|ICICI Bank Personal Loan Interest Rates|
Starting @ 11.25%Check Best Offers
|Lowest EMI Per Lakh||
₹ 2,187 for 5 years
Nil charges for floating rates loans
check your eligibility
ICICI Personal Loan
ICICI Bank provides a Personal Loan to its customers who need immediate funds to meet their speedy requirements and expenses. There are many advantages of taking a Personal Loan from ICICI Bank such as:
- Immediate approval which is paperless
It provides special offers for the top and reputed corporates
This bank has been rated 3/5.0 by customers for its service quality and support
ICICI Bank has more than 2,660 branches in India and you can avail the bank services wherever you want
- It has Pan India reach
- It helps to provide loan offers for small corporates
ICICI Bank offers special offers and discounts for the employees of large and reputed companies
ICICI Bank Personal Loan Details
Reason to take a loan: ICICI Bank Personal Loan can be utilised for personal expenses which include travel, education, medical emergency, house renovation, and other personal needs.
- ICICI Bank Personal Loan key features:
The Personal Loan is available for both the salaried and the self-employed individuals
The borrowers need to be within the age group of 23 and 58 years if they are salaried, 28 and 65 years if they are self-employed individuals, and 25 and 65 years if they are doctors.
The amount of Personal Loan is minimum 50,000 to 20 Lakhs
The tenure of the Personal Loan ranges from 12 months to 60 months
ICICI Personal Loan interest rate is in the range of 11.25% to 18%
The lowest EMI of Personal Loan with ICICI Bank is 2,187 per one lakh.
The processing fee for Personal Loan from ICICI Bank is up to 2.25% plus GST.
The prepayment charges for ICICI Bank Personal Loan is 5% of outstanding loan amount plus GST
There are some other charges such as delayed EMI payment charges, EMI bounce charges, Personal Loan cancellation charges, and so on.
ICICI Bank offers customised Personal Loan rates of interest and schemes for a special category of customers including customers who are working in reputed companies, banks and government employees.
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 times, 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%.
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:
Processing Fee: ICICI Bank charges a processing fee on Personal Loans which is up to 2.25% of the Personal Loan amount plus applicable GST.
Prepayment Charges: The charges which are paid in case you want to pay-off your complete Personal Loan amount before the end of loan period. ICICI Bank allows a pre-closure of Personal Loan after six EMIs are paid at pre-closure charges of 5% p.a. of principal outstanding plus GST.
Charges for Swapping the Repayment Mode: 500 per transaction plus GST
- Charges for Loan Cancellation: 3,000 plus GST
- Charges for EMI Bounce: 400 per bounce plus GST
ICICI Bank Personal Loan: How to Apply
If you want to get a Personal Loan from ICICI Bank, the procedure to get the loan is simple and easy to follow. All you have to do is to apply for a Personal Loan online or visit any branch nearby and manually fill the loan application form. Your Personal Loan application will be processed online and ICICI Bank representatives will get in touch with you immediately to take the process ahead.
You can also compare the Personal Loan interest rates of ICICI Bank with other banks and financial institutions by using a comparison tool online. Once you apply for a Personal Loan online, then you can check the status of your Personal Loan application online.
Documents Required for Personal Loan with ICICI Bank
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
Factors Affecting ICICI Personal Loan Interest Rate
When you decide to avail a Personal Loan from ICICI Bank, 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 fulfil any immediate financial need is named as 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.
ICICI Bank offers Personal Loan to defense, armed forces and government employees. The rate of interest for Personal Loans for such individuals differs from that of private salaried employees.
How to Improve Your Chances of Getting a Personal Loan Approval
Personal Loan is unsecured in nature and the banks have a pre-decided set of guidelines and credit policies. Many times the Personal Loan applications get rejected as the customer do not fulfil the usual set of guidelines of the banks for the approval of a Personal Loan. Hence, one needs to improve the chances of getting a Personal Loan by using the following tips:
Identify options for bad credit loans: When it comes to availing Personal Loans, it is crucial that you maintain a good track record of your credit report. In case your credit score is less than 700 points, then you might need to wait for some-time or some months and then work on improvising your credit score and track record to get a loan. In case, you cannot wait then you should look for NBFCs, banks and other lending agencies that offer a Personal Loan for a lower credit score.
Know your credit score and improve it if needed: Before you apply for a Personal Loan, always make sure that you know your credit score so that it helps to make the process easier. Credit bureaus that are working in India such as CIBIL, Experian, CRIF High Mark, Equifax usually help in providing personalised credit report within 24 hours of applying for the same. A low credit score means that there are more chances of defaulting on the Personal Loan payments whereas a higher score not only increases the chances of getting a Personal Loan sanctioned but also getting low interest rates for borrowers.
