ICICI Bank Personal Loan Details
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ICICI Bank personal loan starts at 11.25% with lowest borrowing amount from Rs. 50,000. A personal loan is an unsecured loan, where you do not have to submit security to the bank. Your loan eligibility is judged on several factors such as repayment capacity, credit score, net monthly income, age, and other factors. This loan is offered to salaried as well as self-employed individuals and professionals. The bank offers a variety of personal loan schemes. It has a minimum age requirement of 23 years for salaried persons, and 25 years for doctors, and 28 years for other professionals.
ICICI Bank is a well known private sector bank in India. The bank provides its customers with personal loans to make their dreams come true like renovation of the house, dream wedding, dream vacation or purchasing any gadget from the wish list, and a lot more. The bank offers a fixed interest rate which is charged on the basis of monthly reduction. The ICICI Bank Personal Loan has flexible tenure which is up to 5 years.
|ICICI Bank Personal Loan Details Updated on 8th April 2020
||Rs. 50,000 to Rs. 40 lakhs
||12 months to 60 months
||11.25% - 13.50% onward
Why Choose ICICI Bank Personal Loan?
Below-mentioned are the reasons as to why choose a personal loan ICICI bank.
The advantage of this loan is that it applies a fixed rate of interest. Thus, your monthly instalments remain the same throughout the tenure.
There are special offers for salaried individuals from top corporate firms and large companies.
Facility of top-up personal loan offered after the first 6 EMIs.
Waiver of prepayment charges is available after the initial 12 EMIs.
Facility of balance transfer is available
Simple documentation is needed and the personal loan in ICICI bank then gets processed faster.
The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
- ICICI bank personal loan eligibility and ICICI bank personal loan EMI calculator at loanbaba.com.
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Features and Benefits of ICICI Bank Personal Loan
Loanbaba.com provides all the information about ICICI Bank Personal Loan.
Individuals Working on Salary Basis
Individuals Who are Self Employed
Personal loans interest rates in ICICI bank
Amount of the Loan
Rs. 50,000 to Rs. 30 lakh
Rs. 1 lakhs to Rs. 40 lakhs
Duration of the Loan
12 months to 60 months
12 months to 60 months
23 to 58 years
28 years minimum (For doctors : 25 years)
65 years maximum
Fee for Foreclosure
Why Apply for ICICI Bank Personal Loan?
Loanbaba provides comprehensive information about personal loan schemes by ICICI. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for this loan online on the bank's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
ICICI Bank Personal Loan Interest Rates
Personal Loan ICICI Bank interest rate ranges between 11.25% - 13.50% onward annually. The bank may offer discounted rates for loans meted to women and farmers. For instance, you take Rs. 1 lakh loan on the longest period and lowest rate, i.e. 60 months at rate of 11.25%, then the EMI amount will be Rs. 2,187. Similarly, if you take Rs. 1 lakh on 12 months tenure at 22%, the shortest tenure and highest rate, the EMI will come to Rs. 9,359. This is inclusive of the borrowed principal.
The interest rate applicable is decided based on several factors, such as your net monthly income, financial liabilities, repayment capacity, your credit score, relationship with the bank, and other factors.
ICICI Bank also offers personal loans to armed and defence force personnel, and government employees.
The rate of interest for government employee and defence personnel varies from that applicable for private salaried employees.
Keep a check on this page to note the updated interest rate for ICICI bank personal loan.
ICICI Personal Loan Interest Rate Calculator
Like discussed above, subject to assessment of your monthly disposable income, loan amount, other financial liabilities, and other considerations, your best personal loan interest rate will be determined by the bank. Below-mentioned are factors to determine these rates:
- Quantum of Finance: The loan amount borrowed influences the rate of interest. Usually, a lower rate is applicable on a higher amount, and vice-versa. The bank offers anywhere between Rs. 50,000 and Rs. 40 lakhs.
- Your Disposable Income: Your disposable income defines your capacity to repay the loan. If you are in a higher salary bracket, it will be easier for you to afford a loan. But that’s not it. You must also have enough from the monthly income to repay the loan. The lower your financial liabilities carving a chunk out of net monthly income, greater chances of getting lower rates, and vice-versa.
- Relationship with the Bank: ICICI Bank may offer special rates and discounted charges to its existing account holders. So, if you have an account with this bank and known for making regular payments in the past, then you can expect some relief on personal loan interest rate.
- Category for the Employer: ICICI Bank has a list of companies that are categorized as per ranking from higher to lower company. This ranking is done on the basis of the firm’s reputation, size, existing relation with ICICI bank, etc. If you belong to firms ranked higher in the list, you may receive attractive discounts on rates of interest.
- Loan Tenure: The bank has tenure between 1 year and 5 years. This is because a personal loan is meant to meet urgent financial requirements. Loans on a shorter tenure, will incur a greater EMI but a lower interest payout. But, if you take a loan on a longer tenure, the EMI burden will reduce. However, the interest payout will be higher. So, depending on your repayment capacity, you need to opt for an ideal tenure.
