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.
Below-mentioned are the reasons as to why choose a personal loan ICICI bank.
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
23 to 58 years
28 years minimum (For doctors : 25 years)
65 years maximum
Fee for Foreclosure
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.
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.
Keep a check on this page to note the updated interest rate for ICICI bank personal loan.
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:
Along with interest rate ICICI personal loan, you should also compare other applicable charges before taking the decision to borrow from the bank.
Below-mentioned are the eligibility criteria for ICICI 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.
Below provided are important questions about personal loan ICICI Bank.
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]
The prepayment charges for ICICI Personal Loan is 5 % annual of the amount of principal outstanding loan + GST.
Up to 2.25 % annually of the amount of the loan + GST is charged as processing fee for ICICI personal loan.
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%.
The loan cancellation charge is Rs. 3,000 + GST.
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.
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.
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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