ICICI Personal Loan Interest Rates

ICICI Bank Personal Loan Interest Rates vary between  10.5% and 19% per annum, depending on the loan amount, customer’s relationship with the bank, type of corporate/business, and other factors.

ICICI Bank Personal Loan Interest Rate - 2021

Before we decide on availing a Personal Loan from any bank, we also need to compare the other charges that are levied on Personal Loan. In the case of ICICI Bank, some of such charges are as follows:

Interest RateStarting @ 10.5%
Processing FeeUp to 2.25% of loan amount + GST
Loan Tenure1-6 years
Lowest EMI Per Lakh₹ 1,878 for 6 years
Prepayment Charges5% on principal outstanding + GST
Charges for swapping the repayment modeRs. 500 per transaction + GST.
Late payment24% per annum 
Charges for loan cancellationRs. 3,000 + GST 
Charges for EMI bounceRs. 400 per bounce + GST

ICICI Personal Loan Charges

Before we decide on availing a Personal Loan from any bank, we also need to compare the other charges that are levied on Personal Loan. In the case of ICICI Bank, some of such charges are as follows:

  • Charges for loan cancellation: Rs. 3,000 + GST
  • Charges for EMI bounce: Rs. 400 per bounce + GST

Factors Affecting ICICI Personal Loan Interest Rate

When you decide to avail ICICI Personal Loan, you can gauge different options so that you can pay an affordable and planned EMI. There are many factors which affect the Personal Loan rate of interest, such as:

  • Loan amount: The amount that is borrowed from the bank in order to fulfill any immediate financial need is named as the loan amount. Generally, banks offer lower interest rates for a higher amount. ICICI Bank offers a Personal Loan ranging between  50,000 and  20 Lakhs.
  • Salary or income: Your monthly income and earnings define your capability to repay the loan that is borrowed. Applicants with higher salary bracket are offered loans at lower rate of interest. The interest rate of the bank differs with your net monthly income.
  • Relationship with your bank: Several banks offer special rates of interest, offers and some charges to the existing account holders of the bank and so on. Individuals who have managed their accounts well and made all the monthly payments timely in the past, will get the benefit of a low rate of interest with ICICI Bank.
  • Employer category or group: ICICI Bank maintains a list of reputed companies internally that fall into groups that are ranked from high to low company groups based on the size of the company, number of employees, reputation and the existing relationship with your bank. Hence the employees who belong to the companies which fall under higher company groups, get attractive discounts or offers and lower interest rates on Personal Loans.
  • Repayment capacity: Before giving a Personal Loan to the customer, ICICI Bank checks the repayment capability of the customer. The bank or the lending agency also checks and verifies the repayment capacity of the customer through CIBIL as it provides the information in detail of repayment track record of the previous loans that are availed. CIBIL also helps to capture the information of credit card bills payment.
  • Loan tenure: Usually, Personal Loans are of the shorter period, which ranges from 12 months to 60 months as they are taken in order to meet their urgent financial requirements.

How to Apply For ICICI Bank Personal Loans

If you want to get a Personal Loan from ICICI Bank online, follow the procedure mentioned below: 

  • Visit ICICI Bank’s website or MyMoneyMantra.
  • Go to personal loan page and fill in the required details to complete your application.
  • Your Personal Loan application will be processed online.
  • ICICI Bank representatives will get in touch with you immediately to take the process ahead.
  • Schedule a documents pick-up meeting.
  • Your documents will be submitted to the lender.
  • Lender will verify your documents and application.
  • If you meet the ICICI Bank personal loan eligibility criteria, your loan will be approved.
  • After approval, if you agree with all the terms and conditions of the loan, the loan will be disbursed to your account.

You can also visit any ICICI branch nearby and manually fill the loan application form.