- Credit Score: A CIBIL score of 750+ is desirable to provide a personal loan. The bank has strict norms for credit score requirement. Since a personal loan is an unsecured borrowing, your repayment and credit history is taken into account for analyzing your eligibility for the loan. A personal loan on poor credit score is seldom offered to customers. A good credit score prompts the bank to offer a lower rate of interest, and vice-versa. Thus, make sure you have a good credit score to apply for the loan.
ICICI Personal Loan Other Charges
Along with interest rate ICICI personal loan, you should also compare other applicable charges before taking the decision to borrow from the bank.
- Processing Fee: The processing fee on the loan starts from 0.99% and goes up to 2.25% of the loan amount. Additional taxes, if any, are excluded from the mentioned amount, and applicable over and above the processing fee. This fee is not refundable.
- Charges for Pre-closure: These charges are to be paid if you want to repay the complete outstanding loan amount before the tenure’s end. You can pre-close the loan after 6 EMIs at a charge of 5%.
- Charges for Part-payment: No part-payment is allowed on personal loans ICICI Bank.
- Other Charges: After your personal loan application with ICICI Bank is approved, the bank provides a statement of other charges applicable on the loan account. These charges could be related to EMI cheque bounce, late payment, loan cancellation, delay in EMI payment, etc.
ICICI Bank Personal Loan Eligibility
Below-mentioned are the eligibility criteria for ICICI personal loan.
The salaried applicant for personal loan ICICI needs to be at least 23 years old and possess all necessary identity and income proof required to apply for the loan. Maximum eligible age till loan maturity is 58 years.
Number of minimum years in current residence must be 1 year. Number of minimum years in job or profession must be 2 years.
Net monthly salary for borrowers residing in Mumbai and New Delhi must be at least Rs. 25,000. Net monthly salary for borrowers residing in Chennai, Bangalore, Kolkata, Pune, or Hyderabad must be at least Rs. 20,000. New monthly salary for borrowers living in other cities must be at least Rs. 17,500.
You must meet the requirement for credit score and should not be under too many debts.
The self-employed applicant must be at least 25 years of age, if doctor. The minimum age requirement for other self-employed individuals must be at 28 years and up to 65 years till loan maturity.
Minimum turnover must be Rs. 40 lakhs for non-professionals and Rs. 15 lakhs for professionals, as per financial audits.
For doctors, 3 years of business stability is must, and as for professionals, 5 years is a must in their current profession.
The applicant must have at least a year’s liability relationship with the bank either in form of a savings account or a current account. Or, he/she should have a closed or live loan in the last 36 months.
The applicant’s minimum profit after deduction of taxes must be at least Rs. 2 lakhs, if the person is self-employed or has a proprietorship firm. Or, the same must be at least Rs. 1 lakhs in case of a non-professional.
- personal loan eligibility calculator at Loanbaba.com.
Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost ICICI Bank
Types of ICICI Bank Personal Loan
ICICI bank has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
ICICI Bank Personal Loan FAQs
Below provided are important questions about personal loan ICICI Bank.
- How is the ICICI Personal Loan EMI calculated?
The interest and the principal amount for personal loan ICICI bank are divided by the duration in which the customer needs to repay the loan. He/she needs to pay the amount on monthly basis.
Below is given the formula for calculating the EMI –
Principal amount × monthly interest rate × (1+ monthly interest rate) to the power of duration of loan divided by [(1+ monthly interest rate) to the power of duration of loan - 1]
- What are the prepayment charges for personal loan at ICICI Bank?
The prepayment charges for ICICI Personal Loan is 5 % annual of the amount of principal outstanding loan + GST.
- What are the processing fees charged for ICICI personal loan?
Up to 2.25 % annually of the amount of the loan + GST is charged as processing fee for ICICI personal loan.
- Is there a top-up home loan available?
ICICI top up personal loan is an additional facility provided by the bank. Here, you can transfer your existing loan from another bank to ICICI, without hassles. If you have a regular repayment track record on this loan, the bank will offer you the top-up facility. The top-up will be available at similar rate of interest, starting at 11.25%.
- How much is the loan cancellation charge?
The loan cancellation charge is Rs. 3,000 + GST.
- What are other penalty charges?
Additional interest on late payment per annum is 24%. Rs. 500 per transaction + GST are applicable on repayment mode swap charges. Rs. 400 per bounce + GST are applicable on EMI bounce charges.
- How to repay your personal loan with ICICI Bank?
You can do repayment of personal loan ICICI Bank through EMIs (Equated Monthly Instalments). If you have an account with this bank, you can repay the amount through a direct debit facility. Or, you can even repay the loan via NACH mandate.
- Which are the special personal loans offered by the ICICI Bank?
The bank offers special personal loans for home renovations, holidays, and weddings. It’s ‘Fresher Funding’ loan scheme is up to Rs. 1, 50, 000 and granted to fresher searching for his/her first job.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of ICICI Bank.
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