ICICI Personal Loan Interest Rate
ICICI Bank Personal Loan Interest Rates Sep 2017
|Interest Rate||10.99% - 22.00% Check Best Offers||12.15% - 16.65%|
|Lowest EMI||Rs. 2,174 per lakh||Rs. 2,232 per lakh|
|Loan Tenure||From 12 months to 60 months||From 12 months to 60 months|
|Loan Amount||Min Rs. 100,000 and Max Rs. 3,000,000||Min Rs. 100,000 and Max Rs. 4,000,000|
|Processing Fee||Upto 2.25%||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% of outstanding principal||Allowed after 6 EMI's, 2% in case of Balance Transfer|
ICICI Bank Personal Loan
ICICI Bank gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from ICICI Bank are:
- Schemes for new loan and balance transfer
- Wide range of branches available in India
- Personal loan offers for employees of small companies also
- Preclosure option available after 12 EMI
- ICICI Bank has been rated 4.2/5.0 by customers for its service quality on MyLoanCare
- ICICI Bank has over 2,660 branches in India where you can avail service
- ICICI Bank offers special schemes and discounts for employees of large companies
ICICI Bank Personal Loan Calculator
The amount of loan you are eligible from the bank means your personal loan eligibility. Personal loan eligibility can be worked based on the following inputs:
- Loan Amount - This is the amount borrowed by a borrower from the bank. Generally banks offer lower interest rates for higher amount. ICICI Bank offers loan between Rs. 100,000 and 3,000,000.
- Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. Interest rate of the bank varies with your net monthly income.
- Employer Category - ICICI Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
- Relationship with the Bank - 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 the benefit of low ICICI Bank loan interest rate.
- Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
- 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 the repayment track record of previous loans taken. CIBIL also capture information of credit card bills payment.
ICICI Bank also offers loan to defence, armed forces and government employees. Personal loan interest rate for government employee and defence personnel varies from private salaried employees
ICICI Eligibility Criteria
Bank have a detailed criteria to determine the eligibility of a borrower for personal loans. Some of the key criteria are:
|ICICI Bank Eligibility Criteria|
|Age:||23 to 58 years||Minimum Income:||Rs. 25,000||Current Job Stability (in months)||12 months||Total Work Experience (in months)||24 months||Minimum Credit Score||750 and above||Loan Amount||Rs. 100,000 to Rs. 3,000,000||Loan Tenure||60 months||FOIR (Fixed Obligations to Income Ratio)||0.45|
ICICI Personal Loan for Salaried
Eligibility of personal loan 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 of the borrower: Age plays an important role to know your eligibility and repayment capacity. ICICI Bank offers loan to salaried individuals who are at least 23 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
- Income of the borrower: ICICI Bank asks for a minimum net monthly income of Rs. 25,000 to be eligible for personal loans. Salaried employees in government job, defence or working with a reputed private company and getting regular salary in bank account with salary slip, form 16 can get personal loans easily.
- Job stability and Profession : Job stability is important to improve your eligibility for personal loan from ICICI Bank. In case you are salaried, you must be in a full time job for at least 12 months of which not less 24 month must be with your current company.
- 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 find it difficult to get a personal loan. A regular repayment track record increases your loan eligibility.
- Loan Amount: Based on the loan amount eligibility, bank gives you loan ranging from Rs. 100,000 to Rs. 3,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service.
- Fixed Obligations to Income Ratio (FOIR): Bank will also calculate the proportion of your fixed obligations (including EMIs paid on other existing loans) to your income to calculate the FOIR (Fixed Obligation to Income Ratio). In summary, fixed obligations include running EMIs, if any, on existing loans and estimated average monthly expenses. Minimum FOIR to be eligible for personal loan from the bank is 0.45
ICICI Bank Personal Loan for Self Employed
ICICI Bank offers personal loans for self-employed borrowers between the age of 25 to 65 years. Personal loans offered to self-employed and businessmen are known as business loans. Some of the key features are:
- Self- employed and Businessmen running businesses with existence of at least 36 months can take a personal loan from ICICI Bank
- Such borrowers need to submit ITRs of 24 months also required to get eligible for the loan.
- Loan amount that you can apply for is Rs. 100,000 to Rs. 4,000,000.
- Your loan amount eligibility is calculated on the basis of your of calculation of net monthly income as per Income Tax Returns and of your fixed expenses such as rent, other personal expenses and EMIs on existing loans that you have to service from your net monthly income. The ratio of total fixed obligations to you monthly income ratio is popularly known as FOIR. Minimum FOIR for self employed to take loan from the bank is 0.45. To know more about loans for self employed, click on the link below.
ICICI Bank Loan Eligibility Calculator and EMI Calculator
Personal Loan Eligibility is the amount of loan you can avail based on an evaluation of your repayment capacity as well as your income. It is important to calculate eligibility for loan from the bank. You can use eligibility calculator to get a fairly accurate estimate of your loan eligibility subject to the details provided by you.
Further, you can also use Personal Loan EMI Calculator online to calculate your loan EMI. Personal Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by ICICI Bank is Rs. 2,174 per lakh loan amount at lowest personal loan interest rate of 10.99%. Personal Loan EMI depends on factors like:
- 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
What are the benefits of calculating EMI?
- EMI calculator of personal loan helps you to calculate your monthly EMI at different interest rates
- Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
- It gives you a rough idea about the monthly EMI which will help you to plan your monthly expenses accordingly
In addition to interest rates, home loan also carry some other charges which include:
- Part Payment Charges - These charges are to be paid in case you want to repay some part of the loan during the tenure period. ICICI Bank allows part payment of loan after 0 EMI's at .
- Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. ICICI Bank allows prepayment of loan after 6 EMI's at 5% of outstanding principal.
- Processing Fee - ICICI Bank charges a processing fee of Upto 2.25% of loan amount with applicable tax.
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
|Maximum Annual Percentage Rate (APR)||11.39% 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:
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
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bajaj Finserv
- Bank of Baroda
- Bank of Maharashtra
- Canara Bank
- Corporation Bank
- Dena Bank
- Federal Bank
- Fullerton India
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC Bank
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Karur Vysya Bank
- Kotak Bank
- RBL Bank
- Standard Chartered Bank
- Syndicate Bank
- Tata Capital
- Union Bank of India
- Vijaya Bank
- Yes Bank
Frequently Asked Questions on ICICI Personal Loan
Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers which can be approved within a few hours to 2-3 days. The turnaround time for a ICICI Bank personal loan can be 2 to 3 days.Why to take personal loan from ICICI Bank ?
Bank offers loan at 10.99% rate with the lowest EMI of Rs. 2,174 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to ICICI Bank.How much interest is charged by ICICI Bank on personal loan?
Personal loan interest rates in ICICI Bank are 10.99% to 22.00%.What is the lowest EMI per lakh on personal loan from ICICI Bank ?
If you apply for loan from ICICI Bank, your lowest EMI per lakh will be Rs. 2,174.What is the minimum and maximum tenure of personal loan in ICICI Bank?
You can repay your personal loan 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 loan if you need a minimum amount of Rs. 100,000 to a maximum amount of 3,000,000.How much processing fee is charged by ICICI Bank on personal loan?
ICICI Bank charges a processing fee of 2% to 3% 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 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 personal loan from ICICI Bank?
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.