ICICI Bank Personal Loans

ICICI Bank Personal Loan

10.99% - 22%

Fixed

Processing Fee
2.25

Tenure
1 - 5 Years

ICICI Bank Personal Loan

ICICI Bank offers personal loan of up to Rs. 20 Lacs for both Salaried and Self-Employed applicants with a fixed annual interest rate ranging from 10.99% to 22% per annum with a processing fee of up to 2.25% of the principal outstanding amount.


ICICI Bank is a good fit for you?

Existing ICICI Bank Customer – ICICI Bank is a good choice for you if you are an existing relationship with the bank. ICICI Bank offers pre-approved offers, zero documentation, instant approvals and instant fund disbursal via ICICI Bank ATMs to select customers.

If You're a Fresher – ICICI bank is offering a specific personal loan targeting to fresher who wants to avail funds for any personal purposes. Being a fresher, you can avail personal loan amount as high as Rs. 1.50 Lacs with annual interest rate starting from 10.99% to maximum 22%.

ICICI Bank Personal Loan at a glance

Annual Interest Rate

10.99% - 22% per annum

Loan Term

12 Months - 60 Months

Loan Amount

Up to Rs. 20 Lacs

Time of Funding

Within 72 hours

After receipt of complete documents

Pre-Payment Charges

5% per annum of principal outstanding

Why Choose ICICI Bank?

Prepayment Possible Anytime – Comparing to many of its competing banks, ICICI Bank allows prepayment of the personal loan anytime. It means you can prepay your personal loan anytime you have the funds available with you. However, a charge of 5% per annum on the principal outstanding amount will be levied to you.

Pre-Approved Offers – An Existing ICICI Bank customer can apply with pre-approved offers on personal loan and avail funds within 3 seconds without providing any documentation and security/guarantee, depending upon the credit history and repayment capability of the applicant. The pre-approved personal loan can be applied using any of the following method – with ICICI Bank iMobile App, at any ICICI Bank ATM or by simply writing "PL INSTA" and sending it to 5676766 via SMS. However, the loan will be credited after the online verification and acceptance of the final offer.

What to watch out for?

Part-payment Not Available – ICICI Bank doesn't allow its customer to prepay their personal loan outstanding using part-payment method. Part-payment method is quite useful since you can prepay your personal loan in the multiple of your monthly EMI unlike the Foreclosure method where you have to clear the whole outstanding balance in one transaction.

High Interest Rates – As compared to many other private and public sector finance provider, the interest rate that ICICI Bank charge is a bit high. Currently, ICICI Bank charges an interest rate of maximum up to 22% of the loan amount.

High Processing Charges – The processing charges levies on ICICI Bank personal loan are quite high with 2.25% of the principal outstanding amount, whereas many other competing banks like State Bank of India and Oriental Bank of Commerce charging only maximum 1% of the loan amount.

High Prepayment Charges – The prepayment charges levied by ICICI Bank are quite high with 5% per annum of the principal outstanding as compared to many other competing banks offering zero prepayment charges such as SBI.

Compare ICICI Bank Personal Loans to Other Banks

Bank Name ICICI Bank HDFC Bank Axis Bank

APR

10.99% - 22%

11.39% - 20.99%

15.5% - 24%

Loan Term

12 Months - 60 Months

12 Months - 72 Months

12 Months - 60 Months

Maximum Lending Amount

Rs. 20 Lacs

Rs. 50 Lacs

Rs. 15 Lacs

Processing Fee

Upto 2.25% per annum of the loan amount

Up to 2.50% of the loan amount

1.50% to 2.00% of the loan amount

Time to Funding

Within 72 hours of approval

Within 4 hours

Within 48 hours

Pre-Closure

5% per annum of principal outstanding

2% to 4%

Nil

The typical Annual Percentage Rate offered by ICICI Bank is quite higher as compared to its main comparing banks such as HDFC Bank and SBI; However, still less than what Axis Bank is currently offering. ICICI Bank levying an annual interest rate of 10.99% to 22% on the monthly reducing balance in comparison of HDFC Bank with 11.39% to 20.99% per annum, SBI with 10.75% to 15.15% per annum and Axis Bank with 15.50% to 24% per annum.

Processing charges levied on ICICI Bank Personal Loans are average when comparing it with its main competitors like HDFC and Axis Bank; However, many other government and public sector bank charges only upto 1% on the principal outstanding amount which is quite low as compared to ICICI Bank charging it personal loan customers. The disbursal time ICICI Bank offers, is quite slow than HDFC and Axis Bank. HDFC Bank disbursed the amount within just hours of approvals usually and Axis offers disbursal within maximum 48 hours of approvals, whereras ICICI takes upto 72 hours from the time of approval.

