Description

Industrial Credit and Investment Corporation of India Limited (ICICI Bank) is a prestigious name. The ease that the bank offers whether it is in real-time conversations or interest rates that are deemed competitive in the industry make it a bank that the nation trusts. 

And so naturally, when we talk about personal loan, it is difficult to imagine going with any other bank other than ICICI. 

This page contains the complete detail of everything there is to make an informed decision about ICICI Bank personal loan interest rate.

ICICI Personal Loan Details

Aim of the Loan: ICICI bank personal loan can be used for any expense belonging to personal in nature - marriage, vacation, medical emergency, etc. 

Main Features

  • The loan is available for both self-employed and salaried professionals. 
  • Borrowers should be between 23 and 65 years of age
  • The loan amount can be of maximum upto Rs. 40 Lacs.
  • The loan tenure can be anywhere between 12 and 60 months.
  • Usually, the loan rate is maximum 14.99%

Processing Fees: The range is between 0.99% to 2.25%

Pre Closure Charge: The preclosure of ICICI personal loan is 5%

Other Charges

  • EMI Bounce charge
  • Late EMI charge
  • Loan Cancellation Charge

ICICI Bank Personal Loan Interest Rate

Interest Rate

10.99 to 18.49%

Amount of Loan

Up to Rs. 50 Lac

Tenure

5 Years

Processing Fees

Rs. 999 to 2.25% of loan + GST

Prepayment Charges

5% of Principal + GST

Repayment Mode Swap Charges

Rs. 500 + GST

Additional Interest on Late Payment

24% per year

Statement of Account Charges

Rs. 200 + GST

Amortization Schedule Charges

Rs. 200 + GST

Prepayment Statement Charges

5% of Principal + GST

Duplicate No Objection Certificate

Rs. 500 + GST

Duplicate Prepayment Statement Charge

Rs. 200 + GST

EMI Bounce Charge

Rs. 400 + GST

Loan Cancellation Charges

Rs. 3000 + GST

Factors Which Carry an Impact on Your ICICI Personal Loan Interest Rate

ICICI has become the top money lending bank of India at the back of its careful consideration of factors which have been curated for the best selection of applicants.

Credit Score of the Applicant - Your credit score is based on your lending history, and has a direct impact on your loan approval rate. The more your credit score, the more you are presumed to be a healthy investment. 

Reputed Employer - The reputation of your employer is also taken into consideration when you apply for ICICI bank personal loan. The more know your company is the easier are the chances of yours getting loan approved in time and that too at a considerably lower rate of interest. 

The income of the applicant - Your income also plays a good part in the approval speed of your loan and the rate of interest. If your salary bracket is on the higher side, the rate of interest will be comparatively lower as compared to if you have a low salary bracket.

Relationship With Bank - Applicants who already have a bank account in ICICI have a better chance at getting their personal loan approved at a low rate of interest vis-a-vis those who do not have an existing ICICI account.

Features of ICICI Bank Personal Loan

There are several reasons that make ICICI the ideal choice for taking personal loans.

  1. Multipurpose in nature - ICICI personal loan can be made to come into use for any number of purposes - be it an urgent monetary need at home or funding for marriage or home renovation.

  2. Fixed Rate of Interest - Bank offers a completely fixed rate of interest throughout the tenure of the loan. And so the applicants do not have to worry about the change in interest rate mid-tenure. 

  3. Loan of upto Rs. 40,00,000 - All you have to do is apply for loan in a few easy processes, and you will be able to get a loan of a maximum of Rs. 40,00,000.

  4. Balance Transfer of Personal Loans - ICICI gives you the option to shift your existing personal loan from some other bank to ICICI for its many benefits. 

  5. Fast Loan Disbursal Process - Applying for a personal loan through ICICI is as easy and quick as counting 1..2..3. The whole verification process is also something that gets done in no time. 

  6. Minimal Document Requirement - Unlike the other banks, the documents needed to avail ICICI personal loan is minimal and easily acquirable.

What is the Eligibility for Availing ICICI Personal Loan?

ICICI has set eligibility criteria for everyone wishing to avail personal loan through the bank. Those criteria are -

Age of the applicant

ICICI offers personal loan facility to both salaried and self-employed professionals. Now, although the ICICI personal loan for salaried employees interest rate and that of their self-employed counterparts are similar, the age limit varies greatly.

The age limit of salaried employees willing to take the personal loan is 25 to 58 years, while the age requirement for self-employed people is 28 to 65 years. 

The minimum age requirement, in either case, is 25 years. 

