ICICI Personal Loan Interest Rates

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:

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

Additional Info: The PayLater ICICI Bank is an instant digital credit limit for online shopping.

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.
• Credit Score: ICICI bank consider credit score a major factor that affect the interest of your loan. If you have a higher credit score then you can get the loan at lowest interest rate.

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

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%.