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ICICI Bank has been offering its services for over sixty years now. The firm believes in delivering a quick and hassle-free experience to its clients. As such, you can apply for an ICICI Bank Personal Loan and get instant funds in a hassle-free manner. 

 

The financial institution offers personal loans of up to ₹25 Lakhs, depending if you fulfil the eligibility criteria. Read on to know about ICICI Bank Personal Loan details and how you can apply for one.

ICICI Bank Personal Loan Details

The ICICI Bank offers a variety of loans that you can utilise for various purposes, like purchasing a car, a dream home, etc. In fact, the ICICI Bank Personal Loan is one of the most sought-after loans on offer.


If you are looking to avail a personal loan, here are some details that you must know about it:

ICICI Bank Personal Loan Highlights

Interest Rate

10.25% to 16.00% per annum

Loan Amount

₹20,000 to ₹50 Lakhs 

Loan Tenure

12 to 72 months

Processing Fees

Up to 2.50% of loan amount + GST

Disclaimer: The details mentioned are subject to change at the lender’s discretion.

ICICI Bank Personal Loan Interest Rates

ICICI Bank provides personal loans for various purposes. The table below shows the corresponding ICICI Bank Personal Loan interest rate charged for different purposes: 

ICICI Bank Personal Loan 

Rate of Interest per annum (starting rate)

Principal Loan Amount 

Home Renovation Loan

10.25%

₹25,000 - ₹25 Lakhs

Wedding Loan

10.25%

₹25 Lakhs

Fresher Funding

10.50%

₹1.5 Lakhs

NRI Personal Loan

15.49%

₹10 Lakhs

Holiday Loan

10.25%

₹25,000- ₹25 Lakhs

Personal Loan on Credit Cards

14 -16%

₹20 Lakhs

Top-Up Loan

10.50%

₹50,000 - ₹25 Lakhs

Disclaimer: The details are subject to changes as per the financial institution’s policies. Please contact the bank and verify all the details before applying for a loan.

ICICI Bank Personal Loan Processing Fees & Other Charges

When you apply for ICICI Bank Personal Loan, consider the processing fees and other additional charges. The table below illustrates the processing and the other associated costs while opting for an ICICI Bank Personal Loan: 

Processing charges 

Up to 2.50% of loan amount + GST

Pre-payment charges 

For salaried borrowers: 3% of loan amount + applicable taxes on the outstanding loan amount after the repayment of the 1st instalment. No charges if 12 or more instalments have been repaid. 

For MSE classified borrowers: No charges after repayment of the 1st instalment for loan amounts up to ₹50 Lakhs.

Loan cancellation fees 

₹3,000 + GST 

EMI bounce charges 

₹400 per bounce + GST 

Penal interest 

24% per annum 

Charges for swapping repayment modes  

₹500 per transaction + GST

Disclaimer: The rates mentioned are subject to change at the lender’s discretion.

ICICI Bank Personal Loan EMI Calculator

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Types of ICICI Bank Personal Loans

The ICICI Bank offers a variety of personal loans that you can use to cover the expenses of different purposes. Here are the different types of personal loans that the bank offers:

1. Wedding Loans

  • You can use this Wedding loan amount to cover the expenses of a marriage ceremony, like booking a wedding venue

  • The interest rates start at 10.25% per annum

  • You can avail of a loan amount ranging from ₹50,000 to ₹25 Lakhs

2. Home Renovation Loan

  • With the home renovation loan, you can get your home refurbished your house as per your choice

  • The interest rate starts at 10.25% per annum

  • The loan amount can be from ₹50,000 to ₹25 Lakhs

3. Holiday Loan

  • You can use this Travel loan amount to fund travel to your favourite destination

  • The starting interest rate is 10.25% per annum

  • You can avail of a loan amount ranging from ₹25,000 to ₹25 Lakhs

4. Fresher Funding

  • This is an ICICI Bank Personal Loan available for those starting a new job

  • The interest rates start from 10.50% per annum

  • You can avail of up to ₹1.5 Lakhs without putting up a collateral

5. NRI Personal Loan

  • It is a personal loan, especially for Non-Resident Indian (NRI) citizens

  • Interest rates start at 15.49%

  • You can avail of up to ₹10 Lakhs as loan amount

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ICICI Bank Personal Loan Features & Benefits

Here are the salient features of opting for an ICICI Bank Personal Loan: 

  • Minimal paperwork 

  • Pre-approved offers for quick loan processing 

  • Flexible repayment options 

  • Customisable personal loans based on the financial goals of the borrower 

 

Further, borrowers opting for an ICICI Bank Personal Loan can reap the following benefits: 

  • For pre-approved personal loans, ICICI Bank sanctions and disburses the loan amount to your account within seconds 

  • In all the other cases, the bank transfers the amount as soon as the loan application is verified and approved

  • You can enjoy the benefits of flat ICICI Bank Personal Loan interest rates, which remain unchanged throughout the entire repayment tenure

  • You can easily track your personal loan status through the ICICI Bank mobile app or official portal 

  • You can also choose to visit your nearest ICICI Bank branch in order to get customer support services

  • As per your repayment capabilities and financial goals, you can opt for a loan repayment tenure of one to six years 

ICICI Bank Personal Loan Eligibility

ICICI Bank provides personal loans to both self-employed and salaried individuals. Nevertheless, the eligibility parameters for both categories are different. 

