If you are looking for Instant personal loans in India, ICICI Bank is one of the most trusted names in the industry. It is a leading private-sector bank that offers personal loans at competitive interest rates. ICICI Bank Personal Loan can be used to meet your financial needs, such as weddings, home renovation, medical emergencies, travel, education, and debt consolidation.
ICICI Bank Personal Loans range from Rs. 50,000 to 50 Lakh at an attractive interest rate starting at 10.75% p.a. with flexible tenure of up to 72 months. Here, we will provide all necessary details regarding ICICI Bank personal loan interest rates, eligibility criteria, documentary requirements, the application process, repayment options, customer care contact details, and FAQs.
Key features of ICICI Bank Personal Loan are:
- Pre-approved loan offer: This is a pre-approved loan offer for select customers of ICICI Bank.
- Flexible Repayment: You can repay the loan in flexible installments or pay only the interest amount as EMI and repay the principal amount at the end of the loan tenure.
- Multiple Withdrawals: You can withdraw funds as many times as you need from your sanctioned loan limit.
- Online Account Management: You can manage your loan account online through the ICICI Bank website or mobile app.
- Quick Disbursement: The loan amount is quickly disbursed to your account as soon as your loan is approved.
ICICI Bank Personal Loan Details
| Article Topic | ICICI Bank Personal Loan |
| Interest Rate | Competitive interest rate starting from 10.75% per annum. |
| Loan Amount | 50,000 to 50 lakhs |
| Tenure | 12 to 72 months |
| Processing fee | 2.50% + GST on the loan amount |
| Age | 23 – 58 (Salaried) 25 – 65 (Self-employed) |
| ICICI Personal Loan Customer Care Number | 1860 120 7777 1800 200 3344 |
ICICI Bank Personal Loan Interest Rate
ICICI Bank is one of the leading private-sector banks that offer personal loans at competitive interest rates to its customers. ICICI Bank provides personal loans to its customers at an attractive interest rate of 10.75% to 19% per annum. The interest rate on personal loans offered by ICICI Bank can vary depending on several factors, which include:
Factors That Affect Personal Loan Interest Rate
Credit Score: Your credit score is one of the most necessary factors that affect your loan interest rate. A good credit score indicates that you have a good credit history and are less likely to default on loans, making you a low-risk borrower. So, if you have a good credit score, you can get a personal loan at a lower interest rate.
Income and employment history: The lender will also look at your income and employment history to ensure that you have a steady source of income to repay the loan. If you have a stable job and a high income, you may be offered a lower interest rate on the personal loan.
Loan amount and tenure: The loan amount and the length of the repayment tenure can also affect your interest rate. Generally, longer repayment terms can result in higher interest rates.
Debt-to-income ratio: Your debt-to-income ratio is the amount of debt you have compared to your income. Lenders prefer to see a low debt-to-income ratio, as it suggests that you have a lower risk of defaulting on the loan.
Lender Policies: Each lender has policies and criteria for determining interest rates. It’s necessary to research and compares multiple lenders to find the best interest rate and terms for your financial situation.
Collateral: If you are applying for a secured personal loan, the collateral you put up can affect your interest rate. If the collateral is valuable and easily liquidated, you may be offered a lower interest rate on the personal loan.
Economic conditions: Economic conditions can also affect personal loan interest rates. In times of economic uncertainty, interest rates may be higher, while during periods of economic growth, interest rates may be lower.
Relationship with the bank: If you have a long-standing relationship with ICICI Bank, you may be eligible for a lower interest rate on your loan.
Features & Benefits of ICICI Bank Personal Loan
If you need a personal loan, you can get a personal loan from ICICI Bank. But, before applying for a personal loan, you must know all the features and benefits of an ICICI Bank loan, which we have mentioned below:
Loan Amount: ICICI Bank offers personal loans ranging from Rs. 50,000 to Rs 50 lakhs, making it possible for borrowers to meet various financial needs.
Low-Interest Rate: The bank offers competitive interest rates starting from 10.75%, depending on the borrower’s credit score, income, and other factors.
Repayment Tenure: The repayment tenure for ICICI Bank Personal Loan can be up to 72 months, allowing borrowers to choose a flexible repayment period that suits their financial capacity.
Quick Approval: The loan approval process is quick and easy, and the loan amount is disbursed within 72 hours of approval.
Processing Fee: ICICI Bank charges a processing fee of up to 2.50% of the loan amount, which is nominal compared to other banks in India.
Digital Process: The loan application process can be completed online through the bank’s website or mobile app, making it easy and convenient for borrowers.
Minimum Document Required: The documentation required for the loan is minimal and includes identity proof, address proof, income proof, and employment proof.
EMI Calculator: The bank provides an EMI calculator on its website, allowing borrowers to calculate their EMI based on the loan amount, interest rate, and repayment tenure.
