ICICI Personal Loan Interest Rate

Last Updated 21st May 2020

Current ICICI Bank Personal Loan Rate May 2020

22nd May 2020 – RBI cuts Repo Rate by 40 bps to 4%

Lowest Interest Rate 11.25%
Processing Fee Upto 2.25% of Loan Amount
Loan Tenure 12 months to 60 months
Loan Amount ₹ 50,000 to ₹ 30 Lakh
Part Prepayment Charges Not allowed
Preclosure Charges Allowed after 6 EMI's, 5%
  • ICICI Personal Loan interest rates begin from 11.25%. The bank grants personal loan for a tenure ranging between 12 months to 60 months. Read More
  • ICICI Bank Personal Loan during Coronavirus
Apply for Personal Loan @ 10.50%* Get upto ₹ 1,000* Cashback Online Loan in Lockdown

ICICI Personal Loan

ICICI Bank personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans. Key features are:

  • ICICI Bank Personal Loan Interest Rate starts from 11.25%.
  • Lowest EMI per lakh on Personal Loan from ICICI Bank is ₹ 2,187 at the lowest interest rate of 11.25% at the longest loan tenure of 60 months.
  • Loan available for both salaried and self-employed professionals.
  • Borrowers within the age group of 23 and 58 years.
  • Loan amount of minimum ₹ 50,000 to ₹ 30 Lakh.
  • Loan Tenure 12 to 60 months.
  • Processing Fees: Upto 2.25% of Loan Amount.
  • Foreclosure charges: ICICI Bank personal loan prepayment is allowed with 5%
  • Part payment charges: Not allowed
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • Special schemes: ICICI Bank offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of ICICI are:
    • Loan for Vacation or Wedding
    • Loan for Home Renovation

ICICI Personal Loan Top Up

Existing Personal Loan Borrowers of ICICI can get top up on personal loan from ICICI if they have a regular repayment track record on their running personal loan from the bank. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on ICICI Bank personal loan top up starts at 11.25%.

ICICI Personal Loan Interest Rate Calculator

You can get the best personal interest rates from ICICI Bank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from ICICI:

  • 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 ₹ 50,000 and ₹ 30 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The 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 - 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 the benefit of a 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 a 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 captures information of credit card bills payment.
ICICI Personal Loan Charges

In addition to ICICI Bank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on ICICI’s personal loans is Not allowed
  • Processing Fee - ICICI charges a non-refundable processing fee of Upto 2.25% of Loan Amount of loan amount with applicable tax.
  • Other charges: Once your ICICI Bank personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only in the event of one of these three charges.

ICICI Bank Personal Loan during Coronavirus

ICICI Bank has not changed its Personal Loan Interest Rate during the COVID 19 crisis with lowest rate continues to be at 11.25%. However, interest rate can be expected to come down post the RBI repo rate cut of 40 bps announced on 22nd May 2020. You may expect some delay in getting a loan from ICICI Bank during the COVID-19 outbreak due to social distancing norms.

ICICI Personal Loan Process

Getting a Personal loan from ICICI Bank is fairly quick with an online application and approval process. A Personal loan can be availed from ICICI Bank in four simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of ICICI Bank and fill in the application form with loan amount required, your personal details, occupation information and your contact number.

Step 2: An official of ICICI Bank or online marketplace will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.

Step 3: Once you agree to proceed with the loan application, you will need to submit your income documents online or a ICICI Bank’s representative will visit your residence or office to collect your documents and do a residence verification.

Step 4: ICICI Bank will give you an approval on your loan application within a day or two of receiving all documents and after a physical verification. The loan can get disbursed immediately after loan sanction and signing of the agreement.

Documents Required

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
Maximum Annual Percentage Rate (APR) 11.25% to 22.00%
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. 1 Lakh
  • Time period: 12 months to 60 months
  • ICICI Bank Personal Loan Interest Rate: 11.25% to 22.00%
  • Processing Fee payable to ICICI Bank: Upto Rs. 2,000. Current offer for processing fee is Upto 2.25% of Loan Amount
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,187 for a 60 months Rs. 1 Lakh loan at 11.25% (lowest rate, longest time period) to Rs. 9,359 for a 12 months Rs. 1 Lakh 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: 11.25% to 22.00%
  • Total cost payable over loan tenure: Rs. 14,313 for 12 months loan to Rs. 33,220 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 Bank with other Banks

Frequently Asked Questions on ICICI Personal Loan

How much time will the ICICI Bank take to take a decision on my 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 instant loan can be 2 to 3 days.

Why to take personal loan from ICICI Bank ?

ICICI Bank offers loan at 11.25% rate with the lowest EMI of ₹ 2,187 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 11.25% to 22.00%. ICICI Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from ICICI Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,187.

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 ₹ 50,000 to a maximum amount of ₹ 30 Lakh

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

ICICI Bank charges a processing fee of Upto 2.25% of Loan Amount 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.

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

You can add the income of your spouse to increase your Personal Loan Eligibility and to get higher loan amount.

How can I get ICICI Bank personal loan?

You can get a personal loan from ICICI Bank by directly visiting the nearest branch or can apply online at their website. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks. 

How can I check my ICICI Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from ICICI Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at ICICI Bank’s website. In case you could not track your application online, you can contact ICICI Bank loan assistance and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a ICICI Bank personal loan?

It is important to have a good credit score if you wish to apply for a personal loan from ICICI Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from ICICI Bank?

No, ICICI Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my ICICI Bank personal loan after 1 year?

You can close your personal loan from ICICI Bank after 6 months by paying charges: 5% charges.

Can I negotiate with ICICI Bank on the personal loan interest rate?

You can ask ICICI Bank to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

How to pay your ICICI Bank personal loan EMI?

You can pay your ICICI Bank personal loan EMI by using ECS facility or through Standing Instruction.

How to get ICICI Bank personal loan status by mobile number?

You can check the status of your ICICI Bank personal loan on their website by using your mobile number. You can also check the ICICI Bank personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the ICICI Bank personal loan process?

The most effortless ICICI Bank personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from ICICI Bank along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of ICICI Bank Bank as well.

ICICI Personal Loan News - May 2020
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More