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ICICI Personal Loan Closure

ICICI Bank Foreclosure Charges

Last Updated 23rd Nov 2021

  • ICICI Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of ICICI Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the ICICI Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Not Allowed Nil
Foreclosure Fee Allowed After 6 Months at 5%
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ICICI Bank Personal Loan Pre-Closure

You can avail foreclosure of ICICI Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.ICICI Bank allows part payment of personal loan after 6 Months at 5%

Steps of ICICI Bank personal loan preclosure are as follow:

  • Visit the ICICI Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the ICICI Bank.
  • Pay the outstanding loan amount as well as the ICICI Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

ICICI Bank Personal Loan Part-Payment

Apart from foreclosing ICICI Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. ICICI Bank does not provide the facility of part payment.

Fees and Charges of ICICI Bank Personal Loan Closure

Fees and charges associated with preclosure of ICICI Bank Personal Loan are listed as follows:

  • Part payment is Not Allowed
  • Foreclosure is Allowed at 5% after 6 Months

ICICI Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing ICICI Bank Personal loan are as follow:

  • Pay the last instalment of the ICICI Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the ICICI Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a ICICI Bank Personal loan part payment. To reduce the interest burden, you can opt for ICICI Bank foreclosure or part payment of the loan.

Required Documents for ICICI Bank Personal Loan Closure

The documents required for Personal loan foreclosure from ICICI Bank are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from ICICI Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the ICICI Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. ICICI Bank does not provide the facility of part payment.

Can we close personal loans online for ICICI Bank?

No, you cannot close the personal loans online for ICICI Bank. Individuals are required to visit the ICICI Bank Branch to close the personal loan. Below are the steps to close the ICICI Bank personal loan:

  • Visit the nearest ICICI Bank branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the ICICI Bank will give the acknowledgement letter and NOC.

Does foreclosure of ICICI Bank personal loan affect CIBIL?

Foreclosure of ICICI Bank personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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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.
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