ICICI Personal Loan Interest Rate Calculator - Jan 2017

ICICI Bank Personal Loan Interest Rates

Last Updated 23rd Nov 2016
Salaried Self Employed
Interest Rate 11.59% - 22.00% Check Special Offer 16.85%
Lowest EMI Rs. 2,204 per lakh Rs. 2,035 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 @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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ICICI Bank Personal Loan

ICICI Bank gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from ICICI Bank:
  • Fixed rate of interest
  • Less documentation
  • Quick disbursal of loan
    • ICICI Bank has been rated 4.1/5.0 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.
    Personal Loan interest rates in ICICI Bank depends upon
    • Loan amount: Personal loan rate in ICICI Bank depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: ICICI Bank has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. ICICI Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest
    Popular Products:
    • Loan for Vacation or Wedding
    • Loan for Home Renovation

    ICICI Personal Loan Eligibility

    Eligibility of personal loan in SBI 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. Self employed individuals with age of atleast 25 years and maximum 65 years at the time of loan maturity can apply for personal loan from ICICI Bank
    • 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 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 0 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your ICICI Bank eligibility. 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
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit

    Personal loan ICICI Bank documents for Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 3 years audited financials, 6 months bank statement
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof

    Fee and Charges on Personal Loan ICICI

    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 personal loan after paying 6 EMI’s with 5% prepayment charges applicable
    Processing Fee- ICICI Bank asks for a processing fee of 0.25% to 1.50%; Min - Rs. 999 of loan amount with applicable service tax

    ICICI Personal Loan Top up, Transfer

    • ICICI Bank offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of ICICI Bank
    • You can avail additional top-up personal loan from ICICI Bank, subject to your eligibility
    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. 2,204 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. 34,227 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 charge 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 5% prepayment charges applicable.

    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 - Jan 2017
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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