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ICICI Bank

A personal loan is a great option when one is faced with an unexpected expense. A personal loan comes in handy even for some general purposes like your dream wedding, foreign vacations, higher education, home renovation, etc.

ICICI Bank, the leading private sector bank in the country, has also been leading in the personal loan offers to their customers. The offers personal loans with the flexibility to be used for any purpose to suit the customer’s needs at a very low interest rate, starting at just 11.25%.

Personal Loan interest rates and other charges

FacilityInterest rate/charges
Personal Loan11.25% - 22.00% p.a
Processing chargesUp to 2.25% of the loan amount + GST
Prepayment charges5% p.a of outstanding principal + GST
Additional Interest on late payment24% per annum
Repayment mode swapRs.500/- per transaction + GST
Loan cancellation chargesRs. 3000/- + GST
EMI Bounce chargesRs. 400/- per bounce + GST

Factors that impact your ICICI Bank Personal Loan interest rate

ICICI Bank, being the leading lender of personal loans in the country, gives careful considerations to a few important points while processing your personal loan application. The interest rate varies from person to person based on the following factors:

Credit Score

Credit score is an important parameter for any loan application. It gives a comprehensive picture of your creditworthiness to the banker. Higher the credit score, better is your financial standing. Hence, a good credit score ensures a better interest rate offer.

Income

Income plays an important role in personal loan eligibilities. Banks prefer individuals who can comfortably afford the monthly EMIs. A higher income ensures them of that. Hence, borrowers with higher income are offered better interest rates.

Reputed Employer

Working in a reputed organisation can certainly get you a good deal on your personal loan. Employment in these organisations assures the bankers of your job stability and income flow. Hence you are bound to get offers of higher loan amount and lower interest rate.

Relationship with the bank

Loyalty plays an important role in the banking business. Existing customers with a good financial standing are consider great assets for the banks. Hence, if you have a good relationship with the bank, you are offered various benefits like instant personal loan, higher loan amount and attractive rate of interest.

Why ICICI Bank personal loan?

Purpose – ICICI Bank gives its customers the free reign to use the personal loan amount for any purpose as per their need. You can avail a personal loan to fulfill any of the below needs

Wedding loan – Loan amount of up to Rs.20 lakh with the interest rate starting at 11.25% p.a

Home renovation –Loan amount of up to Rs.20 lakh with the interest rate starting at 11.25% p.a. Quick processing time disbursal

Holiday loan – Loan amount of up to Rs.20 lakh with the interest rate starting at 11.25% p.a. Quick processing time disbursal

Fresher Funding – offered to freshers starting their first job. Loan amount of up to Rs. 1.5 lakh without any security/collateral

NRI Personal Loan – offered to NRIs looking to fulfill needs back home. Loan amount of up to Rs. 10 lakh for an interest rate as low as 15.49% p.a

Top-Up loan – a loan availed as a top-up on existing personal loans.

Quantum of Loan – ICICI Bank offers one of the highest amounts of personal loan. It offers personal loans of up to Rs. 20 lakh.

Attractive Rate of Interest – the interest rate starts at 11.25%, one of the lowest in the market. The EMI is calculated by monthly reducing balance, which reduces the average interest on the loan

Convenient channels for loan application – ICICI Bank allows their customers to apply for a personal loan through various channels – branch, internet banking, phone banking and through the app. For pre-approved customers, it even gives the option of applying through the ATM

Quickest processing time – ICICI Bank understands the importance of time taken for loan processing. Personal loans are processed within 2-7 days. For some pre-approved customers, loans can be disbursed in as fast as 3 seconds.

ICICI Bank Personal Loan Eligibility

The eligibility criteria for a personal loan is similar across various banks. Some of the key points considered by ICICI Bank are

CriteriaSalariedSelf-employed
Age23 - 58 years28 - 65 years
Minimum Monthly Net Salary

Rs. 20,000 for residents of Chennai, Hyderabad, Bangalore, Pune & Kolkata

Rs. 25,000 for residents of Mumbai & Delhi

Rs. 17,500 for others

Minimum turnover

Non-professionals - Rs. 40 lakhs

Professionals - Rs.15 lakhs

Job experience/Business stabilityTotal 2 years of job experience

Min. 5 years in current business

Min. 3 years for Doctors

Personal Loan application process

Applying for a personal loan with ICICI Bank is easy and convenient. One can choose any of the following channels to apply

  • Apply online from the ICICI Bank website
  • Request a call back from a customer care representative
  • Apply through any of the ICICI Bank ATMs
  • Visit the help desk at any of the branches
  • Write to them at their official mailing address

ICICI Bank Personal Loan EMI Calculator

Once you have checked your eligibility, you can decide the quantum of loan amount you want to apply for. Now, the EMI calculator will help you in finding out the monthly EMI you need to shell out for the loan amount with the estimated interest rate. The EMI calculator allows you to adjust the loan amount and the repayment tenure to find the corresponding monthly EMI. This tool helps you in determining a comfortable EMI amount and the corresponding loan amount.

Documents required for ICICI Bank Personal Loan

For salaried individuals

  • Proof of identity – Passport/driving license/PAN card/Voters ID card (any one)
  • Proof of address – House agreement/utility bills, not more than 3 months old/passport (any one)
  • Latest payslips of 3 months
  • Latest 3 months’ bank statement (of salary account)
  • 2 passport size photographs

For self-employed individuals

  • KYC Documents - Proof of identity & date of birth proof
  • Proof of address – for either residence or office - property agreement/license agreement, utility bills not more than 3 months old/passport (any one)
  • Income proof – audited financials of last 2 years
  • Latest bank statement for 6 months
  • Proof of continuity of business

The above is a comprehensive list and the bank might require more documentation on a case to case basis.

Balance Transfer & Top-up facility

One can transfer their existing personal loan with a different lender to ICICI Bank without any hassles. When you transfer your personal loan, ICICI Bank offers you

  • Attractive interest rate
  • Minimal documentation for quick and hassle-free transfer
  • Top-up loan
  • Increased tenure for a comfortable repayment

FAQs

1. What are payment modes available for EMI payment?

You can make EMI payments by the direct debit facility on your ICICI Bank account. If you do not have an ICICI Bank account, you can make the payment through the NACH option.

2. What are the loan tenures for personal loan?

Personal loans repayment tenures are between 12 months to 60 months.

3. Do I need to submit any collateral to avail the loan?

No need for any security/collateral to avail a personal loan

4. Can I get a top-up on my existing personal loan?

Top-up loans are of two types. You can avail a top-up on your existing ICICI Bank personal loan. If you are transferring a personal loan from a different lender, you can apply for a top-up loan then too.

5. Can I pre-close my personal loan?

Yes, you can pre-pay the entire loan during the loan tenure after a minimum of 1 installment. Part pre-payment is not allowed. A pre-closure charge of 5% + GST is applicable.

6. How can I know the loan amount that I am eligible for?

The ICICI Bank website has included a very useful feature called the Personal Loan Eligibility Calculator. This calculator requires some basic information like the city you live in, your age, employment type and your net monthly income to give an approximate loan amount and the interest rate you are eligible for.

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