 

Here are the ICICI Bank Personal Loan eligibility criteria that an individual needs to meet to apply for this line of credit: 

Eligibility Parameters 

For Salaried Individuals 

For Self-Employed Individuals 

Citizenship 

The borrower can be a citizen of India or an NRI. However, he/she must be working in India. 

The borrower can be a citizen of India or an NRI. However, he/she must be working in India. 

Age of the applicant 

23 to 58 years old 

28 to 65 years old (in the case of doctors, the minimum age can be 25 years old)

Income 

₹17,500 for applicants from semi-urban areas, ₹20,000 for applicants from urban areas and ₹25,000 for applicants from metro cities

The firm should have an annual turnover of ₹15 Lakhs to ₹40 Lakhs with at least a profit of ₹1 Lakh to ₹2 Lakhs. 

Work stability 

Must have a work experience of at least two years 

Must have a business venture for five years or have been practising their profession for at least three years

Relation with ICICI Bank 

Must have an account with ICICI Bank for at least one year with no defaults and obligations

Must have an account with ICICI Bank for at least one year with no defaults and obligations

Documents Required for ICICI Bank Personal Loan

To apply for an ICICI Bank Personal Loan, you will have to furnish the following documents: 

1. Salaried applicants 

  • Passport-size photos 

  • Address proof, such as utility bills, rent agreements, and more

  • Identity proof, such as PAN card, Aadhaar card, and more 

  • Previous three months’ salary slips 

  • Previous three months’ bank account statements 

2. Self-employed applicants 

  • Passport-size photos 

  • Address proof, such as utility bills, rent agreements, and more

  • Identity proof, such as PAN card, Aadhaar card, and more 

  • Last two years’ ITR 

  • Commercial address proof 

  • Previous six months’ bank account statements 

How to Apply for ICICI Bank Personal Loan

In order to apply for ICICI Bank Instant Personal Loan, you need to follow these simple steps: 

  • Step 1: Visit the official ICICI Bank Personal Loan webpage and click on “Apply Online”

  • Step 2: Enter the required loan amount and tenure

  • Step 3: Following this, provide your mobile number 

  • Step 4: Wait to receive an OTP on your registered mobile number 

  • Step 5: Enter the OTP, you can customise the personal loan as per your financial needs 

  • Step 6: After selecting the loan offer, submit the application form

  • Step 7: A representative from the bank will get in touch with you to discuss the following proceedings

How Can I Get in Touch with ICICI Bank Customer Care?

In order to connect with ICICI Bank Personal Loan customer care, individuals need to dial the toll-free number, 1860-120-7777. However, for any unresolved queries, candidates can dial 1800-200-3344 between 9:00 a.m. to 6:00 p.m., from Monday to Friday.

DISCLAIMER

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort. 

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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FAQ

What is the maximum personal loan amount that can be sanctioned by ICICI Bank?

With ICICI Bank Personal Loan, one can get a loan amount of up to ₹50 Lakhs.

Is there an age limit to apply for ICICI Bank Personal Loan?

A salaried individual should be between 23 to 58 years of age to opt for an ICICI Bank Personal Loan. On the other hand, self-employed individuals must be between 28 to 65 years to opt for the same. 

 

How to track ICICI Bank Personal Loan status?

You can check the status of your ICICI Bank Personal Loan by using the ICICI Bank mobile app or through the official website. Further, you can also check the status of the loan application by calling on 1800 200 3344.

 

How much time is taken for the ICICI Bank Personal Loan to be approved?

Usually, it takes around fifteen working days for an ICICI personal loan approval. Additionally, the financial institution also offers instant personal loans for emergency funding needs that get approved within two to three hours.

 

Can I foreclose my personal loan from ICICI Bank?

Yes, you can close your personal loan from ICICI Bank before the end of the set tenure. However, this is possible only after you have paid the loan’s first EMI.

Can I make part prepayments on my ICICI Bank Personal Loan?

At present, ICICI Bank does not provide a part prepayment facility to its customers. However, you can opt for a foreclosure, instead.

Can I get a top-up on my current ICICI Bank Personal Loan?

Yes, you can get a top-up loan on your existing personal loan from ICICI Bank. You can opt for this facility only if you have paid at least 6 EMIs of your current personal loan.

Can you have a co-borrower when applying for a personal loan from ICICI Bank?

You can apply for an ICICI Bank Personal Loan with a co-applicant to enhance your eligibility for the loan.

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