No collateral or security required: ICICI Bank Personal Loan is an unsecured loan, which means that no collateral or guarantee is required to avail of the loan.
Customer Support: The bank provides excellent customer support to borrowers, helping them with any queries or issues they may have. The customer care executives can be contacted by calling the toll-free number 1860 120 7777 or writing to them.
Comparison of ICICI Personal Loan Interest Rates with Other Lenders
| Name of the Lender | Rate of Interest (p.a.) |
| IIFL Finance Personal Loan | 12.75% to 33.75% |
| Home Credit | 12% to 36% |
| Bajaj Finance | 13% to 26% |
| Axis Bank | 10.99% to 21% |
| Bank of Baroda | 10.70 to 14.20% |
| EarlySalary App | 12% to 30% |
| IDFC First Bank | 10.49% to 24% |
| IndusInd Bank | 10.49% to 26.50% |
| Kotak Mahindra Bank | 10.99% to 19.20% |
| IVL Finance Limited Personal Loan | 13.99% p.a. Onwards |
| Tata Capital | 10.99% to 21% |
| L&T Finance | 11% to 19% |
Eligibility Criteria for ICICI Bank Personal Loan
ICICI Bank offers personal loans to salaried individuals and self-employed professionals. The eligibility criteria and required documents for ICICI Bank personal loans are as follows:
ICICI Bank Personal Loan Eligibility:
- Age: The applicant must be at least 23 years old at the time of application and not more than 58 years old at the time of loan maturity.
- Income: The minimum monthly income requirement for salaried individuals is Rs. 30,000, and for self-employed professionals, it is Rs. 40,000.
- Employment Stability: Salaried individuals should have a minimum of 2 years of work experience, with at least 1 year of experience with the current employer. Self-employed professionals should have a minimum of 5 years of business continuity.
- Credit Score: Applicants should have a good credit score and a healthy credit history.
Documents Required for ICICI Bank Personal Loan:
- Identity Proof: Passport, PAN Card, Voter ID Card, Driving License, Aadhaar Card
- Address Proof: Passport, Voter ID Card, Driving License, Aadhaar Card, Utility Bills (not more than 3 months old)
- Income Proof for Salaried Individuals: Salary Slips for the last 3 months, Form 16, or Income Tax Returns for the last 2 years
- Income Proof for Self-employed Professionals: Audited Financials for the last 2 years, Income Tax Returns for the last 2 years, Bank Account Statements for the last 6 months
- Employment Proof for Salaried Individuals: Appointment Letter, Experience Certificate, Current Employment ID Card
- Business Proof for Self-employed Professionals: Business Registration Certificate, GST Registration Certificate, Shop, and Establishment Certificate.
How to Apply for ICICI Bank Personal Loan?
The ICICI Bank loan application process is simple. If you meet the eligibility criteria and documents mentioned above, you can apply for a personal loan and get a personal loan from ICICI Bank by following a few easy steps:
Check your eligibility: You should check whether you meet the eligibility criteria for ICICI Bank personal loan. You can do this by visiting the bank’s website or using an online eligibility calculator.
Compare interest rates: Compare the interest rates and other terms and conditions of ICICI Bank personal loans with other lenders to ensure that you are getting the best deal.
Apply for the Loan: You can apply for an ICICI Bank personal loan online or offline.
Online Application:
- Visit the ICICI Bank website and click on the ‘Personal Loans’ tab.
- Click on ‘Apply Now’ and fill in your personal and financial details in the online application form.
- You need to submit necessary documents like identity proof, address proof, income proof, and employment proof to complete the loan application process.
- Once the bank verifies your details and documents, they will disburse the loan amount to your bank account.
Offline Application:
- Visit the nearest ICICI Bank branch and meet with a loan officer.
- Fill in the loan application form and provide the necessary documents.
- The loan officer will verify your details and process your application.
- Once the loan is approved, the bank will disburse the loan amount to your bank account.
Loan Processing and Sanction: Once the bank receives your application and documents, it will process your loan application and verify your eligibility. If your application is approved, the bank will disburse the loan amount to your bank account.
Repayment: You will be required to repay the loan amount with interest as per the agreed terms and conditions. You will repay the loan through EMIs on your loan agreement.
ICICI Bank Personal Loan EMI Calculator
You can calculate the EMI (Equated Monthly Installment) for an ICICI Bank Personal Loan using the following formula:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
Were,
P = Loan amount
R = Rate of interest per month (annual interest rate/12)
N = Loan tenure in months
For example, let’s assume that you have taken a personal loan of Rs. 5 lakhs from ICICI Bank at an interest rate of 12% per annum for a tenure of 5 years (60 months).
