ICICI Bank Personal Loan
ICICI Bank offers a huge range of loans especially designed for their customers. A personal loan from ICICI Bank can be used for multiple purposes. Being one of the largest financial institutions in India, it aims to provide financial solutions to loan-seekers instantly. The loans can also be availed without pledging any security against to the bank hence, are also known as unsecured personal loans.
ICICI Personal Loan Details
Following are some important ICICI Personal Loan details:
|Loan amount||Up to Rs. 20 Lakhs|
|Rate of interest||10.5% – 19%|
|Tenure||Up to 60 months|
|Lowest EMI possible||Rs. 2,187 Per Lakh|
|Processing fee||Up to 2.25% + GST|
ICICI Bank offers personal loans @ 10.5% p.a. onwards for loan amounts of up to Rs 25 lakh and for tenures of up to 6 years. ICICI also offers pre-approved instant personal loan to select ICICI Bank customers with loan disbursal within just 3 seconds.
ICICI Bank provides balance transfer facility of existing personal loan from other banks/NBFCS to ICICI bank at lower interest rates. The bank also offers overdraft facility to consumers maintaining their salary accounts with ICICI Bank.
|ICICI Bank Personal Loan Highlights – April 2022|
|Interest rate||10.5% p.a. onwards|
|Loan Amount||Rs 50,000-Rs 25 lakh|
|Processing Fee||Up to 2.50% of loan amount|
|Minimum Monthly Salary:||Rs 30,000|
ICICI Personal Loan Features:
The features of ICICI Bank Personal Loan are mentioned below:
- Loan amount: Maximum Rs. 25 Lakhs.
- ICICI Bank Personal Loan Interest Rates vary between 10.5% and 19% per annum.
- Repayment tenure: Up to 72 months.
- Lowest EMI possible: Rs. 1,878 Per Lakh.
- Personal Loan Balance transfer facility available.
ICICI Bank Personal Loan Interest Rates:
|Interest Rate||10.25% p.a. onwards|
|Flexicash (Overdraft facility to salary account holders)||12%-14% p.a.|
|For NRIs||15.49% p.a. onwards|
ICICI Personal Loan Charges:
Apart from ICICI Personal Loan Interest Rate, you will also have to pay the following fees and charges for the loan:
- Processing fee: Up to 2.25% of the sanctioned loan amount + GST
- Prepayment charges: 5% on principal outstanding + GST
- Additional interest levied on late payment: 24% per annum
- Charges for swapping repayment mode: Rs. 500 per transaction + GST
- Charges for loan cancellation: Rs. 3,000 + GST
- EMI bounce charges: Rs. 400 per bounce + GST
- Auto-debit bounce charges: Rs. 50 + GST
Compare ICICI Bank vs other Banks interest rates
|Banks/NBFCs||Interest Rates (per annum)|
|ICICI Bank||10.25% onwards|
|HDFC Bank||10.25% – 21%|
|SBI||9.60% – 13.85%|
|PNB||7.90% – 14.50%|
|Axis Bank||10.25% onwards|
|Kotak Mahindra Bank||10.25% onwards|
|IndusInd Bank||10.49% onwards|
|IDFC First Bank||10.49% – 23%|
|Bajaj Finserv||13.00% onwards|
|Tata Capital||10.99% onwards|
Apply for a Personal Loan online with minimal documentation
ICICI Bank Personal Loan Processing Fees and Charges
|Processing Fee||Up to 2.50% of loan amount + GST|
|Pre-payment Charges||5% on outstanding principal + GST|
|NIL, if the loan is closed using own funds|
|Loan Cancellation Charges||Rs 3,000 + GST|
|Penal Interest||24% p.a.|
|EMI Bounce Charges||Rs 400 per bounce + GST|
|Repayment mode swap charges||Rs 500 per transaction + GST|
Types of ICICI Bank Personal Loans
Top-up Personal Loan
- Purpose: A top-up on the existing loan with quick processing and disbursal facilities, to fulfill the personal requirements of the applicants
- Loan Amount: Rs 50,000-Rs 25 lakh
Personal Loan Balance Transfer
- Purpose: Transfer of existing personal loan from other banks/NBFCs to ICICI Bank at lower interest rates
- Purpose: To finance the personal expenses of freshers and new employees
- Loan Amount: Up to Rs 1,50.000
- Purpose: To offer short-term instant credit or overdraft facility to the ICICI Bank salary account holders to meet any sudden expenses.
