ICICI Bank Consumer Loans Highlights
Note: Interest rates as on 2nd January 2024
Interest Rates for ICICI Bank Consumer Loan
The interest rates for ICICI Bank Consumer Durable Loans range between 9.88% and 29.49% 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 unsubvented 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 Durable 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: 9.88% to 29.49% p.a.
- Processing fees: Up to Rs 3,230
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: 11.45% to 22.86% p.a.
- Processing fees: Nil
Fees and Charges for ICICI Bank Consumer Durable Loan
Processing Fees and Prepayment Charges
The processing fees for ICICI Bank Consumer Loans depend on the asset price, asset category, loan tenure and the schemes provided by OEMs.
|5% of outstanding principal amount
|Repayment mode swap charges
|Rs 500 per transaction
|Amortization schedule charges
|Rs 200 per transaction
|Statement of account charges
|Rs 200 per transaction
|Prepayment or foreclosure statement charges
|Rs 100 per transaction
|Duplicate no objection certificate/no due certificate
|Rs 100 per schedule
|EMI bounce charges
|Rs 400 per bounce
|Penalty/Additional interest on late payment
|Legal & incidental charges
Note: ICICI Bank has the discretion to charge GST and other govt. taxes, levies, etc. on the fees and charges mentioned above.
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.