ICICI Bank Personal Loan

Home Personal Loan ICICI Bank Personal Loan

About ICICI BANK PERSONAL LOAN

ICICI Bank is one of India's largest private sector banks which cater to the rising needs and expenses of an individual. The Mumbai based bank provides a Personal Loan to cater the urgent requirement of cash. Personal Loan is an unsecured loan is made available to individuals in order to fulfil an immediate requirement of cash such as a wedding, home renovation, a vacation and much more.

ICICI Personal Loan is easily available without any security or collateral to ensure repayment of the loan amount. It is available in diverse variants and a hassle-free process. Such an easy loan process ensures easy approval of the loan and fast disbursement of the total loan amount. The hassle-free process and competitive Personal Loan interest rates make ICICI Bank one of the most favoured options for several customers.

ICICI Bank Personal Loan Interest Rate November 2018

Interest rate

11.25% - 18%

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

2% of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,187  Per Lakh

Why ICICI Bank Personal Loan?

Here are some of the main reasons why one should opt for ICICI Bank Personal Loan:

  • Attractive Interest Rate:ICICI Bank offers Personal Loans at an attractive rate of interest, starting from as low as 11.25% p.a.
  • Multipurpose Loan: With ICICI Bank, an applicant can use the Personal Loan amount to serve any purpose depending upon their needs.
  • Flexible Loan Tenure: Applicant can even get flexible loan tenure of up to 60 months with ICICI Bank, which enables them to select loan tenure depending upon the loan amount and their repayment capacity.
  • Fixed Rate of Interest: ICICI bank provides for a fixed rate of interest throughout the loan period. This means that the applicant should not worry about the fluctuating interest rates and changes in the financial position of the economy. Fixed rate of interest will be charged on a monthly reducing basis.
  • Easy Repayment Structure: Applicants can repay their loan easily by setting up ECS, PDC or auto-debit for automatic repayment of equated monthly installment (EMI) every month.
  • Minimal Documentation: ICICI Personal Loan documentation process is minimal, easy and hassle free which reduces the processing time and enables them to disburse loan quickly.
  • Instant E-Approval: ICICI Personal Loan is directly credited to the applicant's account through Fund Transfer, which makes the fund easily available

Features and Benefits of ICICI Bank Personal Loan

Features and Benefits of ICICI Bank Personal Loan

  • With ICICI Bank, an applicant can get funds in their account in 3 seconds (For customers upon completion of online verification and acceptance of the final offer).
  • ICICI Personal Loan amount can be used for several purposes such as a wedding, home renovation, vacations or funding of certain courses.
  • ICICI Bank Personal Loan comes at fixed interest rate. However, the amount of interest is charged on a monthly reducing basis.
  • These loans come with a flexible tenure period ranging from 12 months to a maximum of 60 months.
  • ICICI Bank Personal Loan can be availed easily without the need of any collateral or security deposit against the loan amount.
  • ICICI Bank offers interest rates as low as 10.99% (depending upon the eligibility and several other factors), which make the EMIs affordable to an average borrower.
  • ICICI Bank's customers can make repayment of their Personal Loan through Electronic Clearing Service (ECS), PDC and Auto Debit Facility which allows the EMI amount to be debited directly from the applicant's bank account.
  • Prepayment charges will be waived off if the prepayment against the loan is made after paying off 12 EMIs (Equated Monthly Instalments).
  • Part-prepayment before the due date, is not allowed under the loan. The borrower would be required to prepay the entire outstanding balance of the loan completely and not partially.

