Starting from Rs. 50,000, ICICI Bank Personal Loan goes upto Rs. 20 lakh and is offered to both salaried professionals and self- employed individuals to deal with a financial emergency. The personal loan can be applied online and can be repaid within tenure ranging from 12 to 60 months. Also, the bank offers you the facility of foreclosing the loan so that you can get rid of EMIs before the tenure ends.
ICICI Bank Personal Loan Pre-closure Charges and Other Fees
|Pre-closure/Prepayment Charges||5% per annum of principal outstanding plus GST|
|Loan Processing Charges||Up to 2.25% per annum of Loan Amount plus GST|
|Loan Cancellation Charges||Rs 3000/- plus GST|
|EMI Bounce Charges||Rs 400/- per bounce plus GST|
|Repayment Mode Swap Charges||Rs 500/- per transaction plus GST|
|Additional Interest on Late Payment||24% per annum|
How to Pre-close ICICI Bank Personal Loan?
You can pre-close your entire ICICI Bank personal loan amount in full any time after paying the 1st installment. The applicable pre-closure charge is 5% per annum of principal outstanding plus GST. You will have to visit the nearest branch of the bank to pre-close the loan and you can make the payment through cash, cheque or demand draft.
ICICI Bank Personal Loan Pre- Closure- Documents Required
For loan applicant:
If the loan applicant is himself visiting the bank to foreclose the loan, he needs to carry the following documents:
- Request letter signed by the loan applicant
- PAN Card (if the mode of payment is cash and the amount is more than Rs 50,000)
For Co-applicant or Third-Party:
In case the co- applicant is unable to visit the bank to complete the pre-closure formalities and send a co- applicant or any other representation to do so, the following documents would be required:
- Main applicant Identification proof (Driving License or Passport or Voters card or PAN Card)
- Authorization letter from main applicant
ICICI Bank Personal Loan- Customer Care
Frequently Asked Questions
What is the interest rate of ICICI Bank Personal Loan?
The interest rate starts from 11.50% and goes upto 19.25%. The interest rate offered to an individual by the bank depends on his credit score, age, repayment history, etc.
Is part- prepayment allowed on ICICI Bank Personal Loan?
No, part Pre-Payment is allowed on ICICI Bank Personal Loan.
What is the Loan Repayment Tenure?
The Personal Loan from ICICI Bank can be repaid within 12 to 60 months. You can decide the tenure as per your repayment ability.
How to repay the personal loan?
One can repay the loan in Equated Monthly Installments (EMIs). One can also get auto debit mandate activated if they have an existing account with ICICI Bank and if there is an alternate Bank Account then the payment can be made through NACH (National Automated Clearing House).