- Processing Fee: From Rs 1,999 + taxes
NRI Personal Loan
- Purpose: To meet the personal requirements of Non-Resident Indians
- Loan Amount: Up to Rs 10 lakh
Pre-Approved Personal Loan
- Purpose: Instant personal loan facility to select ICICI customers with loan disbursal within 3 seconds
- Loan Amount: Up to Rs 50 lakh
- Tenure: 1-5 years
- Purpose: Online personal loan with simple application process and quick processing
ICICI Bank Personal Loan Eligibility Criteria :
For Salaried Individuals:
- Age: 23-58
- Minimum Monthly Income: Rs 30,000
- Total Work Experience: At least 2 years
- Total Years in Current Residence: At least 1 year
- For Self-Employed Individuals- 23-65years
- For Doctors- 25-65 years
- For Professionals: Rs 15 lakh
- For Non-Professionals: Rs 40 lakh
- (as per audited financials)
Minimum Profit after Tax:
- For Self-Employed Individuals/Proprietorship Firm: Rs 2 lakh
- For Non-Professionals: Rs 1 lakh
- (as per audited financials)
- For Doctors: At least 3 years
- For Current Business: At least 5 years
Existing Relationship with ICICI Bank: At least 1 year liability relationship/asset relationship either running or closed in the last 3 years
ICICI Bank Personal Loan Documents Required:
- ID Proof (any 1): Driving License, Passport, PAN Card, Voter ID
- Address Proof (any 1): Passport, Utility Bill less than 3 months old, Leave and License Agreement
- 2 passport size photographs
- Bank Statement for last 3 months with salary and income credits
- Salary slips for last 3 months
- KYC Documents: ID Proof, Address Proof, Date of birth proof
- Residence Proof: Passport, Leave and License Agreement, Utility Bill not more than 3 months old
- Income Proof
- Proof of office address
- Bank Statement for last 6 months
- Residence Proof or Office ownership proof
- Proof of continuity of business
ICICI Bank Personal Loan EMI Calculator:
EMI Calculation for Rs 5 Lakh personal loan
- Monthly EMI₹ 15,622
- Total Amount Payble₹ 5,62,395(Principal + interest)
- Principal Amount₹ 5,00,000
- Total Interest Payble₹ 62,395
ICICI Bank Customer Care
- Toll-Free Number: 1860-120-7777
- Alternate Numbers:
- For unresolved queries you can register your grievance by dialling to ICICI Bank customer care at 1800 200 3344
How to Apply for ICICI Personal Loan?
You can Apply for ICICI Bank Personal Loan Online throughICICI Bank by following the steps mentioned below:
- Click on the Personal Loan link under the Loans section on bank’s official website.
- Enter your personal details and information regarding the loan required.
- Accept the terms & conditions.
- Select ICICI Bank as your loan partner.
- Soon you will get a call from our personal loan specialists.
- Keep your documents ready for pickup.
Apply ICICI Personal Loan Offline
You can also apply for ICICI Personal Loan offline by visiting the nearest ICICI Bank branch and filling and submitting the personal loan application form.
How to Calculate ICICI Personal Loan EMI?
You can calculate the EMI for ICICI Bank instant personal loan using the EMI Calculator available online on ICICI Bank’s website or through our online personal loan EMI Calculator. This free-to-use tool gives out instant EMI calculations results using a combination of three parameters, i.e. the loan amount, interest rate and repayment tenure.
Below is an example of ICICI Personal Loan EMI Calculation using Personal Loan EMI Calculator.
Loan amount required: Rs. 25 Lakhs
Tenure of repayment: 6 years
Rate of interest applicable: 10.50% p.a.
EMI to be paid each month: Rs. 46,947
Total interest outgo: Rs. 8,80,215
Total amount to be paid to the bank: Rs. 33,80,215
Amortization schedule for the above example
|Year||Opening balance||Total amount to be pPaid during the year (EMI*12)||Total interest paid during the year||Principal paid during the year||Closing balance|
|1||Rs. 25,00,000||Rs. 2,81,685||Rs. 1,27,921||Rs. 1,53,764||Rs. 23,46,236|
|2||Rs. 23,46,236||Rs. 5,63,369||Rs. 2,30,645||Rs. 3,32,724||Rs. 20,13,512|
|3||Rs. 20,13,512||Rs. 5,63,369||Rs. 1,93,977||Rs. 3,69,392||Rs. 16,44,120|
|4||Rs. 16,44,120||Rs. 5,63,369||Rs. 1,53,269||Rs. 4,10,100||Rs. 12,34,020|
|5||Rs. 12,34,020||Rs. 5,63,369||Rs. 1,08,075||Rs. 4,55,295||Rs. 7,78,725|
|6||Rs. 7,78,725||Rs. 5,63,369||Rs. 57,899||Rs. 5,05,470||Rs. 2,73,255|
|7||Rs. 2,73,255||Rs. 2,81,685||Rs. 8,429||Rs. 2,73,255||Rs. 0|
How to Check Your ICICI Personal Loan Statement?
You can download your personal loan statement through the following steps:
- Visit the ICICI Bank’s official website
- Click on ‘Get in Touch’
- Select ‘Service Requests’
- On the page that opens, select ‘Personal Loan Related’ under the ‘Loans’ menu
- Click on ‘Request for Statement of Loan Account’
- Now, login with your User ID and password or your registered mobile number and OTP
- The bank’s personal loan statement will be displayed
ICICI Bank Personal Loan Application Status
You can easily track ICICI Personal Loan application status online through the bank’s online tracker by clicking here: https://loan.icicibank.com/asset-portal/my-applications-login.
