**Disclaimer: ICICI Bank is not a Bajaj Markets partner for Personal Loan. Offers would be from partner Banks/NBFCs only.
ICICI Bank has been offering its services to candidates for over sixty years now. The firm believes in delivering a quick and hassle-free experience to its clients.
Consequently, prospective borrowers can apply for an ICICI Bank Personal Loan and get instant funds in a hassle-free manner. The financial institution offers personal loans to up to Rs. 25 Lakhs, depending on the applicant’s eligibility.
ICICI Bank provides personal loans for various purposes. The table below shows the corresponding 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% |
Rs. 25,000 - Rs. 25 Lakhs |
Wedding Loan |
10.25% |
Rs. 25 Lakhs |
Fresher Funding |
10.50% |
Rs 1.5 Lakhs |
NRI Personal Loan |
15.49% |
Rs 10 Lakhs |
Holiday Loan |
10.25% |
Rs. 25,000- 25 Lakhs |
Personal Loan on Credit Cards |
14 -16% |
Rs. 20 Lakhs |
Top-Up Loan |
10.50% |
Rs.50,000 - 25 Lakhs |
Disclaimer: The details are subjected to changes as per financial institution’s policies. Please double check all the details before applying for a loan.
While applying for a personal loan, borrowers must also consider the processing fees and other additional charges. The table below illustrates the processing and the other associated costs while opting for an ICICI 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 amount up to Rs. 50 Lakhs. |
Loan cancellation fees |
Rs. 3,000 + GST |
EMI bounce charges |
Rs. 400 per bounce + GST |
Penal interest |
24% per annum |
Charges for swapping repayment modes |
Rs. 500 per transaction + GST |
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 in the borrower’s account within seconds. In all the other cases, the bank transfers the amount as soon as the loan application is verified and approved.
Customers can enjoy the benefits of flat ICICI Bank Personal Loan interest rates. This means that the rate of interest remains unchanged throughout the entire repayment tenure.
Candidates can easily track their personal loan status through the ICICI Bank mobile app or official portal. Further, individuals can also choose to visit their nearest ICICI Bank branches in order to get customer support services.
As per their repayment capabilities and financial goals, one can opt for a loan repayment tenure of one to six years.
ICICI Bank provides personal loans to both self-employed and salaried individuals. Nevertheless, the eligibility parameters for both the 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 |
Rs. 17,500 for applicants from semi-urban areas, Rs. 20,000 for applicants from urban areas and Rs. 25,000 for applicants from metro cities |
The firm should have an annual turnover of Rs. 15 Lakhs to Rs. 40 Lakhs with at least a profit of Rs. 1 Lakh to Rs. 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 |
An applicant will have to produce the following documents in order to apply for a personal loan from ICICI Bank:
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
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
Willing borrowers can use an ICICI Bank Personal Loan EMI calculator to evaluate their monthly instalments even before applying for this credit facility. Based on the principal loan amount, interest rate and total repayment tenure (in months), this customised tool will show the EMIs for the entered variables.
Year | Principal | Interest | Balance |
---|
One can calculate his/her monthly instalments for a personal loan by using the following mathematical formula:
EMI= P x R x (1+R) ^N]/ [(1+R) ^N-1]
In this formula, P is the principal loan amount, R is the rate of interest charged by the ICICI Bank, and N is the total repayment tenure in months.
The above-mentioned formula can help borrowers calculate an approximate EMI value for their ICICI Bank Personal Loan.
In order to apply for an ICICI Bank Personal Loan, you can follow these simple steps:
Step 1: Visit the official portal of ICICI Bank.
Step 2: Locate and select the personal loan application form and fill in all the basic details.
Step 3: Following this, provide your required loan amount and desired repayment tenure and hit the ‘Get Quotation’ button.
Step 4: You will receive an OTP on your registered mobile number.
Step 5: Once you 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, and a representative from the bank will get in touch with you to discuss the following proceedings.
Banks or NBFCs |
Rate of interest per annum |
HDFC Bank |
11.00% onwards |
SBI |
10.65%-15.15% |
ICICI Bank |
10.75% onwards |
Axis Bank |
10.49% onwards |
Kotak Mahindra Bank |
10.99% onwards |
IndusInd Bank |
10.49% onwards |
IDFC First Bank |
10.49% onwards |
Bajaj Finserv |
11.00% onwards |
Tata Capital |
10.99% onwards |
Disclaimer: The details are subjected to changes as per financial institution’s policies. Please double check all the details before applying for a loan.
The table below shows the personal loan terms offered by some of the other lending institutions in India:
Parameters |
HDFC Bank Personal Loan |
Bank of Baroda Personal Loan |
Citibank Personal Loan |
Rate of interest |
10.50% per annum onwards |
9.70% per annum onwards |
9.99% per annum onwards |
Processing fees |
Up to Rs.4,999 |
2% + GST |
3.00% + GST |
Foreclosure charges |
2% to 4% of the remaining loan amount |
N/A |
4% of the remaining loan amount |
Late payment charges |
2% of the overdue amount per month |
2% of the overdue amount per month |
N/A |
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.
With ICICI Bank Personal Loan, one can get a loan amount of up to Rs. 25 Lakhs.
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 a personal loan from ICICI Bank.
One can check the status of his/her ICICI Bank Personal Loan by using the ICICI Bank mobile app or through the official website. Further, one can also check the status of the loan application by calling on 1800 200 3344.
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. An instant personal loan gets approved within two to three hours or two to three working days.
You can calculate the personal loan EMI by using the following mathematical formula:
EMI= P x R x (1+R) ^N]/ [(1+R) ^N-1]
Here, P is the principal loan amount, R is the rate of interest charged by the bank, and N is the total repayment tenure in months. Further, one can also use an ICICI Bank Personal Loan calculator to determine his/her monthly obligations online.
In order to contact the customer care services, you can dial the toll-free number 1860-120-7777. Further, the table below shows the different customer care numbers for different ICICI Bank branches:
City |
Contact number |
Mumbai |
022-33-66-7777 |
Delhi |
011-33-66-7777 |
Kolkata |
033-33-66-7777 |
Chennai |
044-33-66-7777 |