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ICICI Bank Personal Loan Highlights |
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| Interest rate | 10.85% p.a. onwards |
| Loan Amount | Up to Rs 50 lakh |
| Tenure | 1-6 years |
| Processing Fee | Up to 2% of loan amount |
| Minimum Monthly Salary | Rs 30,000 |
| Prepayment Charges |
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| Documentation |
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Note: Rates as of 19th November 2024
ICICI Bank
Up to ₹50L
10.85% - 16.25%
1-6 Years
Upto 2%
*Applicable for selected customers
Table of Contents
ICICI Bank Personal Loan Interest Rates
ICICI Bank Personal Loan interest rates vary on the basis of the personal loan subtypes. However, ICICI Bank has not disclosed its personal loan interest rate matrix based on credit score, minimum monthly income, occupation profile, employers’ profiles, etc. of its personal loan applicants, as many lenders have done.
| Loan Product | Interest Rate (p.a.) |
| Personal Loan | 10.85%-16.25% p.a. |
| Flexicash (Overdraft facility to salary account holders) | 12.35%-14.10% |
| Personal Loan for NRIs | 10.80% onwards |
ICICI Bank Personal Loan Processing Fees and Charges
ICICI Bank levies the following fees and charges on personal loans.
| 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 Rs 50 lakh | |
| 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 |
Also Read: Personal Loan Processing Fee charged by other banks and NBFCs
Types of ICICI Bank Personal Loans
Below-mentioned are various types of personal loan schemes offered by ICICI Bank.
ICICI Bank FlexiCash
- Purpose: ICICI Flexicash is a short-term instant credit personal loan overdraft facility offered to ICICI Bank salary account holders to meet their personal expenses.
- Processing Fee: From Rs 1,999 + taxes
ICICI Bank Personal Loan for NRI
- Purpose: ICICI Bank offers NRI Personal Loans to meet the personal requirements of Non-Resident Indians
- Loan Amount: Up to Rs 10 lakh
ICICI Bank Pre-Approved Personal Loan
- Purpose: ICICI Bank offers Pre-approved Instant Personal Loans to its select existing customers with loan disbursal within 3 seconds
- Loan Amount: Up to Rs 50 lakh
- Tenure: 1-5 years
ICICI Bank Pre-Qualified Loan
- Purpose: ICICI Bank offers ICICI Pre-qualified Personal Loans to its select existing customers with simple application process and quick processing
ICICI Bank Top-up Personal Loan
- Purpose: ICICI Bank offers Personal loan top-up facility 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
ICICI Bank Personal Loan Balance Transfer
- Purpose: ICICI Bank Personal loan balance transfer facility allows existing personal loan borrowers of other banks/NBFCs to transfer their personal loans to ICICI Bank at lower interest rates
ICICI Bank Fresher Funding
- Purpose: Freshers and new employees can avail ICICI Bank Fresher Funding Scheme to finance their personal expenses
- Loan Amount: Up to Rs 1.5 lakh
Eligibility Criteria for ICICI Bank Personal Loan
ICICI Bank has set its personal loan eligibility criteria based on the job profile, age, minimum monthly income, total work experience, business vintage (incase of self-employed individuals) of its personal loan applicants. Below mentioned are the ICICI Bank Personal Loan eligibility criteria set by ICICI bank.
For Salaried Individuals
- Minimum age of the applicant should be 23 years at the time of loan application and maximum age should be 58 years at the time of loan maturity
- Minimum monthly income requirement for ICICI Bank Personal Loan is Rs 30,000
- Applicants having a minimum work experience of at least 2 years are eligible for availing personal loan from ICICI Bank
- Applicant applying for personal loan should have stayed in the current residence for at least 1 year
Also Read: Personal Loan for salaried
For Self-Employed Individuals
- Self-employed individuals should be at least 28 years old at the time of loan application and 65 years at the time of loan maturity. However, the minimum age requirement for doctors applying for ICICI Bank Personal Loan is 25 years.
- Minimum turnover eligibility requirement is Rs 40 lakh for non-professionals and Rs 15 lakh for professionals, as per audited financials.
- Minimum profit earned after tax deduction should be at least Rs 2 lakh for proprietorship firm or self-employed individuals and Rs 1 lakh for non-professionals, as per audited financials.
- Applicant should have been in the current business for at least 5 years. Doctors applying for personal loans should have a stable business for at least 3 years.
