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.
Up to ₹50L
10.65% - 16%
1 - 6 Years
Up to 3%
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 |
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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 |
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Documentation |
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Note : Rates as of 14 December 2024
Table of Contents | ||
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Comparison of ICICI Personal Loan vs. Other Lenders | ||
Fees and Other Charges | ||
Types of Personal Loan Product | ||
Eligibility Criteria | ||
Documents required | ||
EMI Calculator | ||
Customer Care | ||
FAQs |
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
Particulars | Rates | |
---|---|---|
Processing Fee | Up to 2.50% of loan amount + GST | |
Pre-payment Charges |
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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
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
Purpose: ICICI Bank provides pre-qualified personal loans to its eligible existing customers. The application process is straightforward, and the processing is quick.
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
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
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
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
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
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.
To apply for an ICICI Bank Personal Loan, the applicant must meet the following criteria:
1. Age Criteria:
2. Income Requirement:
3. Work Experience:
4. Residential Stability:
For self-employed individuals applying for ICICI Bank Personal Loan, the criteria are as follows:
1. Age Criteria:
2. Financial Eligibility:
3. Business Stability:
4. Bank Relationship:
Also read: Best Personal Loan Eligibility
Also Read: Best Personal Loan Documents Required
Also read: Best Personal Loan EMI Calculator
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.
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
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.
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
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.