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ICICI Personal Loan Interest Rate

Current ICICI Bank Personal Loan Interest Rates, Nov 2021

Last Updated 23rd Nov 2021

Interest Rate 10.25% - 22.00% Check Best Offers
Tenure Upto 60 months
Processing Fee Upto 2.25% of Loan Amount
Loan Amount ₹ 50,000 to ₹ 30 Lakh
Minimum Income ₹ 25,000
Eligible Age 23 to 58 years
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after 6 months with charges ranging from 5% of the outstanding loan amount.
  • You can avail lowest rates on ICICI Bank Personal loan if you are an existing customer of the bank or working with top corporations.
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ICICI Bank Personal Loan Rates and Charges

  • ICICI Bank offers personal loans to salaried individuals at a low rate in comparison to self employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as ICICI Bank personal loan rates and charges. As listed below:
ICICI Bank Personal Loan Rates and Charges
Interest Rate 10.25% to 22.00%
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after paying 6 months with charges ranging from, 5% of the outstanding loan amount.
Processing Fees Upto 2.25% of Loan Amount
EMI Cheque Bounce Charges ₹ 400+GST
Loan Cancellation Charges ₹ 3000 + GST
Other Charges ₹ 500 + GST

Interest rates on ICICI Bank Personal Loans Schemes

ICICI Bank Personal loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on ICICI Bank personal loan remains unchanged at 10.25% as on 23 Sep, 2021. ICICI Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

ICICI Bank Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 10.25% Upto 2.25% of Loan Amount NIL
Self-Employed Professional Starting from 10.50% Rs. 1999 NIL

ICICI Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of ICICI Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars ICICI Bank HDFC Bank SBI
Rate of Interest Starting from 10.25% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 23 years 21 years 21 years
Processing Fee Upto 2.25% of Loan Amount Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 30 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Not allowed Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 6 EMI's, 5% Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

ICICI Bank Personal Loan Balance Transfer Interest Rates

ICICI Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with ICICI Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently ICICI Bank offers the lowest personal loan balance transfer rate of 10.75%.

How to Get Low Interest Rates on ICICI Bank Personal Loan?

You can get the lowest ICICI Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the ICICI Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from ICICI Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep track of the loan rates trends, ICICI Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. ICICI Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is ICICI Bank personal Loan interest rate?

Today, the lowest interest rate on ICICI Bank Personal Loan is 10.25% and ranges up to 22.00%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, ICICI Bank personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in ICICI Bank personal loan?

You can reduce the interest to be paid on ICICI Bank personal loan by any of Following ways: (i) By maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) By applying at peak time when ICICI Bank provides discounted personal loan offers.

Is ICICI Bank personal a floating rate loan or fixed-rate loan?

ICICI Bank is offered at both fixed and floating rates. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did ICICI Bank personal loan rate drop in 2021?

Presently, ICICI Bank offers personal loans at an interest rate starting at 10.25%. There has been no change in personal loan rates of ICICI Bank since 23 Sep, 2021.

How do I check my eligibility to get a personal loan at a low rate from ICICI Bank?

The lowest rate on ICICI Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at ICICI Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

Can I ask for a reduction in the ICICI Bank personal loan interest rate?

You can ask for a reduction in your ICICI Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from ICICI Bank?

No, there is no need for any collateral or security while availing a personal loan from ICICI Bank. ICICI Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from ICICI Bank early?

If you want to prepay your entire personal loan from ICICI Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the ICICI Bank personal loan scheme availed by you, before making any decision.

How does ICICI Bank calculate the interest on a personal loan?

The interest for ICICI Bank personal loan is calculated based on the following methods:

Flat rate method:   Under this method, ICICI Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of ICICI Bank personal loan interest calculation.

Reducing rate method:  As per the ICICI Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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ICICI Personal Loan News - Nov 2021
  • 2021-10-01 : ICICI Bank Revises Instant Personal Loan Rates
    ICICI Bank has revised instant personal loan rates under their festival bonanza offer. The loan is offered at 10.25% and a flat processing fee of Rs 1,999.
  • 2021-08-24 : ICICI Bank reduces Personal Loan Rates
    ICICI Bank has reduced the rates of personal loans from 10.50% to 10.25%. The bank is also charging processing of Rs. 3999 on its personal loans.
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
  • 2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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