ICICI Bank Personal Loan

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Get an ICICI Bank provides personal loans starting at an interest rate of 10.65% per annum for amounts up to Rs 50 lakh and repayment periods of up to 6 years. Some customers may qualify for a pre-approved instant personal loan with funds disbursed within 3 seconds. Additionally, ICICI Bank offers the option to transfer existing personal loans from other banks/NBFCs to ICICI at lower interest rates. Customers with salary accounts at ICICI Bank can also benefit from an overdraft facility.

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ICICI Bank

Max. Loan Amt.

Up to ₹50L

Rate of Interest

10.65% - 16%

Tenure up to

1 - 6 Years

Processing Fee

Up to 3%

Check Eligibility
100% Digital Process* Quick Disbursal

ICICI Bank Personal Loan Interest Rate

ICICI Bank has different interest rates for various types of personal loans. However, unlike some other lenders, ICICI Bank hasn't revealed a detailed breakdown of how they determine personal loan interest rates. Many lenders consider factors like credit score, monthly income, job type, and employer background when setting interest rates, but ICICI Bank hasn't shared this specific information publicly.

Loan Product Interest Rate (p.a.)
Personal Loan 10.65% onwards
Flexicash (Overdraft facility to salary account holders) 12%-14%
Personal Loan for NRIs 15.49% onwards

ICICI Bank Personal Loan Highlights

Interest Rate 10.65% p.a. onwards
Loan Amount Up to Rs 50 lakh
Tenure 1-5 years
Loan processing charges Up to 2.50% of loan amount
Minimum Monthly Income Rs 30,000
Prepayment Charges
  • For salaried customers: 3% plus applicable taxes on principal outstanding after payment of 1st EMI, Nil if 12 or more EMIs are paid.
  • For MSE classified customers, charges are Nil after payment of the 1st EMI for loan amount of up to Rs 50 lakh
Documentation
  • Proof of Identity
  • Proof of Address
  • Bank statements (last 6 months)
  • Salary slips (latest)

Note : Rates as of 23 December 2024

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards Apply Now
IndusInd Bank 10.49% onwards Apply Now
IDFC First Bank 10.49% onwards Apply Now
HDFC Bank 10.50% onwards Apply Now
ICICI Bank 10.50% onwards Apply Now
Kotak Mahindra Bank 10.99% onwards Apply Now
Tata Capital 10.99% onwards Apply Now
Bajaj Finserv 11.00% onwards Apply Now
Federal Bank 11.49% onwards Apply Now
DMI Finance 12.00% - 40.00% Apply Now
L&T Finance 12.00% onwards Apply Now
Kreditbee 12.25% - 30.00% Apply Now
MoneyTap 12.96% onwards Apply Now
Piramal Finance 12.99% onwards Apply Now
Aditya Birla 13.00% onwards Apply Now
MoneyView 15.96% onwards Apply Now
Cashe 27.00% onwards Apply Now

Compare personal loan interest rates of all major Banks/NBFCs

Also read: Best Personal Loan Interest Rate

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Particulars Rates
Processing Fee Up to 2.50% of loan amount + GST
Pre-payment Charges
  • For salaried customers- 3% plus applicable taxes on principal outstanding after payment of 1st EMI, Nil if 12 or more EMIs are paid.
  • For MSE classified customers, charges are Nil after payment of the 1st EMI for loan amount of up to Rs 50 lakh
Loan Cancellation Charges Rs 3,000 + GST
Penal Interest 24% p.a.
EMI Bounce Charges Rs 400 per bounce + GST
Repayment mode swap charges Rs 500 per transaction + GST

Also read: Best Personal Loan in India

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ICICI Bank Pre-Approved Personal Loan

Purpose: ICICI Bank provides pre-approved instant personal loans to certain existing customers, and the loan amount is disbursed within just 3 seconds.

Loan Amount: Up to Rs 50 lakh

Tenure: 1- 5 years

ICICI Bank Pre-Qualified Loan

Purpose: ICICI Bank provides pre-qualified personal loans to its eligible existing customers. The application process is straightforward, and the processing is quick.

ICICI Bank Top-up Personal Loan

Purpose: ICICI Bank provides a personal loan top-up facility for existing loan customers. This feature involves a speedy processing and disbursal process, catering to the additional personal requirements of the applicants.

Loan Amount: Rs 10 lakh- Rs 40 lakh

ICICI Bank FlexiCash

Purpose: ICICI Flexicash is a quick and short-term personal loan overdraft facility, like a personal loan, provided to those who have a salary account with ICICI Bank. It helps account holders manage their immediate personal expenses.

Processing Fee:  From  Rs 1,999 + taxes

ICICI Bank Personal Loan for NRI

Purpose:  ICICI Bank provides NRI Personal Loans designed to fulfill the personal needs of Non-Resident Indians (NRIs).

