ICICI Bank Personal Loan Interest Rate 2022

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.

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 up to Rs. 25 Lacs.
• The loan tenure can be anywhere between 12 and 72 months.
• Usually, the loan rate is a maximum of 14.99%

Processing Fees: The range is between 0.99% to 2.50%

Pre Closure Charge: The preclosure of ICICI personal loan is 2%

Other Charges: 

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

Interest Rate	10.50% p.a. onwards
Amount of Loan	Up to Rs. 25 Lacs
Tenure	6 Years
Processing Fees	Rs. 999 to 2.50% of loan + GST
Prepayment Charges	2% 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

ICICI has become the top money lending bank of India at the back of its careful consideration of factors that 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.

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. 25,00,000 - 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. 25,00,000.

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.

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

Age of the Applicant

ICICI offers a 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 2% 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.