ICICI Bank Personal Loan Interest Rates

ICICI Bank provides two personal loan plans with interest rates ranging from 10.75% p.a. to 19% p.a. You will be charged 3% p.a. of the outstanding loan amount if you want to repay the loan. If the borrower has paid 12 monthly instalments and is utilizing his or her own cash to pre-pay, the processing charge will be waived. There is no option for partial prepayment.

To salaried persons, the bank provides a scheme for personal expenditures such as weddings, home renovations, and vacations. The other program is only for self-employed people, non-professionals, and doctors.

Details of the ICICI Bank Personal Loan Scheme

 

ICICI Personal Loan Interest Rate

10.75% p.a. to 19% p.a.

Term

72 months

Processing Fee

2.5%

Maximum Amount

Rs. 50 lakhs

Salary

Individuals with salaries up to Rs.30,000 p.m.

Profession

Two years

Prepayment Charges

5% p.a. of the outstanding loan amount

CIBIL

700 and above

Features of the ICICI Bank Personal Loan Scheme

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.

Types of ICICI Bank Personal Loan Schemes

Following are the types of ICICI Bank Personal Loan Schemes-

1) Flexi Cash

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

2) NRI Personal Loan from ICICI Bank

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

Loan Maximum amount: Rs 10 lakh

3) Pre-Approved Personal Loan Scheme

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

4) Top Up Loan from ICICI Bank

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.

5) ICICI Bank Balance Transfer

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.

6) ICICI Bank Fresher Funding

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.

ICICI Personal Loan Interest Rate 2024

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

Types of Loan

Interest Rates

ICICI Bank Personal Loan Interest Rate 2024 for a Personal Loan

10.75% onwards

ICICI Personal Loan Interest for Flexicash

12%-14%

ICICI Bank Personal Loan Interest for NRIs

15.49% onwards

Other Charges of the ICICI Bank Personal Loan

  • 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.

Who is Eligible for the Personal Loan from ICICI Bank?

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.

Documents Required for the Personal Loan

  • 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

Other Bank Interest Rates

Banks/NBFCs

Interest Rates (p.a.)

SBI

10.30%-15.10%

ICICI Bank

10.75% onwards

Axis Bank

10.25% onwards

IndusInd Bank

10.49% onwards

IDFC First Bank

10.75% onwards

Bajaj Finserv

13.00% onwards

Kotak Mahindra Bank

10.99% onwards

Tata Capital

10.99% onwards

HDFC Bank

11.00% onwards

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