ICICI Bank Personal Loan
ICICI Bank offers competitive personal loan options with flexible terms to meet various financial needs. The starting interest rate is 10.80% per annum, and borrowers can access loans up to ₹50 lakh.
The repayment period ranges from 1 to 6 years, allowing for manageable monthly instalments. Applicants should be earning a minimum monthly salary of ₹30,000. The processing fee is capped at 2% of the loan amount, and prepayment charges vary based on the borrower’s classification.
For salaried customers, a fee of 3% plus applicable taxes applies on the principal outstanding if repaid before completing 12 EMIs, while no fee is charged after 12 EMIs. For Micro and Small Enterprises (MSE) customers, prepayment charges are waived after the first EMI for loans up to ₹50 lakh.
Required documentation includes proof of identity, proof of address, the last 6 months' bank statements, and the latest salary slips. Please note that these rates and terms are effective as of August 1, 2024.
Benefits of ICICI Bank Personal Loan
ICICI Bank Personal Loan offers several compelling advantages for borrowers:
No Pre-Closure Charges: You can enjoy the flexibility of paying off your loan early without incurring any pre-closure penalties, provided you have paid at least 12 EMIs.
Flexible Repayment Tenure: Tailor your loan repayment schedule to align with your financial plans and goals, thanks to customizable loan tenures.
Streamlined Documentation: Experience a hassle-free application process with minimal paperwork, making it easier to secure your loan.
Consistent Fixed Interest Rates: Benefit from stable interest rates that remain unchanged throughout your loan term, ensuring predictable and manageable monthly payments.
Collateral-Free Loans: Access financing without the need to provide any collateral, simplifying the borrowing experience and minimising your risk.
ICICI Bank Personal Loan Interest Rates
ICICI Bank’s interest rates for personal loans vary depending on the specific type of loan. Unlike some lenders, ICICI Bank does not publish a detailed interest rate matrix based on factors such as credit score, income level, occupation, or employer profile. This means the rates offered are generally personalised and may differ from one applicant to another based on individual financial profiles and loan details.
| Loan Product | Interest Rate (p.a.) |
|---|---|
| Personal Loan | 10.80%-16.15% p.a. |
| Personal Loan for NRIs | 15.49% onwards |
| Flexicash (Overdraft facility to salary account holders) | 12%-14% |
ICICI Bank Personal Loan Processing Fees and Charges
When considering a personal loan with ICICI Bank, it's crucial to understand the associated fees and charges that may apply. Here’s a breakdown of the key costs involved:
| Processing Fee | Up to 2% of loan amount + GST |
| Pre-payment Charges | For salaried customers- 3% plus applicable taxes on principal outstanding after payment of 1st EMI, Nil if 12 or more EMIs are paid. |
| For MSE classified customers, charges are Nil after payment of the 1st EMI for loan amount of up to ₹50 lakh | |
| Loan Cancellation Charges | ₹3,000 + GST |
| EMI Bounce Charges | ₹400 per bounce + GST |
| Repayment mode swap charge | ₹500 per transaction + GST |
| Penal Interest | 24% p.a. |
(Source: Bank website)
ICICI Bank Personal Loan EMI Calculator
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Types of ICICI Bank Personal Loan Schemes
ICICI Bank offers a diverse range of personal loan products designed to meet various financial needs. Below is a detailed look at the different types of personal loans available:
ICICI Bank FlexiCash: ICICI Bank FlexiCash is a short-term overdraft facility available to ICICI Bank salary account holders. This scheme provides instant credit to address personal expenses, offering flexibility in usage. The processing fee for this facility starts from ₹1,999 plus applicable taxes.
ICICI Bank Personal Loan for NRI: Designed specifically for Non-Resident Indians, the ICICI Bank Personal Loan for NRI addresses the unique financial needs of NRIs. Borrowers can access loans of up to ₹10 lakh under this scheme.
ICICI Bank Pre-Approved Personal Loan: For select existing customers, ICICI Bank offers a Pre-Approved Personal Loan with a remarkably swift disbursal process—loans are processed within just 3 seconds. This scheme allows for loan amounts up to ₹50 lakh, with flexible tenures ranging from 1 to 5 years.
ICICI Bank Pre-Qualified Personal Loan: ICICI Bank’s Pre-Qualified Personal Loan is tailored for select existing customers, featuring a streamlined application process and rapid processing times. This loan type offers a hassle-free experience for those who already meet the bank's pre-qualification criteria.
ICICI Bank Top-Up Personal Loan: Existing loan holders can benefit from the ICICI Bank Top-Up Personal Loan, which allows them to enhance their current loan amount. This facility is designed to meet additional personal financial requirements, with loan amounts ranging from ₹50,000 to ₹25 lakh.
ICICI Bank Personal Loan Balance Transfer: The Personal Loan Balance Transfer scheme from ICICI Bank enables borrowers to transfer their existing loans from other banks or NBFCs to ICICI Bank. This transfer often results in lower interest rates, making it a cost-effective option for managing personal loan repayments.
ICICI Bank Fresher Funding: ICICI Bank’s Fresher Funding scheme is ideal for recent graduates and new employees looking to finance their initial personal expenses. This loan offers amounts up to ₹1.5 lakh, catering specifically to individuals at the start of their professional journey.
