ICICI Bank Personal Loan Interest Rates

The following are the benefits of an ICICI Bank Personal Loan-

• Maximum loan amount: Rs. 25 lakhs.
• The annual interest rates for ICICI Bank personal loans range from 10.75% to 19%.
• The repayment period is up to 72 months.
• The lowest potential EMI is Rs. 1,878 per lakh.
• Balance transfer for personal loans is available.

Following are the types of ICICI Bank Personal Loan Schemes-

To provide a short-term quick credit or personal loan overdraft facility to ICICI Bank salary account holders in order to pay any unexpected needs.

Processing Fee: Rs 1,999 plus taxes

Goal: To satisfy the personal needs of Non-Resident Indians

Loan Maximum amount: Rs 10 lakh

Purpose: Select ICICI customers are offered instant personal loans with loan disbursement in 3 seconds.

Maximum loan amount: Rs 50 lakh

Tenure: 1 to 5 years

Specific loan top-up facility on existing loans with speedy processing and disbursement facilities to meet the applicants' personal needs

Loan Amount: 50,000 to 25 lakh rupees.

The purpose of the ICICI Bank personal loan balance transfer option is to allow existing borrowers of other banks/NBFCs to transfer their personal loans to ICICI Bank at cheaper interest rates.

The aim of this personal scheme is to help freshmen and new staff with their personal costs.

Loan Amount: Up to Rs 1.5 million.

Here is the table to show the ICICI Bank personal loan interest rates-

• Processing fee: up to 2.25% of the loan amount sanctioned plus GST.
• Prepayment penalties are 5% of the unpaid principal plus GST.
• Late paying interest is charged at a rate of 24% per year.
• Switching repayment mode costs Rs. 500 per transaction plus GST.
• Loan cancellation fees are Rs. 3,000 plus GST.
• EMI bounce charges: Rs. 400 + GST per bounce.
• Auto-debit bounce fees are Rs. 50 plus GST.

Before you can use this credit facility, you must first meet certain eligibility requirements. The bank normally determines an applicant's eligibility after considering a variety of characteristics such as age, income, credit score, employment stability, work experience, and so on.

Suppose a person fits the aforementioned characteristics. It would be a simple process for him to obtain the ICICI Personal Loan. Varied banks, however, have different eligibility requirements.

• Passport/driving license/PAN card/Voters ID card as proof of identity (anyone)
• Proof of address - house agreement/utility bills no older than three months/passport (anyone)
• Pay Stubs from the last three months
• Bank statement over the last three months (of salary account)
• Two passport-sized photos