ICICI Bank customers can choose from a variety of personal loan plans. These plans help meet various financial needs, including the applicant’s needs. With minimal lending terms and moderate interest rates, ICICI offers reasonable repayment options. The lowest interest rates on personal loans start at 10.50% per annum. The use of funds is unrestricted. You also get a quick application process. Check out Axis Bank Business Loan.
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ICICI Bank Personal Loan Features and Benefits
- There is no limit on the use of funds.
- Collateral security is not required to make the loan available.
- Quick loan disbursement process.
- The interest rate for ICICI Bank Personal Loan is fixed.
- Offers a customizable loan repayment period.
- ICICI Bank Personal Loan requires minimal paperwork.
- Simple terms for a personal loan from ICICI Bank.
Consider the monthly installments if you are considering a personal loan. Affordability of repayment is an important consideration. Borrowers shouldn’t use a personal loan to spend beyond their means or make expensive purchases they cannot repay.
With low interest rates and simple terms, ICICI Bank Personal Loan offers simple repayment options.
- The most affordable personal loan rates start at 10.75% p.a.
- There is no limit on how the money can be used at ICICI Bank.
- Minimal documentation is required to process the application quickly.
ICICI Bank Personal Loan Eligibility Requirements
These are the requirements that ICICI Bank has set for both salaried and self-employed people to be eligible for a personal loan. These criteria are as follows:
ICICI Bank for Salaried Individuals
- Must have reached age 23, and 58 years is the maximum age limit.
- It should be either an Indian resident or not.
- People who are salaried and earn at least ₹30,000 per month.
- Experience of two years or more in the workforce.
- Must have a favorable bureau score.
- You must have a savings account at any Indian bank.
ICICI Bank for Self-Employed Individuals
- A minimum turnover of ₹15 lakh is required for professionals, while ₹40 lakh is needed for non-professionals.
- A proprietorship business or a self-employed individual must earn a profit of at least ₹2 lakh after taxes. After taxes, non-professionals must earn at least ₹1 lakh.
Interest Rates for Personal Loans at ICICI Bank
ICICI Bank offers one of the most reasonable and competitive interest rates for personal loans. There is little chance that borrowers will be burdened with interest rates. The interest rate on ICICI Bank personal loans ranges from 10.75% to 19% per annum. Also, check the Bank of Baroda Personal Loan.
Factors Affecting ICICI Bank Personal Loan Interest Rate
| CIBIL/Credit Score | A good CIBIL/Credit score can result in a lower interest rate, while a poor score may lead to higher interest rates or loan application rejection. |
| Loan Repayment Period | Interest rates vary based on the loan tenure. It is advisable to analyze ICICI Bank’s interest rate for different tenures before deciding on the loan repayment period. |
| Applicant’s Age | Older applicants may face higher interest rates as younger borrowers are considered more likely to repay the loan. |
Miscellaneous Fees & Charges
| Miscellaneous Fees & Charges | ICICI Bank Personal Loan Interest Rate and Charges Applicable |
| Personal Loan Interest Rates | 10.75% per annum to 19% per annum |
| Loan Processing/Origination Charges (Non-Refundable) | Up to 2.50% of total loan amount + GST |
| Prepayment Charges | 1. 5% on principal outstanding plus GST (for salaried customers) 2. Nil, if the loan is closed using own funds (MSME classified customers) |
| Additional Interest on Late Payment | 24% per annum |
| Repayment Mode Swap Charges | ₹500 per transaction plus GST |
| Loan Cancellation Charges | ₹3000 plus GST |
| EMI Bounce Charges | ₹400 per bounce plus GST |
Types of Personal Loans by ICICI Bank
Customers of ICICI Bank can choose from a variety of personal loan programs. These programs assist in meeting various financial needs, including the applicant’s needs. ICICI Bank offers the following range of personal loans:
| Loan Type | Description |
| NRI Personal Loan | To address the personal needs of Non-Resident Indians. |
| Top-Up Loan | A supplement to the existing loan with fast processing and disbursement to meet the applicant’s particular requirements. |
| Balance Transfer | Transfers existing personal loans from other banks/NBFCs to ICICI Bank at a cheaper interest rate. |
| New Personal Loan | Provides loans based on personal and professional information to meet individual needs. |
| Fresher Funding | It covers the personal expenses of new hires and freshers. |
| Pre-Qualified Loan | Offers personal loans with a simple online application and fast processing. |
| Flexicash | Short-term quick credit or overdraft facility for ICICI Bank salary account holders to cover unexpected costs. |
| Business Loan | Similar to a personal loan but specifically tailored to business needs. |
| Pre-Approved Loan | Instant personal loan for select ICICI customers with a disbursement time of 3 seconds. |
Documents Required for ICICI Bank Personal Loan
| ICICI Bank Personal Loan Requirements | Salaried Individuals | Self-employed Individuals |
| Proof of Identity | Passport, Driving Licence, PAN Card, Voter’s ID Card, Aadhaar Card | Passport, Driving Licence, PAN Card, Voter’s ID Card, Aadhaar Card |
| Proof of Address | Utility Bills (less than three months old), Passport, Licence Agreement, Leave Agreement, Lease Agreement | Utility Bills (less than three months old), Passport, Licence Agreement, Leave Agreement, Lease Agreement |
| Photographs | 2 passport-size photos | – |
| Bank Statements | Last three months bank statements (showing salary and other income credits) | The Last 6 months’ bank statements |
| Salary Slips | The last six months’ bank statements | – |
| Office Address Proof | – | Office Address Proof |
| Proof of Office Ownership | – | Proof of Office Ownership |
| Proof of Income | – | Proof of Income |
| Business Continuity Proof | – | Business Continuity Proof |
How is ICICI Bank Personal Loan EMI calculated?
The monthly payment for a personal loan is the equated monthly installment or EMI and is payable over a fixed period. During the loan tenure, the principal loan amount and personal loan interest will be paid along with the EMI amount until the loan is fully repaid. During the contract term, there will be no change in the EMI.
The calculator will calculate the monthly installment and total interest payable until the loan is repaid after entering the loan amount, annual ICICI Bank personal loan interest rate, and loan tenure. Must read Bank of India (boi).
ICICI Bank Personal Loan Customer Care Number
| Customer Care E-mail Address | [email protected] |
| Using Chatbot | Ask iPal on the official portal of ICICI Bank |
| Send SMS on | ‘PL’ to 5676766 |
| Toll-free Number | 1860-120-7777 |
| Request a Call Back | Visit the official portal of ICICI Bank to request a callback |
This table provides a clear view of the customer care options for ICICI Bank Personal Loan services.
