ICICI Bank Personal Loan Interest Rates
ICICI Bank has two tailor-made personal loan plans available to employees and independent contractors, with an annual rate of interest ranging from 10.85% to 16.25%. Certain programs target self-employed people, non-professionals, and general physicians, while the salaried get loans on needs related to personal matters: weddings, repairs to housing, or trips.
If the borrowers wish to repay their loan before the due date, there would be a 3% foreclosure charge on the remaining loan amount. It's important to remember that there's no option of part prepayment available with these plans, ensuring pretty straight repayment terms.
ICICI Bank Personal Loan Interest Rates Scheme
ICICI Bank provides several types of personal loans, each with its own interest rate scheme. Here's an overview of the various loan types and their respective interest rates:
Standard Personal Loan:
Interest Rate: Ranges from 10.85% to 16.25% per annum.
This standard loan is available for general personal expenses and can be tailored to meet various financial needs.
FlexiCash (Overdraft Facility for Salary Account Holders):
Interest Rate:Between 12.35% and 14.10% per annum.
This facility provides an overdraft limit on your salary account, allowing for greater flexibility and immediate access to funds.
Personal Loan for NRIs:
Interest Rate: Starts at 10.80% per annum.
Specifically designed for Non-Resident Indians, this loan helps in managing personal expenses while living abroad.
ICICI Bank Personal Loan Interest Rates Characteristics
The interest rates on ICICI Bank personal loans are influenced by several factors:
Loan Type: Different loan products have varying interest rates based on their structure and benefits. For instance, FlexiCash typically has a higher rate compared to standard personal loans.
Credit Profile: Although ICICI Bank doesn’t publicly disclose detailed interest rate matrices based on credit score or other individual metrics, generally, a higher credit score and strong financial history can result in lower interest rates.
Employment and Income: Your occupation, monthly income, and stability of employment can affect the rates. Typically, higher-income earners or those with stable, long-term employment might secure better rates.
Loan Amount and Tenure: The amount you wish to borrow and the duration of the loan can also impact the interest rate. Larger loan amounts and longer tenures might attract different rates.
ICICI Bank Personal Loan Interest Rates 2024
In 2024, ICICI Bank offers personal loans with interest rates ranging from 10.85% to 16.25% per annum. For those using the Flexicash overdraft facility linked to their salary accounts, the interest rates vary between 12.35% and 14.10%.
Non-Resident Indians (NRIs) can avail themselves of personal loans starting at an interest rate of 10.80% per annum. Unlike some lenders, ICICI Bank does not publicly disclose its interest rate matrix, which often includes factors like credit scores, monthly income, occupation, and employer profiles.
ICICI Bank Personal Loan Interest Rates Fees & Charges
In addition to interest rates, there are several fees and charges associated with ICICI Bank personal loans:
Processing Fee: Up to 2% of the loan amount plus GST.
Pre-payment Charges:
For Salaried Customers: 3% plus applicable taxes on the principal outstanding after the first EMI is paid. There are no charges if 12 or more EMIs are paid.
For MSE Classified Customers: Nil after the payment of the first EMI for loans up to ₹50 lakh.
Loan Cancellation Charges: ₹3,000 plus GST.
Penal Interest: 24% per annum on overdue amounts.
EMI Bounce Charges: ₹400 per bounce plus GST.
Repayment Mode Swap Charges: ₹500 per transaction plus GST.
These fees are essential to consider when calculating the total cost of borrowing. It’s important to review them thoroughly to understand the full financial implications of the loan.
ICICI Bank Personal Loan EMI Calculator
(https://www.livemint.com/loans/icici-bank-personal-loan-emi-calculator)ICICI Bank Personal Loans Interest Rates vs. Other Lenders
| Banks | Interest rates |
| HDFC Bank | 10.85% onwards |
| State Bank of India | 11.45% onwards |
| Axis Bank | 11.25% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Bandhan Bank | 9.47% onwards |
| IDFC Bank | 10.99% onwards |
| Canara Bank | 10.95% onwards |
| Federal Bank | 12% onwards |
| Punjab National Bank | 10.40% onwards |
| Union Bank of India | 11.35% onwards |
| Indian Bank | 10% onwards |
| Yes Bank | 11.25% onwards |
| Bank of India | 10.85% onwards |
| Bank of Baroda | 11.05% onwards |
| IDBI Bank | 11% onwards |
| AU Bank | Up to 30% |
ICICI Bank Personal Loan Eligibility
Eligibility criteria for ICICI Bank personal loans are structured to accommodate a wide range of applicants, from salaried individuals to self-employed professionals. Here are the key requirements:
For Salaried Individuals:
Age: Must be between 23 years at the time of application and 58 years at the time of loan maturity.
Minimum Monthly Income: ₹30,000.
Work Experience: At least 2 years of work experience.
Residence Stability: Must have stayed at the current residence for a minimum of 1 year.
For Self-Employed Individuals:
Age: Must be at least 28 years old at the time of application and not older than 65 years at loan maturity. For doctors, the minimum age is 25 years.
Minimum Turnover: ₹40 lakh for non-professionals and ₹15 lakh for professionals, as per audited financials.
Minimum Profit: At least ₹2 lakh after tax for proprietorship firms or self-employed individuals, and ₹1 lakh for professionals, as per audited financials.
Business Vintage: At least 5 years in the current business. For doctors, a stable business for at least 3 years is required.
Bank Relationship: Should have at least 1 year of liability or asset relationship with ICICI Bank, either current or closed within the last 3 years.
ICICI Bank offers a diverse range of personal loan products with competitive interest rates and a clear structure of fees and eligibility criteria. Understanding these aspects can help you make an informed decision and choose the loan product that best fits your financial needs.
Factors Affecting ICICI Bank Personal Loan Interest Rate
There are several factors which influence the ICICI Bank personal loan interest rate, some of which are explained below:
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Credit Score: The exact matrix is not disclosed but ICICI Bank considers the credit scores of the applicants while giving personal loan interest rates. To increase the credit score and the eligibility for the loan, the applicants should avoid frequent applications for credit, have a balanced mix of credit, and pay EMIs and credit card payments in time.
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Income: For salaried applicants, the minimum income should be ₹30,000 per month. Higher income often leads to lower interest rates with most lenders, though ICICI does not mention interest rate differences based on income.
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Occupational Profile: The occupation of the applicant, whether self-employed or salaried, and work history also affect interest rates. Many lenders offer candidates with stable and respectable employers greater rates, although ICICI does not specify how employer profiles impact prices.