Identify the right product for you: Different banks provide loans at different rates of interest, discounts and offers. It is advisable that you carefully compare the various options and select the right bank or a financial institution for your Personal Loan as the banks have different rates of interest and the criteria for eligibility.
Try to keep a minimum gap of 6 months between Personal Loan applications: Many times the financial institutions and the banks do not permit a new loan to a customer who has already availed a Personal Loan in the last 6 months. In such a scenario, the banks doubt whether you will be able to bear the burden of additional EMI payouts. Hence it is better to have a gap of atleast 6 months.
Be honest and provide accurate information: Always be honest and furnish accurate details to the bank that you are approaching for a Personal Loan. This makes the process convenient and simpler for both the lender and customer. They also phone call to confirm if your personal details and information are right and in case if they feel it is not right, then they might reject the loan application.
Apply for a loan amount on the basis of your repayment capacity: Before an individual applies for a Personal Loan, it is vital to compute the loan amount that you will be able to pay comfortably in future. You can make use of the online eligibility calculators to figure out your eligibility for a loan amount. The banks calculate the ratio of fixed expenses to the income ratio of a potential borrower in order to estimate the Personal Loan amount that can be serviced by the borrowers.
Avoid multiple loan applications: Many times, customers apply in multiple banks in order to get the Personal Loans soon, but this will affect their probability of getting the loans sanctioned and there are more chances that they get rejected. This will also affect the CIBIL score which harms your credit score as well.
Maintain job stability: The banks and the financial institutions require that the borrower has at least two years of professional work experience in a specific job. So, the borrowers need to avoid switching jobs if to improve your chances of getting a Personal Loan.
A healthy credit discipline regimen should be maintained to have a good score and also improve the chances of getting a loan.
Frequently Asked Questions on ICICI Personal Loan
How much time will ICICI Bank take to take a decision on my Personal Loan?
Ans. 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 Personal Loan from ICICI Bank?
Ans. ICICI Bank offers a Personal Loan at an interest rate of 11.25% to 22% per annum with the lowest EMI of 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?
Ans. The rate of interest for Personal Loans with ICICI Bank ranges 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?
Ans. The lowest EMI per Lakh for Personal Loan with ICICI Bank is 2,187.
What is the minimum and maximum period of a Personal Loan in ICICI Bank?
Ans. 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?
Ans. You can borrow a Personal Loan amount ranging from 50,000 to a maximum of 30 Lakhs.
How much processing fee is charged on a Personal Loan by ICICI Bank?
Ans. The processing fees for ICICI Bank Personal Loan can be up to 2.25% of the sanctioned loan amount with applicable GST.
Is age an eligibility factor in order to get Personal Loan from ICICI Bank?
Ans. 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 pre-payment charges from ICICI Bank on Personal Loan?
Ans. Yes, there are pre-payment charges on a Personal Loan from ICICI Bank of 5% of outstanding principal plus applicable GST.
Can I add my spouse's income along with my income while applying for Personal Loan from ICICI Bank?
Ans. 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.
ICICI Personal Loan News
ICICI Bank revises its Personal Loan Rates
ICICI Bank has revised its interest rates for Personal Loans across all categories. The minimum Personal Loan interest rate presently stands at a starting rate of 11.25%. The previous rates started at 10.99%.
Mrs Chanda Kochhar quits ICICI Bank
Mrs. Chanda Kochhar, the CEO and Managing Director of ICICI Bank, resigns from her position with immediate effect and the Bank also accepts her request for early retirement. The bank also states that Mrs. Kochhar's post-retirement perks and benefits will be given subject to the inquiry and the outcome. ICICI Bank has also appointed Sandeep Bakhshi as its new Managing Director and CEO for five years with effect from October 3, 2018.
ICICI Bank to offer some special advantages to the army and pensioners
ICICI Bank has renewed and made some changes in its loan agreement with the army by offering some special schemes and advantages to the army staff and the pensioners. It is created through a "Defense salary account" which adds an accidental insurance cover of 1 Crore on the death of an army individual and a cover of 30 Lakhs for the total and partial disability of the same. This offer includes zero balance accounts and unlimited free ATM transaction as well.
Axis Bank, ICICI Bank and SBI to allow block debit or Credit Cards temporarily
Axis Bank, ICICI Bank and SBI allow you to block debit or Credit Cards temporarily. This is the first step towards a security when your card is being misused or stolen. Some of the banks like ICICI Bank, SBI and Axis Bank also provide its customers some options which allow them to de-activate their debit and Credit Cards immediately in case it is stolen.
ICICI Bank net profit drops by 50%
ICICI Bank has posted the details of its net profit and it states that it has dropped by 50% for the Q4. The profit stands at 1,020 Crore as against 2,024.60 Crore in the previous year. The reasons being the diminishing asset quality that resulted in a jump of 85% in provisions due to a 17% increase in the bad loans.