To calculate the EMI for this loan, you can use the above formula as follows:
EMI = [500000 x 1% (12/12) x (1+1% (12/12)) ^60]/ [(1+1% (12/12)) ^60-1]
EMI = Rs. 11,122
Therefore, the EMI for this loan would be Rs. 11,122.
Alternatively, you can use online EMI calculators that are available on the ICICI Bank website or other financial websites to calculate the EMI for your loan. All you need to do is enter the loan amount, interest rate, and tenure, and the calculator will provide you with the EMI amount.
ICICI Bank Personal Loan Processing Fees and Charges
| Interest Rate | 10.75% to 19% per annum |
| Processing fee | Up to 2.50% of the loan amount plus applicable taxes |
| Prepayment Charges | For salaried customers, 3% plus applicable taxes on principal outstanding after payment of 1st EMI and Nil if 12 or more EMIs are paid. For MSE classified customers, charges are Nil after payment of the 1st EMI for loan amounts up to 50 lakhs. |
| Additional Interest on late payment | 24% per annum |
| Repayment Mode Swap Charges | Rs 500/- |
| Loan Cancellation charges | Rs 3000/- |
| EMI Bounce charges | Rs 500/- |
ICICI Bank Personal Loan Customer Care
The customer care executives can be contacted by calling the toll-free number 1860 120 7777 or writing to them.
Alternate Numbers: Chennai: 044-33667777 Kolkata: 033-33667777 Mumbai: 022-33667777 Delhi: 011-33667777
For unresolved queries, you can register your grievance by dialing ICICI Bank customer care at 1800 200 3344
FAQs Related to ICICI Bank Loan:
How to check ICICI Personal loan status?
You can check the status of your ICICI Bank personal loan by logging in to the ICICI Bank website or mobile app and selecting the “Personal Loan” option. You can also contact the ICICI Bank customer care team to check your loan status.
How can I repay my ICICI Bank personal loan?
You can repay your ICICI Bank personal loan via auto debit, online payment, or by submitting a cheque/demand draft at the bank branch. Set up an auto debit to ensure timely payment. Make online payments using the bank website or mobile app. Submit a cheque/demand draft at the nearest ICICI Bank branch.
What is the limit of personal loans in ICICI Bank?
The personal loan limit in ICICI Bank can vary depending on your credit profile, income, repayment capacity, and other factors. ICICI Bank offers personal loans up to Rs. 50 lacks eligible customers.
How do I apply for a Personal Loan from ICICI Bank?
You can apply for a personal loan from ICICI Bank online or offline. To apply online, visit the ICICI Bank website or mobile app, fill in the application form, and upload the necessary documents. To apply offline, you can visit the nearest ICICI Bank branch and submit the application form and the required documents.
What is the interest rate for an ICICI Bank loan?
The interest rate for ICICI Bank loans may vary depending on the loan type, loan amount, and other factors. ICICI Bank Personal is available at attractive interest rates ranging from 10.75% to 19% per annum. You can check the interest rates for different types of loans on the ICICI Bank website or by contacting the customer care team.
How long does it take for an ICICI Bank loan to be approved?
The time taken for loan approval may vary depending on the type of loan and the documentation process. ICICI Bank Personal Loan can be approved within 72 hours of applying, whereas other loans may take longer.
What are the eligibility criteria for an ICICI Bank loan?
The eligibility criteria for ICICI Bank loans may vary depending on the loan type. Eligibility criteria for personal loans include factors such as age, income, credit score, and employment status.
How to contact ICICI personal loan customer care?
You can contact the ICICI Bank customer care team by calling their toll-free number: 1860 120 7777. You can also write an email to [email protected] or visit the nearest ICICI Bank branch to get in touch with the customer care team.
Does ICICI Bank provide a personal loan balance transfer facility?
Yes, ICICI Bank offers Personal Loan Balance Transfer facility to customers who wish to transfer their outstanding Personal Loan balance from another bank or financial institution to ICICI Bank. By transferring your existing personal loan balance to ICICI Bank, you can avail of lower interest rates, EMI payments, and longer repayment tenure, helping you save money and manage your finances better. To avail of this facility, you need to provide the relevant documents and fulfill the eligibility criteria set by ICICI Bank.
Conclusion:
ICICI Bank Personal Loan is a popular financial product that can help individuals meet their financial needs. It has flexible repayment options, low-interest rates, and quick disbursal times. The eligibility criteria for ICICI Bank Personal Loan are reasonable, and customers can easily apply online or offline.
The bank provides different types of personal loans, including Flexi Cash and Instant Personal Loan. ICICI Bank also offers various features such as prepayment, part-payment, and balance transfer options to make the repayment process convenient for customers.
Overall, ICICI Bank Personal Loan can be an excellent option for those seeking financial assistance for their personal needs, given its competitive interest rates, the easy application process, and customer-friendly approach.
