ICICI Bank Personal Loan Interest Rate

Preliminary Information

Loan Details

Personal Details

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ICICI Bank Personal Loan Interest Rates (May 2020)

Particulars Salaried Self-employed
Interest rate 11.59%-22.00% yearly 11.59%-22.00% yearly
Loan Amount Min: Rs.50000/- Max: Rs.20 lakhs Min: Rs.50000/- Max: Rs.20 lakhs
Loan Tenure Min: 1 Year

Max: 5 Years

Min: 1 Year

Max: 5 Years
Lowest EMI Rs.1102/- (for lowest loan amount taken)

Rs.1102/- (for lowest loan amount taken)

Processing Fee Applicable GST + 2.25% per annum of loan amount Applicable GST + 2.25% per annum of loan amount
Age
  • Min: 23 years
  • Max: 58 years
  • Minimum (self-employed individuals): 28 years and 25 years is the minimum age set for the doctors
  • Maximum: 65 years
Prepayment Charges Applicable GST + 5% per annum of principal outstanding loan amount Applicable GST + 5% per annum of principal outstanding loan amount
Foreclosure Charges None None

The customers by availing ICICI Personal Loans can fulfill their basic requirements like paying the college education fee, buying new appliances for the home, funding for weddings or remodeling their home. The interest rate applied with the ICICI Personal Loan is fixed, and on a monthly reducing basis, it is charged. On the other hand, five years is the maximum tenure provided with the loan, and the applicant is not required to provide any collateral or guarantor for the loan.

The bank provides with multiple options for repaying the loan amount such as PDC, auto-debit or ECS. The reason why availing personal loan from ICICI Bank is beneficial for the customers is that throughout the tenure, the interest remains the same. Applying for the loan is a hassle-free process with only simple documentation required.

However, the bank will review the credit history and monthly income of the applicant along with inflation and RBI rates to define the interest rate attached to the personal loan. The interest rates for ICICI Bank Personal Loan range from 11.99%-20%. 

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