- Applicant should have at least 1 year liability relationship/asset relationship with the bank either existing or closed in the last 3 years
Documents Required for ICICI Bank Personal Loan
The documents required by ICICI Bank during personal loan application are given below.
For Salaried
- 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
For Self-Employed
- 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
Also Read: Personal Loans for Self-employed individuals
ICICI Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Apply for ICICI Bank Personal Loan with Quick Disbursal Click Here
How can one avail an instant Personal Loan online from ICICI Bank?
ICICI Bank offers instant personal loans to its select existing customers. Such applicants can avail online pre-approved instant personal loans from ICICI Bank through the official website of the bank. Applicants can also apply for instant personal loans digitally through the iMobile Pay app of ICICI Bank. Prospective applicants can also apply for online instant personal loan through Paisabazaar.com.
ICICI Bank Customer Care
Toll-Free Number: 1860-120-7777
Alternate Numbers:
- Chennai: 044-33667777
- Kolkata: 033-33667777
- Mumbai: 022-33667777
- Delhi: 011-33667777
For unresolved queries you can register your grievance by dialing to ICICI Bank customer care at 1800 200 3344
FAQs on ICICI Bank Personal Loan
How to apply for ICICI Bank Personal Loan?
Applicants can apply for ICICI Bank Personal loan either directly through the official website of ICICI Bank, through its iMobile Pay app or by visiting bank branches. You can also apply for ICICI Bank Personal Loan through Paisabazaar.com.
What is the personal loan interest rate offered by ICICI Bank?
ICICI Bank offers personal loan interest rates ranging from 10.80%-16.15% p.a. depending on the borrowers’ creditworthiness and market conditions.
What is the eligibility criteria to avail pre-approved personal loans?
ICICI Bank provides pre-approved offers to personal loan applicants with a clean repayment track record and good credit history. Applicants having no credit history are also provided with pre-approved personal loan offers based on their savings history and income.
What loan amount can I avail from ICICI Bank if I have a monthly salary of Rs 20,000?
ICICI Bank has not disclosed its EMI/NMI ratio for its personal loan applicants. Lenders usually prefer applicants whose EMI/NMI ratio does not exceed 50-55%. EMI/NMI ratio is the proportion of an individual’s income used towards servicing existing loan repayment obligations as well as the EMI of the proposed personal loan.
At what minimum credit score can I avail ICICI Bank Personal Loan?
ICICI Bank has not specified the cut-off credit score for its personal loan applicants. However, credit scores of 750 and above usually increase the chances of availing personal loan at lower interest rates.
How can I get my ICICI Bank Personal Loan statement online?
You can get your personal loan statement online through the official website of ICICI Bank. You can also use the mobile app of ICICI Bank to fetch your personal loan statement.
How can I avail top-up personal loans from ICICI Bank?
You can avail top-up personal loans through the official website of ICICI Bank, through mobile banking or by visiting bank branches. In case the lender does not offer top-up personal loans, you can transfer your personal loans to other lenders and avail top-up loans on them. Alternatively, you can also visit Paisabazaar.com to transfer your personal loans and avail top-up loans on them.
How can I track my ICICI Bank Personal Loan status?
You can track your ICICI Bank Personal Loan status through the official website of the bank. You can also track the status of your ICICI Bank Personal Loan through its iMobile Pay app.
What is maximum and minimum loan amount that can I get while availing ICICI Bank Personal Loan?
ICICI Bank offers a minimum loan amount of Rs 50,000 and a maximum loan amount of Rs 50 lakh to its personal loan applicants depending on their income, existing loan repayment obligations, loan tenure and repayment capacity.
Do I need to provide any security or collateral for availing ICICI Bank Personal Loan?
ICICI Bank Personal Loans are collateral free loans. Hence, no security is required for availing personal loans from ICICI Bank.
What is minimum monthly salary requirement for availing ICICI Bank Personal Loan?
Applicants having a minimum monthly salary of Rs 30,000 are eligible for availing personal loans from ICICI Bank.
What is the total time taken for the disbursal of an ICICI Bank personal loan?
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.
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.
Are there any restrictions on prepaying ICICI Bank Personal Loan?
ICICI Bank allows borrowers to prepay their personal loan only after the repayment of 12 monthly instalments. However, the bank does not allow part-prepayment of personal loan. The bank charges prepayment fee of 5% of the outstanding principal.