Loan Amount: Up to Rs 10 lakh

ICICI Bank Fresher Funding

Purpose:  ICICI Bank offers the Fresher Funding Scheme, allowing freshers and new employees to access financing for their personal expenses.

Loan Amount: Up to Rs 1.5 lakh

ICICI Bank Personal Loan Balance Transfer

Purpose: ICICI Bank's personal loan balance transfer facility enables individuals with existing personal loans from other banks or NBFCs to move their loans to ICICI Bank, benefiting from lower interest rates.

Also read: Best Personal Loan Status

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ICICI Bank determines the eligibility for personal loans by considering factors such as job profile, age, minimum monthly income, total work experience, and business vintage (for self-employed individuals). The following outlines the eligibility criteria set by ICICI Bank for personal loans.

For Salaried Individuals

To apply for an ICICI Bank Personal Loan, the applicant must meet the following criteria:

1. Age Criteria:

  • Minimum age at the time of loan application: 23 years
  • Maximum age at the time of loan maturity: 58 years

2. Income Requirement:

  • Minimum monthly income: Rs 30,000

3. Work Experience:

  • Minimum work experience: At least 2 years

4. Residential Stability:

  • The applicant should have resided in their current residence for at least 1 year.

For Self-Employed Individuals

For self-employed individuals applying for ICICI Bank Personal Loan, the criteria are as follows:

1. Age Criteria:

  • Minimum age at the time of loan application: 28 years (25 years for doctors)
  • Maximum age at the time of loan maturity: 65 years

2. Financial Eligibility:

  • Minimum turnover requirement:
    • Rs 40 lakh for non-professionals
    • Rs 15 lakh for professionals (as per audited financials)
  • Minimum profit after tax deduction:
    • Rs 2 lakh for proprietorship firm or self-employed individuals
    • Rs 1 lakh for non-professionals (as per audited financials)

3. Business Stability:

  • The applicant should have been in the current business for at least 5 years (3 years for doctors).

4. Bank Relationship:

  • The applicant should have at least a 1-year liability or asset relationship with the bank, either existing or closed in the last 3 years.

Also read: Best Personal Loan Eligibility

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For Salaried

  • ID Proof (any 1): Driving License, Passport, PAN Card, Voter ID
  • Address Proof (any 1): Passport, Utility Bill less than 3 months old, Leave and License Agreement
  • 2 passport size photographs
  • Bank Statement for last 3 months with salary and income credits
  • Salary slips for last 3 months

For Self-Employed

  • KYC Documents: ID Proof, Address Proof, Date of birth proof
  • Residence Proof: Passport, Leave and License Agreement, Utility Bill not more than 3 months old
  • Income Proof
  • Proof of office address
  • Bank Statement for last 6 months
  • Residence Proof or Office ownership proof
  • Proof of continuity of business

Also ReadBest Personal Loan Documents Required

EMI Calculator

Also read: Best Personal Loan EMI Calculator

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  • Toll-Free Number: 1860-120-7777
  • Alternate Numbers: Chennai: 044-33667777 Kolkata: 033-33667777 Mumbai: 022-33667777 Delhi: 011-33667777
  • For unresolved queries you can register your grievance by dialing to ICICI Bank customer care at 1800 200 3344

1. At what minimum credit score can I avail ICICI Bank Personal Loan?

ICICI Bank has not specified mentioned a specific cut-off credit score for personal loan applicants. Typically, having a credit score of 750 or above enhances the likelihood of securing a personal loan at lower interest rates.

2. Is Personal Loan Balance Transfer facility provided by ICICI Bank?

Yes, ICICI Bank provides a Personal Loan Balance Transfer facility. This allows individuals with existing personal loans from other banks or NBFCs to move their loan accounts to ICICI Bank, benefitting from lower interest rates.

Also read: Best Personal Loan Balance Transfer

3. What is the eligibility criteria to avail pre-approved personal loans?

ICICI Bank offers pre-approved personal loan options to applicants who have a good repayment history and a positive credit record. Even individuals with no credit history can receive pre-approved personal loan offers based on their savings history and income.

4. Are there any restrictions on prepaying ICICI Bank Personal Loan?

ICICI Bank permits borrowers to prepay their personal loans, but this option is available after the repayment of 12 monthly installments. It's important to note that partial prepayment is not allowed. If you choose to prepay, the bank charges a prepayment fee equivalent to 5% of the outstanding principal amount.

Also read: Best Personal Loan Salaried Employees

5. What is the total time taken for the disbursal of an ICICI Bank personal loan?

ICICI Bank says they can approve a personal loan within 72 hours once you've submitted all the required documents. After approval, they claim to transfer the loan amount to your account in just 3 seconds. If you're a pre-approved customer, you might get an instant personal loan with quick processing and the money in your account within 3 seconds.

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