ICICI Personal Loan Interest rates

⋆ Interest Rate 9.99% ⋆

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      Why us?

      Rates as low as 9.99%*
      Loans Up to 30 Lacs
      Same Day Disbursal
      Doorstep Service
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      ICICI Personal Loan Interest rates

      ICICI Personal Loan Interest rates Key Features

      ICICI Personal Loan Interest Rates 11.25% to 21.00% p.a.
      ICICI Personal Loan Processing Fee Up to 2.55% of the loan amount (and GST)
      Loan Tenure 1 year to 5 years
      Loan Amount Up to 20 Lakhs
      Minimum Salary/Income 17,500 onwards (Rs. 25,000 in Mumbai, Delhi and 20,000 Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)
      Minimum Credit Score Above 750
      Lowest EMI per lakh Rs. 2,187
      Pre-Payment/Foreclosure Charges

      Allowed after 12 EMI’s

      13 to 24 months: 4% of the outstanding principal balance

      25-36 months: 3% of outstanding principle

      Above 36 months: 2% of the outstanding principle

      Overdue EMI Interest 2% per month on EMI

      Advantages of ICICI Personal Loan Scheme

      • ICICI bank provides its regular customers with the loan amount within 10 seconds after getting the loan approved and new customers within 4 hours of their loan application getting approved.
      • The applicant can choose the repayment tenure as per their suitability.ICICI Bank Personal Loan Interest rates
      • ICICI’s personal loan EMI’s are affordable and easy to pay.
      • The applicant can opt for a Fixed ICICI Personal loan Interest Rate where the set interest rate on the personal loan will not change and you can pay a fixed amount for interest for the whole tenure of the loa.
      • The applicant can also choose for Floating ICICI Personal loan Interest Rate where the interest rate will according to the bank’s norms and interest payments will have variability.
      • To avail a personal loan through ICICI, the applicant does not require to have a guarantor or to provide security.
      • ICICI offers personal loan to salaried individuals. The interest rate for each applicant is based on how good the credit score is!

      Factors affecting ICICI Personal Loan Interest rates

      Profile

      Applicant’s profile is very important criteria which can affect the interest rate of the loan both ways. If the applicant has properly managed and presented their financial documents, credit history and previous loan behavior, the interest rate may reduce while a poorly managed profile can either infuse more interest rate or can reject the loan application itself.

      Here, the applicant’s age also plays a very important role.

      Loan Tenure

      ICICI’s personal loan tenure ranges between 1 year to 5 years. Though an applicant applying for a short term loan may need to pay higher interest rates when compared to long term loans.

      Repayment Capability 

      ICICI bank considers repayment capability big criteria for approval of the loan. Mainly, the applicant’s income, assets and creditworthiness are looked into before the bank offers a rate for the loan. A CIBIL score gives a very detailed review of repayment capacity and thus it is crucial to maintain a good CIBIL score with a credit score not less than 750.

      Relationship With The Bank

      ICICI offers very decent offers, interest rate and low charges to applicants already holding an ICICI account. 

      Applicants may even get discounts on the processing charges or reduced interest rate to those who have managed to show commitment to making their payments on time in the past.

      ICICI Personal Loan Fees and Charges

      Common Charges:

      • Cheque swapping charges: Rs.500
      • Amortization schedule charges: Rs.200
      • Cheque bounce charges: Rs.550

      Applicants with Income of Rs.25,000 Per Month:

      Loan amount Rs.2 lakh
      Processing fee 2.25%
      Loan tenure 1 year
      Interest rate 18%
      Monthly EMI Rs.18,336
      Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
      Month 1 Rs.15,336 Rs.3,000 Rs.18,336 Rs.1,84,664
      Month 2 Rs.15,566 Rs.2,770 Rs.18,336 Rs.1,69,098
      Month 3 Rs.15,800 Rs.2,536 Rs.18,336 Rs.1,53,298
      Month 4 Rs.16,037 Rs.2,299 Rs.18,336 Rs.1,37,262
      Month 5 Rs.16,277 Rs.2,059 Rs.18,336 Rs.1,20,985
      Month 6 Rs.16,521 Rs.1,815 Rs.18,336 Rs.1,04,464
      Month 7 Rs.16,769 Rs.1,567 Rs.18,336 Rs.87,695
      Month 8 Rs.17,021 Rs.1,315 Rs.18,336 Rs.70,674
      Month 9 Rs.17,276 Rs.1,060 Rs.18,336 Rs.53,398
      Month 10 Rs.17,535 Rs.801 Rs.18,336 Rs.35,863
      Month 11 Rs.17,798 Rs.538 Rs.18,336 Rs.18,065
      Month 12 Rs.18,065 Rs.271 Rs.18,336 Rs.0

      Applicants with Income of Rs.50,000 Per Month:

      Loan amount Rs.2 lakh
      Processing fee 2%
      Loan tenure 1 year
      Interest rate 15%
      Monthly EMI Rs.18,052
      Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
      Month 1 Rs.15,552 Rs.2,500 Rs.18,052 Rs.1,84,448
      Month 2 Rs.15,746 Rs.2,306 Rs.18,052 Rs.1,68,702
      Month 3 Rs.15,943 Rs.2,109 Rs.18,052 Rs.1,52,759
      Month 4 Rs.16,142 Rs.1,909 Rs.18,051 Rs.1,36,617
      Month 5 Rs.16,344 Rs.1,708 Rs.18,052 Rs.1,20,273
      6 Rs.16,548 Rs.1,503 Rs.18,051 Rs.1,03,725
      7 Rs.16,548 Rs.1,297 Rs.18,052 Rs.86,970
      8 Rs.16,965 Rs.1,087 Rs.18,052 Rs.70,005
      9 Rs.17,177 Rs.875 Rs.18,052 Rs.52,829
      10 Rs.17,391 Rs.660 Rs.18,051 Rs.35,437
      11 Rs.17,609 Rs.443 Rs.18,052 Rs.17,829
      12 Rs.17,829 Rs.223 Rs.18,052 Rs.0

      ICICI Personal Loan Eligibility Criteria

      Everyone who can clear the following criteria can apply for ICICI Personal Loan

      1. Age Range: Applicants aged between 18 years – 65 years.
      2. Nationality: The applicant should be a resident of India.
      3. The applicant should be a salaried or self-employed individual.

      ICICI Personal Loan TopUp Loan

      Existing customers who require additional findings can opt for ICICI personal top-up loan. The applicants can top-up their loan up to Rs. 20 lakh or up their existing loan amount, whichever is lower. ICICI offers personal loan top-up interest rate between 9.15 % p.a. to 9.65 % p.a. and the tenure is subject to that of the existing loan.

      ICICI Personal Loan Balance Transfer

      Customers who want lower interest rates on their existing personal loans can always choose the ICICI Bank personal loan balance transfer from another financial lender. Transferring their personal loan balance to ICICI Bank is easy and simple and customers will be offered interest rates as low as 11.49% and will be charged a processing fee of Rs.3,499.

      ICICI Personal Loan FAQ

      ✅What are the ICICI Personal Loan Interest rates?

      ICICI Personal Loan Interest Rates for salaried individuals applying are between 11.25% p.a. to 21.00% annually.

      ✅Can I close ICICI Personal Loan before 1 year?

      One cannot foreclose ICICI Bank personal loan account before payment of 12 EMIs.

      Is it possible for non-ICICI customers to apply for a personal loan from ICICI Bank?

      Yes, it is possible if you meet all the eligibility criteria required to avail the loan.

      How to check ICICI Personal Loan balance?

      You can call on 9878981166 and Dialabank will provide you with the necessary details right away.