ICICI Bank Personal Loan Documents Required

Documents for Salaried Individuals

  • Proof of residence: Utility Bill (not more than 3 months old)/ Leave and License Agreement/ Passport
  • Proof of identity: Driving License/ Passport/ Voters ID/ PAN Card
  • Last 3 months' bank statement (of the account where salary or income is credited)
  • Last 3 months' salary slips
  • 2 recent passport size photographs

Documents for Self-Employed

  • KYC Documents: Address proof; Proof of Identity; DOB proof
  • Proof of Residence: Utility Bill (not more than 3 months old)/ Leave and License Agreement/ Passport
  • Income proof: Last 2 years' audited financials
  • Last 6 months' bank statement
  • Proof of office address
  • Proof of residence or office ownership
  • Proof of business continuity

ICICI Personal Loan Top Up

Top up is an additional loan amount given on top of your existing Personal Loan limit, which can be availed from your bank. You can also avail top-up at the time of transferring the balance Personal Loan amount to a new lending institution. You can avail a top up on your Personal Loan from ICICI Bank if you have a regular and timely repayment track record on your current Personal Loan. Most of the time, the top-up loans are available at a similar rate of interest as that on your running Personal Loan. Presently the interest rate applicable on ICICI Personal Loan top up starts at 11.25%.

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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ICICI Bank Personal Loan Interest Rates FAQs

✅ How long does ICICI Bank take to process a loan application?

Banks usually inform their decision on a Personal Loan within 15 days of submitting a loan application. However, some banks provide instant loan offers which can be approved within very few hours or 2-3 days. The turn-around time for ICICI Bank Personal Loan can be around 2 to 3 days.

✅ How can I calculate my interest rate?

You can calculate ICICI Personal Loan Rates by using the personal loan interest rate calculators available online.

✅ How much time will ICICI Bank take to take a decision on my Personal Loan?

Banks usually inform their decision on a Personal Loan within 15 days of submitting a loan application. However, some banks provide instant loan offers which can be approved within very few hours or 2-3 days. The turn-around time for ICICI Bank Personal Loan can be around 2 to 3 days.

✅ Why take a Personal Loan from ICICI Bank?

ICICI Bank offers a Personal Loan at an interest rate of 11.25% to 22% per annum with the lowest EMI of Rs. 2,187 per Lakh. Hence, if you are paying an EMI more than this amount then you can opt for balance transfer and then change your loan to ICICI Bank.

✅ How much interest is charged on a Personal Loan by ICICI Bank?

ICICI Bank Personal Loans rates range between 11.25% to 22%. For salaried account holders it is comparatively lesser than that for other customers or borrowers.

✅ What is the lowest EMI per one Lakh on Personal Loan taken from ICICI Bank?

The lowest EMI per Lakh for Personal Loan with ICICI Bank is Rs. 2,187.

✅ What is the minimum and maximum period of a Personal Loan in ICICI Bank?

The Personal Loan with ICICI Bank has a flexible period of minimum 12 months and ranges up to maximum 60 months.

✅ How much Personal Loan amount can I borrow from ICICI Bank?

You can borrow a Personal Loan amount ranging from Rs. 50,000 to a maximum of Rs. 30 Lakhs.

✅ How much processing fee is charged on a Personal Loan by ICICI Bank?

The processing fees for ICICI Bank Personal Loan can be up to 2.25% of the sanctioned loan amount with applicable GST.

✅ Can I add my spouse's income along with my income while applying for Personal Loan from ICICI Bank?

Yes, you can add your income or earnings along with the income of your partner or spouse in order to increase your Personal Loan eligibility and capacity to pay the EMIs. It also helps to get a higher Personal Loan amount.

✅ Is age an eligibility factor in order to get Personal Loan from ICICI Bank?

Yes, age is a vital eligibility factor in order to get a Personal Loan from ICICI Bank. You need to be at least 23/28/25 years of age (for salaried/self-employed/doctors respectively) at the time of approval and 58/65 years (for salaried/self-employed and doctors respectively) at the time of maturity of the Personal Loan.

✅ Are there any prepayment charges from ICICI Bank on Personal Loan?

Yes, there are prepayment charges on a Personal Loan from ICICI Bank of 5% of outstanding principal plus applicable GST.

✅ Is ICICI Bank personal loan interest rate negotiable?

ICICI Bank personal loan interest rates are dependent on the segment to which customer belongs. The rates can be negotiated based on the asset category and location.

✅What is the ICICI Bank personal loan disbursement time?

Once your loan application is approved, the funds will be credited to your account within three seconds with ICICI Bank’s instant Personal Loan online services.