ICICI Bank offers competitive personal loan options with flexible terms to meet various financial needs. The starting interest rate is 10.80% per annum, and borrowers can access loans up to ₹50 lakh.
The repayment period ranges from 1 to 6 years, allowing for manageable monthly instalments. Applicants should be earning a minimum monthly salary of ₹30,000. The processing fee is capped at 2% of the loan amount, and prepayment charges vary based on the borrower’s classification.
For salaried customers, a fee of 3% plus applicable taxes applies on the principal outstanding if repaid before completing 12 EMIs, while no fee is charged after 12 EMIs. For Micro and Small Enterprises (MSE) customers, prepayment charges are waived after the first EMI for loans up to ₹50 lakh.
Required documentation includes proof of identity, proof of address, the last 6 months' bank statements, and the latest salary slips. Please note that these rates and terms are effective as of August 1, 2024.
ICICI Bank’s interest rates for personal loans vary depending on the specific type of loan. Unlike some lenders, ICICI Bank does not publish a detailed interest rate matrix based on factors such as credit score, income level, occupation, or employer profile. This means the rates offered are generally personalised and may differ from one applicant to another based on individual financial profiles and loan details.
Loan Product | Interest Rate (p.a.) |
---|---|
Personal Loan | 10.80%-16.15% p.a. |
Personal Loan for NRIs | 15.49% onwards |
Flexicash (Overdraft facility to salary account holders) | 12%-14% |
When considering a personal loan with ICICI Bank, it's crucial to understand the associated fees and charges that may apply. Here’s a breakdown of the key costs involved:
Processing Fee | Up to 2% of loan amount + GST |
Pre-payment Charges | For salaried customers- 3% plus applicable taxes on principal outstanding after payment of 1st EMI, Nil if 12 or more EMIs are paid. |
For MSE classified customers, charges are Nil after payment of the 1st EMI for loan amount of up to ₹50 lakh | |
Loan Cancellation Charges | ₹3,000 + GST |
EMI Bounce Charges | ₹400 per bounce + GST |
Repayment mode swap charge | ₹500 per transaction + GST |
Penal Interest | 24% p.a. |
(Source: Bank website)
₹
%
Months
Bank Name | Interest Rate | Processing fee | Foreclosure charges | Late payment fee |
---|---|---|---|---|
ICICI bank Personal Loan | 0.80% p.a. to 16.15% p.a. | 2.00% + GST | 3% of the outstanding loan amount | 2% of the overdue amount per month |
HDFC Bank Personal Loan | 10.75% to 24% | Up to Rs.4,999 | 2% to 4% of the outstanding loan amount | 2% of the overdue amount per month |
Bank of Baroda Personal Loan | 11.40% p.a. onwards | Up to 2% + GST | N/A | 2% of the overdue amount per month |
Citibank Personal Loan | 11.25% p.a. onwards | 3.00% + GST | 4% of the principal outstanding | N/A |
ICICI Bank offers instant personal loans to select existing customers. To apply online, visit ICICI Bank’s official website or use the iMobile Pay app. If you’re eligible, you can complete your application and get approved quickly through these digital platforms.
ICICI Bank does not specify a minimum credit score for personal loan applications. Generally, a credit score of 750 or higher enhances your chances of securing a personal loan with favourable terms and lower interest rates.
ICICI Bank typically approves personal loans within 72 hours after all documents are submitted. Once approved, the loan amount can be disbursed to your account in just 3 seconds. For select customers with pre-approved loans, disbursal is also completed in 3 seconds.
Yes, ICICI Bank provides a Personal Loan Balance Transfer facility, allowing you to move your existing personal loan from other banks or NBFCs to ICICI Bank for potentially lower interest rates.
To be eligible for an ICICI Bank personal loan, you need to have a minimum monthly salary of ₹30,000.