Enter the following details to track your status:
Mobile Number, Date of Birth, and OTP OR Mobile Number, Application Number, and Date of Birth.
If you are looking for the ICICI bank personal loan apply online through us.
How to Manage Personal Loan?
Here are the 4 tips that will help you manage your loans:
1. Pay On Time
The first basic step is to avoid late fees and penalties. The best way to do that is by paying your monthly payments on time every month. This also hits the credit score. These are needless and all too common consequences that will work against your financial condition.
If you have just taken a personal loan or are about to, the best way to manage your loan is by making a monthly payment on your loan as soon as you receive the loan. By being a payment ahead of your instalment plan you will have a buffer against a missed payment.
2. Pay More Than Your Minimum
Paying beforehand is a good option for managing your plans but paying a little extra every month keeps you ahead of your loan term and provides you with some other financial bonuses.
Moreover, paying extra on your loan reduces the length of the repayment plan. This will help you clear the debt and allows you to regain your financial independence sooner.
It will also reduce the rate of interest you owe and thus, saving you money in the long run.
Paying off your debts faster also leads to an improvement in your credit score. A lower credit score will benefit you in several ways, like dropping down payments and rates of interest.
3. Consolidate Your Loans
For debtors managing multiple personal loans, consolidation could be the best way to simplify your debt repayment. Debt Consolidation is when you take a large loan to repay all the other loans you have taken. So, instead of paying multiple lenders every month with different rates of interest and needs, one can make a single payment to one provider.
Debt Consolidation is helpful if you can save an interest rate on a new loan that is lower than the average interest rate of the earlier loans.
The only disadvantage that lies here is that one will likely end up having to reimburse the debt quicker than before. Before consolidating your debt, make sure that you can make the payments on a new loan. This may also help to reimburse large portions of your loans on credit rather than with a single loan, consolidating it into more controllable pieces.
4. Credit Score
Last but not the least, always keep a close watch on your credit score while reimbursing a personal loan. The credit score plays a major role in finances and has an important relationship with the loans taken out. How you manage your loans is reflected in your credit score. On the other hand, falling behind on your payments will subordinate the credit score. Thus, a higher credit score is important.
Why Should You Apply for ICICI Personal Loans?
ICICI Bank has collaborated exclusively with us, an online marketplace which offers low-interest personal loans best suited for your needs. If you are seeking a Personal Loan with ICICI Bank, you can simply fill up an online loan application form after checking your ICICI Bank Personal Loan Eligibility. Moreover, you can use an online Personal Loan EMI calculator available at our website to calculate your affordability.
Personalised Loan Offers
At ICICI Bank, you can receive personalised loan offers and best deals at the best rate of interest. This is due to a tie-up with ICICI Bank, which helps you get the best deal on your personal loan as per your profile.
You will get an instant approval on your personal loan after you fill in an easy online application form.
Cash within 2 days
Soon after the loan is approved, the funds are transferred right into the borrower’s bank account within two working days.
Real Time Tracking Facility
After submission of your loan application at bank , you can track your application online and moreover, will receive updates of your submitted application form using both email and SMS.
Dedicated Customer Support
Bank has a dedicated customer support team and helpline which is always ready to help with any grievances or questions from loan applicants.
Q. What is the total time taken for the disbursal of an ICICI Bank personal loan?
Ans. ICICI Bank claims to approve personal loan within 72 hours of submitting all documents. It also claims to disburse the loan amount to the applicant’s account within 3 seconds of loan approval. ICICI Bank also offers pre-approved instant personal loans to select customers with quick processing and disbursal in 3 seconds.
Q. What is the eligibility criteria to avail pre-approved personal loans?
ICICI Bank offers pre-approved personal loans to applicants with a clean repayment track record and good credit history. Applicants having no credit history are also offered pre-approved personal loans based on their savings history and income.
Q. Is Personal Loan Balance Transfer facility provided by ICICI Bank?
Yes, ICICI Bank offers Personal Loan Balance Transfer facility wherein, the existing personal loan borrowers of other banks/NBFCs can transfer their personal loan accounts to ICICI Bank at lower interest rates.
Q. Are there any restrictions on prepaying ICICI Bank Personal Loan?
Ans. ICICI Bank allows borrowers to prepay their personal loan only after the repayment of 12 monthly instalments. But, the bank does not allow part-prepayment of personal loan. The bank charges prepayment fee of 5% of the outstanding principal.
Q. At what minimum credit score can I avail ICICI Bank Personal Loan?
Ans. ICICI Bank has not specified the cut-off credit score for its personal loan applicants. But, credit scores of 750 and above usually increase the chances of availing personal loan at lower interest rates.