ICICI Bank Personal Loan Interest Rates

 

For Salaried

For Self-Employed

Interest Rate

11.25% onwards

11.25% onwards

Loan Tenure

Up to 5 years

Up to 5 years

Loan Amount

Max. 40 Lakhs

Max. 40 Lakhs

Processing Fee

Upto 2.25% per annum of loan amount plus GST

Upto 2.25% per annum of loan amount plus GST

Pre-payment Charges

5% per annum of principal outstanding plus GST

5% per annum of principal outstanding plus GST

Foreclosure Charges

5% per annum of principal outstanding plus GST

5% per annum of principal outstanding plus GST

*The above information is indicative and liable to periodic change

  • Interest Rate 11.25% - 18%
  • Loan Amount 1L - 40L
  • Processing Fee 2999 - 2%
  • Tenure5 Years

  • Quick Apply

ICICI Bank Personal Loan Processing Fees and Other Charges

Description of Charges

Charges applicable

Loan Processing Charges / Origination Charges (Non-Refundable)

Upto 2.25% per annum of loan amount plus GST                                                                   

Prepayment Charges

5% per annum of principal outstanding plus GST                                                                   

Additional Interest on late payment

24% per annum

Repayment Mode Swap Charges

500 per transaction plus GST

Amortisation Schedule Charges

200 per transaction plus GST

Statement of Account Charges

200 per transaction plus GST

Prepayment/Foreclosure Statement Charges

100 per schedule plus GST

Duplicate No Objection Certificate/ No Due Certificate

500 per NOC plus GST/ 200 per NDC plus GST

Prepayment/Foreclosure Statement Charges

200 per schedule plus GST       

Duplicate No Objection Certificate/ No Due Certificate

3,000 plus GST

Duplicate Prepayment/Foreclosure Statement Charges

400 per bounce plus GST

Legal & Incidental Charges

At actual

Types of ICICI Personal Loans

ICICI Bank provides six different types of Personal Loans to cater to diverse requirements of customers and fulfil their needs. ICICI Bank provides a Personal Loan after taking into consideration the CIBIL score and several other factors. Listed below are the types of ICICI Bank Personal Loans:

1. Wedding / Marriage Loan

With ICICI Bank, an applicant can avail a Personal Loan to book a hotel months in advance, jewellery shopping for different occasions, wedding invitations, deciding on the caterers and much more.

Benefits of ICICI Bank Personal Loan (Wedding / Marriage Loan)

Interest rates starting from 11.25% p.a.*

Avail loan of an amount up to 20 Lakhs

Minimal documentation

No security/collateral required

*T&C apply.

2. Holiday Loan

With ICICI Bank Personal Loans, an applicant can plan their dream vacation with family or friends easily at attractive rates.

Benefits of ICICI Bank Holiday Loan

Interest rates starting from 11.25% p.a.*

Avail loan of an amount up to 20 Lakhs

Simplified documentation

No security/collateral required

Quick processing and disbursal

*T&C apply.

3. Home Renovation

ICICI Personal Loans help in making all dreams come true. With ICICI Bank Personal Loans, you can renovate your home, design interiors, and use funds for home improvement. With Personal Loans for Home Renovation, an applicant can use the loan amount for contractor deposit, cost of raw materials, hiring an interior designer and much more.

Benefits of ICICI Bank Home Renovation Loan

Interest rates starting from 11.25% p.a.*

Avail loan of an amount up to 20 Lakhs

Minimal documentation

security/collateral real required

Quick processing and disbursal - Money gets credited into applicant's account in 72 hours

*T&C apply.

4. Top Up Loan

Customers who have already availed a Personal Loan from ICICI Bank can opt for a top up loan from the bank to meet their incremental financial needs.

Benefits of ICICI Bank Top up Loan

Interest rates starting from 11.25% p.a.*

Simplified documentation

No security / collateral required

Quick processing and disbursal

*T&C apply.

 

5. Fresher Funding

With ICICI Bank Fresher Funding, any fresher can avail a Personal Loanup to 1.5 Lakhson the basis of the first salary without any hassles. This loan is best for catering to an urgent small financial need.

Benefits of ICICI Bank Fresher Funding

Interest rates starting from 11.25% p.a.*

Avail loan of an amount up to 1.5Lakhs

Simplified documentation

No security / collateral required

Quick processing and disbursal

Can be availed by anyone from the age of 21 years

*T&C apply.

