 1899 (Consumer EMI)
  • NIL (Cardless EMI)

Interest Rates for ICICI Bank Consumer Loan

The interest rates for ICICI Bank Consumer Durable Loans range between 9.95% to 28.64% p.a. The bank sets the interest rates for consumer loan applicants depending on the product segment, asset category, loan tenure, the brand and schemes provided by the original equipment manufacturers (OEMs), etc. In case of sub-vented products, the interest cost is borne by the OEMs instead of the borrower, thereby resulting in zero-cost EMI facility for the borrower. However, the GST levied on the interest component of zero-cost EMI loan has to be borne by the borrowers.

As the ICICI Bank Consumer Durable Loan is available only in select cities, prospective applicants wishing to finance their consumer durable appliances can consider ICICI Personal Loan or regular personal loan schemes from other lenders to finance the purchase of consumer durables. Those opting for consumer durable loans should compare the interest rates offered with the ICICI Bank Personal Loan interest rates as well personal loan interest rates offered by top lenders.

Types of ICICI Bank Consumer Loan

ICICI Bank Consumer EMI

  • Purpose: ICICI Bank Consumer EMI provides financing options for customers to enable their purchase of consumer electronic items and gadgets in easy EMIs.
  • Interest rates: 9.95% to 28.64% p.a.
  • Processing fees: Rs. 1899

ICICI Bank Cardless EMI

  • Purpose: ICICI Bank Cardless EMI provides the No Cost EMI option for its pre-approved customers for buying home appliances or gadgets from retail stores or select merchant websites.
  • Interest rates: 13.63% to 21.87% p.a.
  • Processing fees: Nil

Fees and Charges for ICICI Bank Consumer Durable Loan

Processing Fees for Consumer EMI Loan

The processing fees for ICICI Bank Consumer Loans depend on the asset price, asset category, loan tenure and the schemes provided by OEMs.

Particulars Charges
Processing Fees Rs. 1899

Service Charges

Particulars Charges
Charges for Prepayment/Foreclosure 5% of outstanding
Repayment mode swap charges Rs 500 per instance
Amortization schedule charges Rs 200 for physical print out, Nil for digital channels
Statement of account charges Rs 200 per transaction for physical print out at the branch
Prepayment or foreclosure statement charges Rs 200 per transaction for physical print out at the branch
Duplicate no objection certificate/no due certificate Rs 250 per instance

Note: The service fees & charges are same for both the types of Consumer Durable Loans (Consumer EMI & Cardless EMI).

Penal Charges

Particulars Charges
Penal Charge for dishonour of Cheque/AD/ECS/NACH per transaction Rs 500 per instance
Penal charge on late payment 5% per annum on overdue EMI until repayment plus applicable charges
Legal & incidental charges At actuals

Note: ICICI Bank has the discretion to charge GST and other govt. taxes, levies, etc. on the fees and charges mentioned above.

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Eligibility Criteria for ICICI Bank Consumer Loan

Customers who are at least 18 years old can avail ICICI Bank Consumer Loans. ICICI Bank will check the consumer durable loan eligibility for the Cardless EMI facility through the customer’s registered mobile number.

Documents Required for ICICI Bank Consumer Loan

Upon sanction of the ICICI Bank Consumer Durable Loan, the consumer will provide his KYC documents, such as PAN Card or Aadhar Card or any other documents required by the bank.

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

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