ICICI Personal Loan Interest Rate

ICICI Bank Personal Loan Interest Rates Feb 2017

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Last Updated 23rd Nov 2016
Salaried Self Employed
Interest Rate 11.59% - 22.00% Check Special Offer 12.15% - 16.65%
Lowest EMI Rs. 2,204 per lakh Rs. 1,773 per lakh
Loan Tenure From 12 months to 60 months From 12 months to 84 months
Loan Amount Min Rs. 100,000 and Max Rs. 2,500,000 Min Rs. 0 and Max Rs. 10,000,000
Processing Fee 0.25% to 1.50%; Min - Rs. 999 2%
Age Min 23 years and Max 58 years Min 25 years and Max 65 years
Prepayment Charges Not allowed Not allowed
Foreclosure Charges Allowed after 6 EMI's, 5% prepayment charges applicable Allowed after 6 EMI's, 2% in case of Balance Transfer
Apply Personal Loan Online @11.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Factors affecting ICICI Personal Loan Interest Rates

ICICI Personal loan is dependent on various factors and varies from person to person. These factors are
Loan Tenure - ICICI Personal loans are of shorter tenure ranges from 12 years to 60 years and carry high rate of interest compared to longer term loans.
Repayment Capacity - Before giving loan to the borrower, ICICI Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Borrower Class - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. ICICI has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
Relationship with the Bank - ICICI Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit from the bank.
ICICI Personal Loan
ICICI Personal Loan Interest Rates
MyLoanCare ICICI Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However ICICI offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. ICICI interest rate varies with your net monthly income.
Employer Category - ICICI Bank classifies various organisations into different categories. ICICI rates varies based on the company your work for.
ICICI Personal Loan Eligibility
Eligibility of personal loan in ICICI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. ICICI offers personal loan to salaried individuals who are atleast 23 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
  • Income: ICICI Bank Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. ICICI Bank asks for net monthly income of minimum Rs. 25,000.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from ICICI Bank. In case you are salaried, you must be in a full time job for at least 36 months of which not less 1 month must be with your current company. If you are working with a reputed company, probability of getting personal loan from ICICI Bank increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
  • Loan Amount: ICICI Bank gives you personal loan depending upon your income. ICICI Bank gives you an amount ranging from Rs. 100,000 to Rs. 2,500,000. To improve chances of approval, apply for a loan amount that you can comfortably service.
ICICI Personal Loan EMI
Personal Loan EMI of ICICI Bank is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by ICICI Bank is Rs. 2,204 per lakh loan amount at lowest personal loan interest rate of 11.59%. Personal Loan EMI of ICICI Bank depends on factors like:
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for ICICI Personal Loan

Personal loan ICICI Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan ICICI Bank
Maximum Annual Percentage Rate (APR) 11.99% to 22.4%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 100,000
  • Time period: 12 months to 60 months
  • ICICI Bank Personal Loan Interest Rate: 11.59% to 22.00%
  • Processing Fee payable to ICICI Bank: Upto Rs. 2,000. Current offer for processing fee is 0.25% to 1.50%; Min - Rs. 999
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2 for a 60 months Rs. 100,000 loan at 11.59% (lowest rate, longest time period) to Rs. 9,359 for a 12 months Rs. 100,000 loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 11.99% to 22.4%
  • Total cost payable over loan tenure: Rs. 14,313 for 12 months loan to Rs. -97,880 for 60 months loan
ICICI Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of ICICI Bank.

Compare Personal Loan Interest Rates of ICICI with other banks

Frequently Asked Questions on ICICI Personal Loan

How much interest is charged by ICICI Bank on personal loan?

ICICI Bank offers an interest of 11.59% to 22.00% on personal loan.

What is the lowest EMI per lakh on ICICI Bank personal loan?

If you apply for a personal loan from ICICI Bank, your lowest EMI per lakh will be Rs. 2,204.

What is the minimum and maximum tenure of ICICI Bank personal loan?

You can repay your personal loan from ICICI Bank in a flexible period of minimum 12 months to maximum 60 months.

How much personal loan amount I can borrow from ICICI Bank?

ICICI Bank offers you personal loan if you need a minimum amount of Rs. 100,000 to a maximum amount of Rs. 2,500,000.

How much processing fee is charged by ICICI Bank on personal loan?

ICICI Bank charges a processing fee of 0.25% to 1.50%; Min - Rs. 999 with applicable service tax.

Is age an eligibility factor to get personal loan from ICICI Bank?

Yes, age is an important eligibility factor to get ICICI Bank personal loan as you should be at least 23 years old at loan approval time and 58 years old at loan maturity time.

Are there any prepayment charges on ICICI Bank personal loan?

You can take personal loan from ICICI Bank with Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

Can I add my spouse's income while applying for personal loan from ICICI Bank?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
ICICI Personal Loan News - Feb 2017
10th Feb 17 Retail loan and consumer loan portfolio of banks and NBFCs surges during November and December, 2016
A report by Economic Times highlighted the positive impact of demonetisation on the retail loan and consumer loan portfolios of the banks and NBFCs during the month of November and December, 2016. As per the report, several banks and NBFCs including ICICI Bank, Central Bank, Bajaj Finance and Capital First have reported fairly strong growth in their consumer durable and personal loan portfolio during the months on November and December.
01st Feb 17 ICICI Bank registers a decline in its net profit during third quarter of FY17
ICICI Bank has registered a decline of 19 percent in its net profit at Rs. 2,441 crore in third quarter of FY17 as compared to Rs. 3,018 crore for the corresponding period a year ago. Non-interest income of the bank also declined and reached at Rs. 3,939 crore during the quarter as compared to Rs. 4,217 crore a year ago. However, the bank has registered a decent growth of 18 percent in its retail loan business during Q3 of FY17.
15th Mar 16 ICICI Bank launches Ferrari range of credit cards
ICICI Bank announced the launch of co branded credit cards with Italian luxury sports car manufacturer, Ferrari. The bank will issue two types of cards. The platinum card would have a joining fee of Rs 999 plus service tax, it would also have an annual fee of Rs 499 each year which would be waived off if spends in the previous year are of Rs 125000 or above. For the signature card, the joining fee is Rs 3,999 plus service tax, while the annual fee of Rs 999 each year would be waived off if spends in the previous year touch Rs 250000 and above.
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