6. NRI Personal Loan

ICICI Bank brings Personal Loanexclusively for Non-resident Indian (NRI). NRI Personal Loan from ICICI Bank enables to fulfil all the needs, be it a dream wedding or renovating home.

Benefits of ICICI Bank NRI Personal Loan

Interest rates starting from 15.49% p.a.*

Avail loan of an amount up to 10Lakhs

Simplified documentation

No security / collateral required

Quick processing and disbursal

Tenure up to 36 months

Applicant to be a resident Indian and the co-applicant NRI to be a close relative

*T&C apply.

ICICI Bank Personal Loan Eligibility Criteria

ICICI Bank offers Personal Loans to every applicant who fulfils the following basic eligibility criteria.

Eligibility Criteria for Salaried Individuals

  • The person applying for a Personal Loan from ICICI Bank must be 23 years old and a maximum age should be 58 years.
  • The applicant must be earning 17,500 or more in a month.
  • If the applicant resides in Delhi or Mumbai, they must have a minimum monthly salary of 25,000 per month.
  • If the applicant is a resident of Bangalore, Chennai, Hyderabad, Kolkata or Pune then they must have a minimum monthly income of 20,000 per month.
  • The applicant must have a total work experience of 2 or more years.
  • The applicant should be residing for at least 1 year at the current residence.

Eligibility Criteria

Salaried Individuals

Age

23 years - 58 years

Minimum Net Monthly Income*

For Applicants in Mumbai & Delhi - 25,000

For Applicants in Chennai, Hyderabad, Bangalore, Pune & Kolkata - 20,000

For Others- 17,500

Minimum total years in job/profession

2 Years

Minimum years in current residence

1 Year

 *The minimum salary requirement differs depending on the profile (Type of employer, having a relationship with ICICI Bank etc.) of the customer.

 

Eligibility Criteria for Self Employed Individuals:

  • The minimum age for self-employed individuals is 28 years old and the maximum age is 65 years.
  • If the applicant is a doctor then the minimum age is 25 years.
  • The minimum turnover of the applicant's business must be 40 Lakhs in case of non- professionals and 15 Lakhs in case of professionals as per audited financials.
  • The minimum profit after tax deduction should be 2 Lakhs for self-employed individuals and proprietors while 1 Lakh for non-professionals as per audited financials.
  • The applicant should be in the current business for a minimum of 5 years.
  • In the case of doctors, they should be in the business for at least 3 years.
  • The applicant should also have an existing relationship with the bank for at least 1 year (in form of Savings Account, Current Account, Loan).

Eligibility Criteria

Self Employed Individuals

Age

28 years - 65 years (Minimum Age for Doctors - 25 years)

Minimum Turnover

40 Lakhs for non-professionals

15 Lakhs for professionals

Minimum Profit After Tax

2 Lakhs (Proprietorship Firm/Self-employed Individuals)

1 Lakhs (Non-professionals)

Business Stability

5 Years (Current Business)

3 Years (For Doctors)

Existing Relationship with ICICI Bank

1 Year (Current Account/Savings Account)or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required

Documents Required for ICICI Bank Personal Loan

Type of Documents

Salaried Individuals

Identity Proof

Any one of:

  • Passport
  • Voter ID
  • PAN Card (Mandatory)
  • Aadhaar Card (Mandatory)
  • Driving License

Residence Proof

Any one of:

  • Leave and License Agreement
  • Utility Bill (not more than 3 months old)
  • Passport

 Income Proof

  • Latest 3 months Bank Statement (where salary/income is credited)
  • Salary Slips for last 3 months

Photographs

  • 2 Passport Size Photographs

 

Type of Documents

Self-Employed Individuals

KYC Documents

  • Proof of Identity
  • Address Proof
  • Date of Birth Proof

Residence Proof

Any one of:

  • Leave and License Agreement
  • Utility Bill (not more than 3 months old)
  • Passport

 Income Proof

  • Income proof (audited financials for the last two years)
  • Latest 6 months Bank statement

Other Documents

  • Office Address Proof
  • Proof of Continuity of Business

Other Products by ICICI Bank

Following are some of the other products offered by ICICI Bank:

Loans - ICICI Home Loan, Car Loan, Gold Loan

Accounts and Deposits - Savings Account, Current Account, Salary Account, and Demat Account, Fixed Deposit, Recurring Deposit

Investments - Mutual Funds, PPF

Insurance - Life Insurance, General Insurance, Car Insurance, Travel Insurance, Two Wheeler Insurance

Cards - Credit Cards, Debit Cards, Travel Cards

How to Calculate ICICI Bank Personal Loan EMI?