On comparison of prepayment or pre-closure charges levied by these three banks, you'll find that ICICI Bank is charging the way higher than what HDFC and Axis are levying. Axis Bank is best in terms of pre-closure charges when compared with ICICI and HDFC Bank since they doesn't charge any pre-closure amount on prepaying the personal loan.

Am I Eligible?

  • Age of a salaried applicant should be minimum 23 years to 58 years.
  • Fresher applying for personal loan should be minimum 21 years old at the time of loan application.
  • Age of the self-employed applicants and Doctors should be minimum 28 years to 65 years.
  • Minimum monthly income of Rs.17, 500 required. Minimum monthly income of Rs.25,000 required If the applicant is residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata.
  • Minimum net monthly income of Rs. 1 Lac for Self-Employed Non-professionals. Minimum monthly income of Rs. 2 Lacs for Proprietorship Firm or Self employed Individuals, Rs. 40 Lacs for Non-Professionals and Rs. 15 Lacs for professionals as per the latest ITR along with minimum 1 year existing relationship with ICICI Bank.
  • Minimum stability of 2 years in current profession.
  • Applicant should be living at the current residence for at least 1 Year.

Loan Offerings

ICICI Bank Personal Loan

  • ICICI Bank also offers personal loan of up to Rs. 20 Lacs with an annual interest rate starting from 10.99% to 22% without providing any security or collateral. The applicant can borrow the funds for any personal purpose, be it wedding, planning a vacation, renovation of existing home or purchasing a consumer product.
  • You can avail a personal loan for a minimum 12 months to maximum 60 months of period with a one time processing fee equivalent to up to 2.25% per annum of loan amount.
  • Documents required for Salaried Applicants:
    • Employee ID Card
    • Latest payslip of last 3 months / Form 16 / Copy of Latest ITR
    • Bank statement of the last 3 months where salary is being credited
    • KYC Documents (Aadhar ID and PAN Card are mandatory) with 2 Passport Size Photographs
  • Documents required for Self-Employed Applicants:
    • Bank statement of the last 6 months
    • Audited Finance Reports for last two years for Income.
    • Proof Office Address
    • Proof Proof of residence or office ownership.
    • Proof of continuity of business.
    • KYC Documents (Aadhar ID and PAN Card are mandatory)

ICICI Bank Fresher Funding

  • Unlike its competing banks, ICICI bank offers has designed a specific personal loan and offering funds of up to Rs. 1.50 Lacs to freshers of age 21 years or above. For a processing fee on Fresher Funding personal loan, ICICI Bank charges a fee of up to 2.25% of the principal outstanding amount.
  • Documentation for Fresher Funding:
    • Copy of documents for qualification
    • Bank statement of the last 3 months
    • KYC Documents (Aadhar ID and PAN Card are mandatory) with 2 Passport Size Photographs

ICICI Bank Top Up Personal Loan

  • ICICI Bank also offer personal loan to Non-Resident Indian with the help of a close Indian relative. An NRI can avail personal loan of up to Rs. 10 Lacs from ICICI Bank with an annual interest rate of 15.49% and tenure as long as 36 months from the date of loan disbursal.
  • The Indian relative will be the primary applicant of the loan and the NRI persona has to become the co-applicant in the loan. The Indian co-applicant must be available in India at the time of loan application.

ICICI Bank NRI Personal Loan

  • ICICI Bank also offer personal loan to Non-Resident Indian with the help of a close Indian relative. An NRI can avail personal loan of up to Rs. 10 Lacs from ICICI Bank with an annual interest rate of 15.49% and tenure as long as 36 months from the date of loan disbursal.
  • The Indian relative will be the primary applicant of the loan and the NRI persona has to become the co-applicant in the loan. The Indian co-applicant must be available in India at the time of loan application.
  • Documentation for NRI Personal Loan:
  • NRI Applicant
    • Passport copy Visa copy
    • Bank statement
    • Official e-mail ID or HR e-mail ID
    • Salary slip or salary certificate
    • NRE/ NRO bank statement for 6 months
  • Resident Indian
    • Identity and address proof
    • Last 3 months bank statement
    • Residence proof in the name of the applicant/co-applicant/parent

ICICI Bank Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

ICICI Bank Personal Loan

10.99% - 22% per annum

ICICI Bank Personal Loan Top Up

10.99% - 22% per annum

ICICI Bank Personal Loan for NRIs

15.49% - 22% per annum

ICICI Bank Personal Loan for Freshers

10.99% - 22% per annum

How do I apply for ICICI Bank Personal Loan?

At Paisa

    • Check the loan offerings offered by ICICI Bank above and chose one that is suitable to your requirements.
    • Click on "Apply Now" button.
    • Fill all the required information carefully such as DOB, Mobile Number, Email Address and Existing Loan etc.
    • Click on "Submit".