ICICI Bank Personal Loan Eligibility Criteria
ICICI Bank offers personal loans to both salaried and self-employed individuals, each with its own set of eligibility criteria. Here’s a detailed look at what you need to qualify for an ICICI Bank personal loan.
Eligibility for Salaried Individuals
Age Requirements: To apply for a personal loan, you must be at least 23 years old when applying and not older than 58 years at the time of loan maturity.
Income Criteria: ICICI Bank requires a minimum monthly income of ₹30,000 for salaried applicants. This ensures that borrowers have the financial capacity to repay the loan.
Work Experience: Applicants should have a minimum of 2 years of work experience to be considered eligible for a personal loan. This criterion helps in assessing the stability and reliability of the borrower’s income.
Residence Stability: It is also necessary for applicants to have resided at their current address for at least 1 year. This stability in residence is a factor in determining loan approval.
Eligibility for Self-Employed Individuals
Age Criteria: Self-employed applicants need to be at least 28 years old at the time of applying and should not exceed 65 years of age by the time the loan matures. Notably, doctors have a lower age requirement of 25 years.
Turnover and Profit Requirements: For non-professional self-employed individuals, the minimum turnover requirement is ₹40 lakh as per audited financials. Professionals, including doctors, must show a minimum turnover of ₹15 lakh. Additionally, the profit earned after tax must be at least ₹2 lakh for proprietorship firms or self-employed individuals and ₹1 lakh for non-professionals.
Business Longevity: Applicants should have been in their current business for a minimum of 5 years. However, doctors need to have a stable practice for at least 3 years to qualify.
Bank Relationship: There should be an existing or previously closed liability or asset relationship with ICICI Bank for at least 1 year in the last 3 years. This relationship is considered in the loan evaluation process.
Essential Documents for ICICI Bank Personal Loan Application
When applying for a personal loan with ICICI Bank, it's crucial to have the correct documents ready. The required documents differ based on whether you are a salaried employee or self-employed. Here’s a comprehensive guide to help you understand what you need to submit.
For Salaried Individuals
If you are a salaried employee, you will need the following documents:
Identity Proof (Choose Any One)
Driving Licence
Passport
PAN Card
Voter ID
Address Proof (Choose Any One)
Passport
Utility Bill (must be dated within the last 3 months)
Leave and Licence Agreement
Additional Documents
Photographs: Two passport-sized photos
Bank Statements: Statements for the last 3 months showing salary and income credits.
Salary Slips: Pay slips for the last 3 months.
For Self-Employed Individuals
For those who are self-employed, the documentation requirements include:
KYC Documents
Identity Proof: Choose from ID Proofs listed below.
Address Proof: As listed below.
Date of Birth Proof: Any document verifying your date of birth.
Residence Proof (Choose Any One)
Passport
Leave and Licence Agreement
Utility Bill (must be dated within the last 3 months)
Income Proof
Bank Statements: Recent statements for the last 6 months
Proof of Office Address
Residence Proof or Proof of Office Ownership
Proof of Continuity of Business
ICICI Personal Loans vs. Other Lenders: A Comparison
| Bank Name | Interest Rate | Processing fee | Foreclosure charges | Late payment fee |
|---|---|---|---|---|
| ICICI bank Personal Loan | 0.80% p.a. to 16.15% p.a. | 2.00% + GST | 3% of the outstanding loan amount | 2% of the overdue amount per month |
| HDFC Bank Personal Loan | 10.75% to 24% | Up to Rs.4,999 | 2% to 4% of the outstanding loan amount | 2% of the overdue amount per month |
| Bank of Baroda Personal Loan | 11.40% p.a. onwards | Up to 2% + GST | N/A | 2% of the overdue amount per month |
| Citibank Personal Loan | 11.25% p.a. onwards | 3.00% + GST | 4% of the principal outstanding | N/A |
ICICI Bank Personal Loan FAQs
How can I apply for an instant personal loan from ICICI Bank online?
ICICI Bank offers instant personal loans to select existing customers. To apply online, visit ICICI Bank’s official website or use the iMobile Pay app. If you’re eligible, you can complete your application and get approved quickly through these digital platforms.
What is the minimum credit score required for an ICICI Bank personal loan?
ICICI Bank does not specify a minimum credit score for personal loan applications. Generally, a credit score of 750 or higher enhances your chances of securing a personal loan with favourable terms and lower interest rates.
How long does it take to receive an ICICI Bank personal loan?
ICICI Bank typically approves personal loans within 72 hours after all documents are submitted. Once approved, the loan amount can be disbursed to your account in just 3 seconds. For select customers with pre-approved loans, disbursal is also completed in 3 seconds.
Does ICICI Bank offer a Personal Loan Balance Transfer option?
Yes, ICICI Bank provides a Personal Loan Balance Transfer facility, allowing you to move your existing personal loan from other banks or NBFCs to ICICI Bank for potentially lower interest rates.
What is the minimum monthly salary needed for an ICICI Bank personal loan?
To be eligible for an ICICI Bank personal loan, you need to have a minimum monthly salary of ₹30,000.