MyMoneyMantra offers a unique and easy to use EMI Calculation Tool, which helps to calculate and analyse the Equated Monthly Instalments (EMIs) for all loans. It helps all the applicants to understand and compare the cost of loans offered by different banks and how ICICI Bank surpasses them all. EMI Calculator also helps to estimate the cost of ICICI Personal Loan and plan the budget accordingly.

With this EMI Calculator available at MyMoneyMantra, an applicant is required to enter the amount and tenure they wish to apply for. The Calculator then calculates the EMI based on the applicable rate of interest and displays the EMI liability for the loan.

Why Apply for ICICI Bank Personal Loan on MyMoneyMantra?

Users can now apply online for ICICI Personal Loan through MyMoneyMantra. All you need to do is visit the Personal Loan section on the website, enter and submit a few required details, and choose ICICI Bank as your lending partner. Applying for a Personal Loan through us has following features and benefits for the customers:

Instant Eligibility Check Facility: The Loan EMI Calculator tool helps you check your Personal Loan eligibility within a few seconds. The tool gives you an accurate idea about what would be your estimated EMI.

Customized Quotes: The eligible loan applicants are offered instant quotes customized as per their CIBIL Score and with a discounted interest rate.

E-Approval Facility:The applicant gets an instant e-approval after successfully submitting their loan application and passing the eligibility criteria.

Hassle-free Documentation: MyMoneyMantra provides easy and hassle-free doorstep documentation pickup process which reduces the total turnaround time and helps customers to avail loan instantly.

Assured Privacy: We assure complete privacy for all ICICI Personal Loan applications made through us. We receive and send applications electronically to the concerned loan provider. Your information is always secure with us.

How to Apply for ICICI Bank Personal Loan on MyMoneyMantra?

Applying for a Personal Loan through MyMoneyMantra is very easy. Below is all the information required that an applicant should know before making an application:

  • Visit MyMoneyMantra
  • Select the required loan amount.
  • Enter personal information, for instance, First Name and Last Name.
  • Enter Personal Loan amount that applicant want to avail from ICICI Bank.
  • Select the loan tenure between 12 months and 60 months.
  • Choose the employment type - salaried or self-employed businessperson or self-employed professional.
  • Enter the details of your current employer (in case of salaried), nature of business (if you are a business owner), or profession (if you are professional).
  • Provide your net monthly income/turnover, select the bank where the salary/income is credited and provide total work/business experience.
  • Choose your residential city from the drop down options given.
  • Provide details like date of birth and purpose of the loan.
  • Enter email address and mobile number whereby you allow MyMoneyMantra to contact you and advise you about its products and services.

After completion of this process, you will soon receive a call from our loan experts.

ICICI Bank Personal Loan Customer Care

ICICI Bank houses a reliable customer care facility for their customers. The customer care comes with high efficiency to answer Personal Loan related queries 24x7. Applicants can even get in touch with the zonal heads of different zonal offices and express the concern regarding ICICI Personal Loan. Alternatively, visitthe ICICI Bank branch and sent an email to the bank with your query or complaint details.

For any unresolved query, you may dial 1800 200 3344 between 9 a.m. to 6 p.m. from Monday to Friday.

