ICICI Bank Personal Loan Interest Rates and Loan Types
ICICI Bank Personal Loan Interest Rates start from 10.75% p.a. The personal loan interest rates provided by ICICI Bank for its different schemes are mentioned below:
|Particulars||Interest rates (p.a.)|
|ICICI Bank Personal Loan||10.75% – 19.00%|
|FlexiCash (Overdraft facility for salary account holders)||12.00% – 14.00%|
|ICICI Bank Personal Loan for NRIs||15.49% onwards|
Note: Rates as of 27th March 2023
Comparison of Personal Loan Interest Rates offered by Various Banks/NBFCs
Banks/NBFCs Interest Rates(p.a.) HDFC Bank 10.50% onwards Apply Now SBI 11.00%-15.00% 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
Also Check: Which bank/NBFC is best for personal loans in India?
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Factors influencing ICICI Bank Personal Loan Interest Rates
ICICI Bank Personal Loan interest rates are decided on the basis of the credit scores of their loan applicants’. However, the lender has not disclosed its personal loan interest rate matrix based on the loan applicants’ credit scores.
Personal Loan applicants can maintain/improve their credit scores by implementing healthy credit practices like timely payment of EMIs/credit card bills, avoiding multiple credit card/loan applications within short time intervals, maintaining a healthy credit mix, etc. Loan applicants who follow these steps can increase their credit scores and thereby improve their eligibility for availing personal loans. Personal loan applicants should review their credit reports at regular intervals as it can help them identify any mistakes in the report and highlight it to their lender/credit bureaus. Error(s) in a loan applicant’s credit report can reduce his credit score and adversely affect his personal loan eligibility. Lower credit scores may also reduce their chances of availing lower ICICI Bank Personal Loan interest rates.
ICICI Personal Loan has a minimum monthly income requirement of Rs 30,000 for salaried loan applicants. For self-employed applicants, the criteria is as follows:
- Minimum turnover: Rs 15 lakh for professionals and Rs 40 lakh for non-professionals (as per audited financials)
- Minimum profit after tax: Rs 2 lakh for self-employed individuals/proprietorship firms and Rs 1 lakh for non-professionals.
While differential ICICI Bank Personal Loan interest rates for applicants based on their income have not been specified, several lenders provide lower personal loan interest rates to loan applicants having higher incomes. This is because higher income usually leads to higher loan repayment capacity for the borrowers, which in turn reduces credit risk for the lenders. This benefit is passed on to the borrower in the form of lower interest rates.
The ICICI Bank Personal Loan interest rates are based on the loan applicants’ occupation profile (salaried/self-employed) and work experience. Although the bank has not specified the differential ICICI Bank Personal Loan interest rates offered to personal loan applicants depending on their employer profile, many lenders consider this factor while finalising the interest rates for their personal loan applicants. Lenders usually offer lower interest rates on personal loans for salaried when compared to the interest rates provided on personal loans for self-employed. Among salaried loan applicants availing personal loans, those working for government/PSUs are offered lower interest rates as their income and job security is usually higher when compared to other salaried applicants. Lenders also offer lower interest rates on personal loans to employees working in MNCs or reputed private sector companies as their capacity of withstanding adverse economic conditions is usually better than other organisations in the private sector.
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Existing Relationship with ICICI Bank
While ICICI Bank has not mentioned offering interest rate concessions to their existing customers, several banks/NBFCs offer lower personal loan interest rates to their existing customers. Hence, individuals looking to avail ICICI Bank personal loans should first contact lenders with whom they already have existing banking or lending relationships and then, compare their personal loan interest rates with the ICICI Bank Personal Loan interest rates.
Tips to Avail Personal Loans at Low Interest Rates
- Maintain credit scores of 750 or above.
- Check the pre-approved personal loans offered from multiple banks/HFCs.
- Track personal loan interest rates offered by top lenders especially during the festive season.
- Enquire with your existing lender(s) if they can offer personal loans at lower interest rates.
- Visit online financial marketplaces to compare ICICI Bank Personal Loan interest rates with the personal loan interest rates offered by various lenders.