Through ICICI Bank Internet Banking

    • Log in to ICICI Bank Net banking services
    • Select "Loans" options under "My Accounts".
    • Click on "Apply for Loans"
    • Click on "Apply Now" under "Personal Loan" option
    • Check the Eligibility and Click on Apply Now

By Calling ICICI Bank Customer Care

    • Simply call ICICI Bank customer care at 3366-7777 with your local STD code and make a request for personal loan.

Offline at ICICI Bank Branch

    • Walk-in into any nearest ICICI Bank Loan Servicing branch with all the necessary documents.
    • Fill up the Personal Loan Application form and submit it at the counter with the documents.

After I Apply?

Check Personal Loan Status

    • Click here to go to the ICICI Bank Personal Loan Status check page where you can check you personal loan status either entering personal details Mobile Number and DOB or by loan application number, Mobile Number and DOB.
    • Enter the required details and click on Continue. Your personal loan status will appear on your screen.

Once I'm Approved?

Prepay Personal Loan

    • Walkin into the nearest ICICI Bank with the necessary documents like Prepayment Request Letter, PAN Card if prepayment amount is more than Rs. 50,000 and Cash/Cheque/Demand Draft. You have to send an authority letter and your identification proof with your representative as well if you are not present at the time of prepayment request.
    • Submit the form and all the necessary documents at the counter to make the prepayment against your personal loan account.

Update Your Contact Details

    • Through ICICI Bank Internet Banking:
      • Login to ICICI Bank Website using your user ID and password.
      • Click on the Loans option
      • Click on the Requests option
      • Select the option Request for Address Change or E-mail and Contact Number Updation
    • Through ICICI Bank Customer Care:
      • Call ICICI Bank 24-hour Customer Care and ICICI Bank Customer Care Executive will be glad to help you.
      • To know the customer care number please click here.
      • And make a request to change the contact details
    • At any nearest ICICI Bank branch:
      • Visit any ICICI Bank loan branch with a valid photo ID proof and submit an application.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

Upto 2.25% per annum of loan

Prepayment Charges

5% per annum of principal outstanding

Penal Charges

24% per annum on the overdue EMI

EMI Bounce Charges

Rs. 400 per instance

NOC / NDC Charges

Rs. 500 per NOC and Rs. 200 per NDC

The processing charges that ICICI Bank levies on its personal loan customer is up to 2.25% of the loan amount, which is a bit high than some other competing banks like SBI and Allahabad Banks charging only 1% of the principal amount for the processing fee.

Apart from the processing charges, the prepayment charges are quite high with 5% per annum on the principal outstanding amount, where many other competing banks like HDFC Bank charging 2% to 4% of the principal amount and some other banks charging no prepayment charges at all such as Axis Bank and SBI. As per the penal interest is concerned, it's same with 24% per annum (2% per month) over the existing interest rate as most of public and private sector banks like SBI, HDFC and Axis Bank charges. When it comes to EMI Bounce Charges, ICICI Bank is charging Rs. 400 per instance, which is a bit high than many public sector banks like SBI and Allahabad Bank.

As for the NOC/NDC charges are concerned, ICICI Bank is charging Rs. 500 for each copy of NOC and Rs. 200 for each copy of NDC, where multiple other banks like HDFC offering the same without charging any fee to the borrower.

FAQs

How can I repay my ICICI Personal Loan?

You can repay your personal loan in EMIs through Auto-debit / ECS / PDC.

When can I pre-close my personal loan? What are the applicable charges?

Preclosure of loan can be done at the rate of 5% of the outstanding loan amount after a payment of at least 12 EMIs.

Get waiver on prepayment charges if the prepayment of the loan is done using your own funds.Waiver on prepayment charges is not applicable in the case of balance transfer.

What is the procedure to pre-close my ICICI Bank Personal Loan?

In order to pre-close your personal loan, you need to visit any nearest ICICI branch. You need to provide the following documents to pre-close your loan –

  • Request Letter signed by the loan applicant
  • PAN Card if the mode of payment is cash and the amount is more than Rs.50,000.
  • Payment can be made through cash, cheque or demand draft.
When can I transfer my existing personal loan to ICICI Bank?

Balance Transfer facility can be availed only if you have paid 12 EMIs of your existing personal loan. Please contact your nearest branch or our call center for further details.

Who can be my co-applicant?

Co-applicant can be either of the mentioned below:

  • Son or Daughter in case of Proprietorship Firm/ Self-employed Individual.
  • Partners with at least 51% Stake to be taken co-applicant in case of Partnership Firm/ LLP.
  • Director(s) with at least 51% stake to be taken co-applicant in case of Private Ltd Company.
  • One director to be taken co-applicant in case of Public Ltd Company.
Do I have to provide any security? If yes then what are the requirements for security for the ICICI Bank Personal Loan?

Security isn't necessary to be eligible to avail ICICI Bank Personal Loan. However, ICICI Bank can accept a security or a third-party guarantee if you want to avail loan amount greater than your eligibility criteria.