ICICI Bank Latest News

ICICI Bank Waives Off Penalty Charges on Late Payment of Loan EMI in Kerala

August 17, 2018: ICICI Bank on Friday announced its decision to waive off penalties on late payment of loan EMIs by its customers in Kerala this month. The initiative was aimed at providing support to its customers in flood-hit Kerala. That means borrowers of Home Loans, car loans or Personal Loans from ICICI Bank in Kerala will not be charged any penalty for delayed payment of EMIs in the month of August. Mumbai based Private sector lender ICICI Bank also waived off penalty charges for late payment of credit card dues as well as cheque bounce by its customers in Kerala, according to a statement released on August 17.

ICICI Bank to Disburse 10,000 CroreRetail Loan in Punjab, Haryana

9th August, 2018: ICICI Bank releases information aiming to disburse retail loan to total 10,000Crores in Punjab and Haryana by the end of the current financial year. In FY'18, retail consumer loans grew faster in the states in comparison to the bank's overall retail loan growth in the country of over 20 percent.

ICICI Bank and Ola Join Hands to Serve Their Customers Better

January 17, 2018: For the increased convenience of customers on both Ola and ICICI Bank platforms, the companies have collaborated to offer integrated services and products to their customers. The ICICI Bank mobile app will not only offer services like digital loans, credit cards, and accelerated small ticket digital credit, but will also help customers book and make a digital payment for an Ola ride. This service can be availed by Ola driver-partners who have a 'Pay Direct' card account.

ICICI Bank Gives its Salaried Customers the Option of Availing Loans via its ATMs

July 24, 2017: ICICI Bank provides its salaried customers the option of availing pre-qualified loans up to 15 Lakhs from their ATMs. Provided that the customer is a salaried customer and has pre-checked CIBIL scores, he/she can receive the money immediately in their account.

Frequently Asked Questions

How much time does ICICI Bank usually take to approve a Personal Loan?

ICICI Bank provides approval within 72 hours which begins from the submission of complete documentation.

Can I foreclose my ICICI Personal Loan?

Yes, you can foreclose your ICICI Personal Loan by making a full prepayment of your Personal Loan after your 1st instalment. But, you will be required to pay standard pre-closure charges of 5% + GST.

Part prepayment in case of ICICI Bank is not allowed. You can also visit ICICI Bank branch for prepayment of your Personal Loan.

What are the prepayment charges for ICICI Personal Loan?

The prepayment charges for ICICI Personal Loan is 5 % annual of the amount of principal outstanding loan + GST.

What are the Personal Loanprocessing fees charged by ICICI Bank?

ICICI Bank charges up to 2.25 % annually of the amount of the loan + GST as processing fee for its Personal Loan.

What are the interest rates levied by ICICI bank onPersonal Loans?

ICICI Bank Personal Loan interest rates vary from 10.99% to 22% per annum. Interest rates tend to vary depending upon several factors like CIBIL Score, monthly income, age, and so on.

What is the minimum and maximum Personal Loan amount limit defined by ICICI Bank?

You can avail ICICI Personal Loan ranging from 50,000 to 40Lakhs. ICICI Bank Personal Loanapproval is subject to various parameters like your income, credit history, repayment history and capacityamong various other factors.

What is the minimum and maximum tenure available to repay ICICI Bank Personal Loan?

You can choose your ICICI Personal Loan tenures ranging from 12 months to 60 months

Is any collateral or security required to avail ICICI Personal Loan?

No collateral or security is essential for availing ICICI Bank Personal Loan

How can I apply for ICICI Bank Personal Loan online?

You can simply apply for ICICI Bank Personal Loan online on MyMoneyMantra. You are only required to provide your necessary details and mention your desired loan amount, tenure and your contact information. MyMoneyMantra's executive will contact you as early as possible and advise you about its products and services.

Is there a top-up loan option available under the ICICI Bank Personal Loan?

Yes, you can avail a top up Personal Loan with minimal formalities post-availing a Personal Loan from ICICI Bank. The top up Personal Loan can be easily availed any time after the repayments of the first 12 EMIs.

EMI CALCULATOR

EMI Calculator

EMI Calculator

Loan EMI

Total Interest Payable

Total of Payments
(Principal + Interest)