ICICI Bank Personal Loan Payment

ICICI offers personal loans up to Rs. 25 Lakhs online at interest rates ranging from 10.50% to 19% p.a.a and repayment tenure of 1 to 6 years. The loan can be used for all legitimate financial purposes, including, travel, wedding, functions, medical needs, gadget purchase, education, and so on. If you have availed of ICICI Personal Loan, you can make ICICI personal loan payment through multiple online and offline modes.

ICICI Bank Personal Loan Pre-closure

If you want to make the ICICI Bank loan payment before the tenure ends, there is good news for you. ICICI Bank allows pre-closure of personal loan at nominal prepayment charges.

  • Prepayment charges for salaried customers are 5% on principal outstanding + GST.
  • Nil prepayment charges for MSME classified customers if the loan is closed using own funds.
  • The bank offers waiver (if any) on the prepayment charges if the customer has paid 12 or more EMIs and the prepayment is done by customer’s own funds.
  • No prepayment charges waiver is applicable in balance transfer cases.
  • The bank does not offer the part prepayment facility.

How to Pay ICICI Bank Loan EMI Online?

You can make your ICICI Bank loan payment online through any of the following ways:

Click to Pay-Loans Payments (Using Net Banking): You can easily make ICICI Bank online loan payment with the internet banking facility of any Non-ICICI Bank Savings Account through ICICI 'Click to Pay' facility available on its official website. Here are the steps to use this facility:

  • Select the bank from which you want to make ICICI Bank personal loan payment. ICICI Bank has partnered only with select banks for personal loan payment. Choose your bank from the dropdown list.
  • Provide your loan details, including the 16-digit alphanumeric loan number and the amount against ‘Amount Payable’. 
  • Click on ‘Pay Now’ and you will be redirected to the payment interface of the chosen bank.
  • Confirm payment by entering your authentication details, like internet banking user ID and password for your bank account.
  • Select the amount you want to pay and your selected bank account will get debited instantly.
  • You will receive online confirmation for the successful ICICI Bank loan repayment.

Click to Pay-Loans Payments (Using Debit Card): You can make ICICI personal loan EMI payment through your Debit Card using this facility with the following easy simple steps:

  • Visit the ICICI Bank website and then click the “Click To Pay – Debit Card” link.
  • Choose your card type, i.e. ICICI or any Non-ICICI Bank Debit Card.
  • Type your personal loan number and validate.
  • Now validate your Debit Card on Payment Gateway to make your overdue ICICI personal loan online payment instantly.

Scan & Pay: You can scan QR code via any UPI enabled banking app or BHIM app to pay your ICICI Bank personal loan. For ICICI loan payment online UPI is one of the easiest and fastest modes.

  • Enter your loan account number two times and click on the Verify button.
  • Check all details displayed on your screen.
  • Enter the amount you want to pay. 
  • Click on Generate QR Code
  • Now login with any UPI enabled mobile banking app or BHIM app and scan the code.
  • Proceed to payment in your UPI app.
  • A notification for a successful transaction number will be displayed on your mobile screen.
  • Currently you can make a maximum payment of Rs. 10,000 per transaction and Rs. 20,000 per day with the BHIM app.
  • ICICI Bank Click to Pay - BillDesk: For ICICI personal loan payment BillDesk can also be used. The bank provides Click to Pay facility for this option.
  • Enter your Loan Account Number two times. 
  • Click to verify.
  • Paytm: You can check your ICICI personal loan repayment schedule and make payment through Paytm app.
    • Click on Pay Loan.
    • Select your lender.
    • Enter your loan account number.
    • Click on Get Payable Amount and proceed for payment.

Same methods can also be used for ICICI Bank gold loan payment.

Offline ICICI Bank Personal Loan Repayment

You can also choose the following offline modes for ICICI personal loan repayment:

  • Call the customer care number of ICICI Bank or send them an email and tell them about your intention of loan repayment, they will assist you.
  • Visit the nearest ICICI Bank branch to make your loan payment.

Pre closure charges for Personal loan ICICI Bank

If you have surplus funds, you can opt for pre-closure of your ICICI personal loan. The bank does not offer ICICI personal loan partial payment as of now. The charges applicable for pre-closure are as follows:

  • Prepayment charges for salaried customers are 5% on principal outstanding + GST.
  • Nil prepayment charges for MSME classified customers if the loan is closed using own funds.
  • No prepayment charges waiver is applicable in balance transfer cases.

Steps for the ICICI Bank Personal Loan Prepayment Process

Following are the steps for ICICI Bank personal loan prepayment process:

  • Request for the personal loan preclosure statement from ICICI Bank through the bank’s website.
  • Once you receive the prepayment statement, keep it safe as it is an important document that you will have to show at the time of pre-closure.
  • Now visit your nearest ICICI Bank branch with all the mandatory documents.
  • Pay the total outstanding amount as mentioned in your personal loan prepayment statement through cash, cheque or demand draft as per your convenience.
  • Submit a foreclosure request or application at the ICICI Bank branch after paying off all the pending amount. It might take some time to process your request.
  • After the process is completed, collect the foreclosure acknowledgement receipt from the bank.

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 Payment FAQs

Can we close ICICI Bank personal loans online?

Currently, you cannot close ICICI Bank personal loans online. The loan pre-closure is allowed only through bank visit as of now.

How to pay ICICI Bank personal loan EMI through net banking?

ICICI Bank personal loan EMI payment can be done through net banking with the following steps:

  • Open Click to Pay-Loans Payments (Using Net Banking) on the bank’s website
  • Select the bank from which you want to make ICICI Bank personal loan payment. ICICI Bank has partnered only with select banks for personal loan payment. Choose your bank from the dropdown list.
  • Provide your loan details, including the 16-digit alphanumeric loan number and the amount against ‘Amount Payable’. 
  • Click on ‘Pay Now’ and you will be redirected to the payment interface of the chosen bank.
  • Confirm payment by entering your authentication details, like internet banking user ID and password for your bank account.
  • Select the amount you want to pay and your selected bank account will get debited instantly.
  • You will receive online confirmation for the successful ICICI Bank loan repayment.

What are the ICICI Bank personal loan EMI late payment charges?

If there is any delay in ICICI Bank personal loan online payment, you will have to pay additional interest on late payment of 24% per annum.

Is partial payment allowed in personal loan ICICI Bank?

No. Currently, ICICI Bank does not offer partial payment of personal loans.

Is it good to pre close personal loans?

If you have surplus funds, it is good to pre close personal loans to save on interest cost. However, make sure you calculate your savings after deducting the pre-closure charges from the same for a fair idea on how much you can save.