The Income of the applicant

  • The salary requirement for salaried employees has been divided by ICICI between three tiers - Non-Metro, Metro cities, and Semi-Metro cities. 

For non-metro cities, it is Rs. 17,500 per month for metro cities employees, it's Rs. 25,000 and for semi-metro employees, like those in Kolkata, Chennai, etc. it's Rs. 20,000. 

  • As for the self-employed applicants, minimum income for professionals is Rs. 40 Lacs per year and for non-professionals, it is Rs. 15 Lacs per annum. 

  • The minimum year of the requirement for salaried people is 2 years, while for self-employed, it is 5 years. And as for the doctors, it is 3 years.

Documents Required for Availing ICICI Bank Personal Loan

To avail ICICI personal loan, you will have to gather and submit the following documents -

  1. Identity Proof: Driving license or Pan Card or Passport or Aadhar (any one of them)

  2. Residence Proof: Agreement or Passport or Utility bills which are not more than 3 years old.

  3. 3 months bank statement for salaried employees and 6 months bank statement for self-employed.

  4. Proof of Address for self-employed

  5. Proof of business continuity and office ownership.

  6. 2 passport size photos

How to Calculate the ICICI Personal Rate of Interest?

Although banks' agents or private lenders convey the rate of interest that you will have to pay against your ICICI personal loan, but what we recommend is taking control of it. 

Take control of how much you will have to pay as an EMI. And to do that - become better-informed borrowers, there are two options: A. You can use our EMI calculator, which will show you the exact break-ups of your loan status or you can use the traditional mathematical formula of calculating EMI, which you will find anywhere on the internet, quickly. 

Fees and Charges on ICICI Bank Personal Loan

  • The pre-payment of loan is allowed anytime within the tenure of the loan considering you are ready to make pre-closure payment and GST.

  • All the pre-payment charges will be paid off if the applicant has paid 12+ EMIs.

  • No prepayment charges will be applicable in case of transfer of balance.

Prepayment of ICICI Personal Loan

Once an applicant pays 6 EMIs, they can pre-pay the whole loan amount. You won't, however, be allowed to make part-payment of any sort. Also, pre-payment would be levied at 5% of the principal amount in addition to the GST. 

While doing pre-payment of the loan, you will have to visit the ICICI loan center with the following documents:

  • Applicant signed request letter

  • Pan card copy

The payment that you make will have to be made via cheque or demand draft.

FAQs
Q1 What payment modes are available for EMI payment? 
If you have an ICICI bank account, you can set up a direct debit system wherein your account will directly get debited every month and the money will go into the EMI account.  In case you are not an ICICI member, you can make the payment through the NACH route.
Q2 What is the ICICI Personal Loan Tenure like? 
The loan repayment tenure of ICICI personal loan is in the range of 12 to 60 months, depending on your comfort.
Q3 Will I have to submit any collateral to avail the loan?
No, you will not have to put in any security item or collateral to take in the ICICI personal loan.
Q4 Is there a facility to get top-up on existing ICICI personal loan?
Yes, when it comes to top-up, ICICI gives you two options: either you can get a top-up on your present loan, or you can get one when you transfer your existing personal loan of another bank in ICICI.
Q5 Am I allowed to pre-close my personal loan? 
Yes, you can close your loan anytime after making at least a minimum of one installment. You will have to pay 5% pre-closure charge plus GST.  You should also know that you will not be allowed to do pre-payment. 
Q6 How will I know what amount am I eligible for? 
You can find an eligibility calculator on our website and on ICICI Personal Loan website. The calculator will help you understand not just the amount you are eligible for and also the EMI that you would have to pay every month. 
Q7 Is there a way I can track my loan's application? 
There are again two options from where you can track the loan application status. One is through our website and the second is there on ICICI's website which comes with a section of personal loan tracking option for its customers. You will have to complete a form looking for seeking your application status. 
Q8 What is the loan amount range? 
ICICI Personal Loan gives you the option to avail loan in the range of Rs. 50,000 to Rs. 40,00,000. And the approval of it all would depend on a number of factors like - credit history, income, and repayments. 
Q9 What is ICICI Personal Loan processing time? 
ICICI bank provides quick and easy approval on the personal loan. The whole process does not take much time - something that makes ICICI an ideal choice for personal loans. 
Q10 Does credit score impact the whole ICICI personal loan approval process?
Yes. While there are a number of additional factors as well that go behind the acceptance and approval of ICICI personal loan, the credit score plays an essential part too. The stronger your credit score is the greater would be the chances of your loan getting approved. 
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