ICICI Personal Loan

Below are the key details of the ICICI Bank Personal Loan:

Here is the list of ICICI Bank personal loan interest rate, processing fee and other associated charges:

• Interest rate: 9.99% to 16.50% p.a.
• Processing fee: Up to 2% of the loan amount + taxes.
• Foreclosure charges: 3% of the outstanding principal amount; Nil after 12 EMIs paid.
• Part prepayment charges: 3% for loans seasoning up to 24 months; Nil for loan seasoning above 24 months.
• Charges for loan cancellation: Up to ₹2,500. 
• Charges for swapping repayment mode: ₹500.
• Salary Overdraft processing fee: 0.99% of the limit amount (minimum ₹1,999 & maximum ₹2,999).
• Salary Overdraft annual renewal fee: ₹1,999.
• Cash transaction charges: ₹100 at the branch.
• Duplicate NOC/ NDC charges: ₹250 for a physical printout at the branch.
• Information utility charges for corporate cases: ₹300.
• Prepayment statement charges: ₹200 for a physical printout at the Branch. 
• Amortisation schedule charges: ₹200 for a physical printout at the Branch. 
• Loan recovery charges (if applicable): At actuals.
• Cheque/ Auto Debit/ ECS bounce charges: ₹500.
• Charges for late payment: 5% p.a. on the overdue EMI until repayment.
• Non-maintenance of payment mode charges: ₹800.
• Charge for unpaid interest/ overdrawn amount: 5% p.a. on the unpaid interest/ overdrawn amount.
• GST: Applicable GST, other taxes, and/or other statutory levies/charges will be levied over & above the charges mentioned above.

• Nil foreclosure charges after 12 EMI payments.
• Minimum documentation required.
• There are no hidden charges, and all fees are disclosed upfront for transparency.
• No collateral required.
• You can apply for a personal loan of up to ₹50 Lakhs digitally.
• Flexible repayment tenure of up to 72 months.
• Attractive interest rates, starting from just 9.99% p.a.
• Multipurpose loans can be used for medical emergencies, wedding expenses, home renovations, appliance and gadget purchases, travel, online courses, etc.

Here is the comparison of ICICI personal loan with other bank personal loans: 

Below are the ICICI Personal Loan Eligibility criteria for salaried and self-employed applicants:

Eligibility criteria for salaried individuals

• Nationality: Indian citizen. 
• Age: Minimum 20 years when applying for the loan and maximum 58 years at the end of the tenure.
• Net salary: Minimum monthly income of ₹30,000 (varies depending on the profile of the applicant, type of employer, relationship with ICICI Bank, etc.).
• Work experience: Total 2 years.
• Income source: Applicant must have a stable income source and a satisfactory credit profile. 
• Other: Applicant must meet the documentation and verification requirements of ICICI Bank’s internal assessment process.

Eligibility criteria for self-employed individuals

• Nationality: Indian citizen. 
• Age: Minimum 23 years when applying for the loan and maximum 65 years at the end of the tenure.
• Business vintage: Minimum 2 years in the current business and total >= 3 years experience.
• Condition: ICICI Bank offers loans to self-employed individuals under business instalment loans.
• Income source: Applicant must have a stable income source and a satisfactory credit profile. 
• Other: Applicant must meet the documentation and verification requirements of ICICI Bank’s internal assessment process.

Here is the list of documents required to apply for an ICICI Bank personal loan:

Documents required for salaried individuals

• Identity & residence proof
• The latest 3 months' Bank Statement of the account where the salary/ income is credited
• Last 3 months’ Salary Slips 
• PAN Card 
• Aadhaar Card

Documents required for self-employed individuals

• Identity & residence proof
• Last 2 years’ Audited Financials
• Last 6 months’ Bank Statement
• Office address proof
• Residence or office ownership proof
• Proof of business continuity

• On our portal’s Personal Loan page, choose your preferred personal loan provider.
• Click on the ‘Apply Now’ button.
• Register using some of your basic details.
• Select your loan preferences.
• Complete the documentation process.
• You will receive a call from our personal loan representative.

You can reach the ICICI Bank personal loan support team via the following channels: