ICICI Bank Personal Loan

Know Features, Benefits, Eligibility, Documents Required & Interest rate for ICICI Bank Personal loan

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**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 Personal Loan Interest Rates

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.

ICICI Bank Personal Loan Processing Fees & Other Charges

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

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 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 Personal Loan Eligibility

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

Documents Required for ICICI Bank Bank Personal Loan

An applicant will have to produce the following documents in order to apply for a personal loan from ICICI Bank: 

  • Salaried applicants 
  1. Passport-size photos 

  2. Address proof, such as utility bills, rent agreements, and more

  3. Identity proof, such as PAN card, Aadhaar card, and more 

  4. Previous three months’ salary slips 

  5. Previous three months’ bank account statements 

  • Self-employed applicants 

  1. Passport-size photos 

  2. Address proof, such as utility bills, rent agreements, and more

  3. Identity proof, such as PAN card, Aadhaar card, and more 

  4. Last two years’ ITR 

  5. Commercial address proof 

  6. Previous six months’ bank account statements 

ICICI Bank Personal Loan EMI Calculator

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. 

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%

Your monthly EMI is

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest
Year Principal Interest Balance

How to Calculate EMI for ICICI Bank Personal Loans

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

How to Apply for 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. 

Comparison of ICICI Bank with Other Lenders

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.

Personal Loans Offered by Other Banks 

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

ICICI Bank Personal Loan 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.

Frequently Asked Questions on ICICI Bank Personal Loan

  • ✔️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 Rs. 25 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 a personal loan from ICICI Bank. 

  • ✔️How to track ICICI Bank Personal Loan Status?

    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.

  • ✔️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. An instant personal loan gets approved within two to three hours or two to three working days.

  • ✔️How can I calculate ICICI Bank Personal Loan EMI?

    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.

  • ✔️How can I get in touch with ICICI Bank customer care?

    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