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Being one of the Big Four Banks of India, ICICI Bank offers you a personal loan at interest rates as low as 10.50%. Having its presence in 17 countries and more than 5000 branches across India, it enables you to avail loan from the comfort of your home and office. And, when you get the freedom of flexible tenure options, your job would only double. Read the page below to know more features and benefits.
ICICI Personal Loan Interest Rates September 2023
Applying for a personal loan is easy but you should always know the interest rates that ICICI Bank offers on your personal loan before you apply for it. The reason being the rate sets the tone of your loan repayment. Currently, the lender is offering personal loans at an interest rate of 10.75% - 19.00% per annum to eligible applicants. The rates are pretty low, thereby enabling repayment in pocket-friendly EMIs.
|Interest Rate||10.75% - 19.00%|
|Loan Amount||Up to INR 50 Lakh|
|Loan Tenure||5 Years|
|Processing Fee||INR 4999(>=10 Lac) or 2% of the loan amount + GST|
|Prepayment Charges||5% of principal outstanding + GST|
Why Choose ICICI Personal Loan?
A personal loan can be taken for any purpose, be it the wedding, education, medical treatment or even the business needs. A personal loan from ICICI bank helps you meet your diverse financial needs and the quick approval process ensures you have an easy borrowing experience However, it is very important to know the uniqueness of the personal loan offer. So, here are some of the main factors that make ICICI personal loans stand out.
- Customized Personal Loans: ICICI Bank offers customized personal loans for every applicant. The bank provides a maximum loan amount up to INR 40 lakh. You can also choose the loan repayment option between 12-60 months as per your convenience.
- Attractive Rate of Interest: ICICI Bank offers personal loans at interest rates starting from 10.50% onwards.
- Quick Loan Approval: The online application ensures the loan gets approved and disbursed quickly on to the account of individuals. This minimizes the time and effort of individuals while they apply for the loan.
- Minimal Documentation: The documentation process is easy and hassle-free.
- Cover Loan Liability: ICICI Bank offers the Personal Loan liability with ‘All Safe’ Insurance to a personal loan applicant.
- Instant E-Approval: Now, a loan applicant can apply for a personal loan online and get an instant e-approval.
- No Collateral Required: There is no collateral (security) required to get a personal loan from ICICI Bank.
ICICI Personal Loan Top-up
In case you are in need of more money apart from your existing personal loan, you can easily opt for a top-up on ICICI Personal loan. The ICICI personal loan top-up interest rate starts from 11.25% per annum. For this facility, you don’t need to submit any security or collateral. You can easily apply for it with minimal documentation.
To get the top-up on your existing personal loan, you can either opt for a new loan that will cover both your current loan amount and the new fund needs or a new loan just for your new requirement. While repaying the loan amount, you will need to pay one full EMI for the total loan amount in the first case, there will be separate EMIs for existing and new loan if you opt for the second case. You can apply through Internet Banking, Mobile App, SMS banking. You can even visit the bank branch to apply for the said loan.
ICICI Personal Loan Calculator
Want to know the exact calculations of your EMI and that too in the least time frame? Consider using the ICICI personal loan EMI Calculator online. The smart algorithms of this magical tool allows you to know the exact EMI in a hassle-free manner. All you need to do is just enter the Loan Amount, Tenure and Interest Rate in the device, and within a few seconds, it will fetch the accurate EMI as well as the overall interest outgo.
For a better understanding on ICICI Bank Personal Loan EMI Calculator Online , below is a table showing the calculations of INR 5 Lakh loan taken at an interest rate of 10.99% for 5 years.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||10.99%||1||₹ 44,188||₹ 30,262||₹ 5,30,262|
|₹ 5,00,000||10.99%||2||₹ 23,302||₹ 59,238||₹ 5,59,238|
|₹ 5,00,000||10.99%||3||₹ 16,367||₹ 89,212||₹ 5,89,212|
|₹ 5,00,000||10.99%||4||₹ 12,920||₹ 1,20,176||₹ 6,20,176|
|₹ 5,00,000||10.99%||5||₹ 10,869||₹ 1,52,123||₹ 6,52,123|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 79,394||₹ 51,030||₹ 4,20,605|
|2||₹ 88,573||₹ 41,851||₹ 3,32,031|
|3||₹ 98,813||₹ 31,611||₹ 2,33,218|
|4||₹ 1,10,237||₹ 20,188||₹ 1,22,981|
|5||₹ 1,23,079||₹ 7443||₹ 0|
ICICI Personal Loan Eligibility Criteria September 2023
For personal loans, ICICI Bank has set an eligibility criterion which one has to meet. For instance, the bank has different criteria for salaried and self-employed individuals. So, before you apply for this credit facility, it is better that you should know the same. You can also check your personal loan eligibility online. You can check the eligibility criteria of ICICI personal loan below.
|Salaried Individuals||Self-employed Individuals and Working Professionals|
How to Apply Online for ICICI Personal Loan
Want to apply for an ICICI personal loan online but don’t know how to do so? Well, nothing to worry as all you need to do is simply read this. An online application process is very simple & quick and allows you to get the required funds instantly to meet your various needs.
Step 1: Check Eligibility
Use the EMI loan calculator to decide how much loan amount you are looking for and how much amount of you can afford to pay.
Step 2: Provide basic details
Next thing is to provide your basic details to check the available offer as per your profile.
Step 3: Offer for you
Basis you details bank will provide you an exclusive offer available for you with the complete details of loan amount, interest rate and tenure.
Step 4: Application form
Now you need to complete your application form by visiting the website and fill in you personal and professional details and submit the form.
Step 5: Upload documents
Now you just need to upload the documents as per requirement of the bank and you will receive the loan amount in your account.
Here is the list of the documents you need to upload –
|For Salaried Applicants||For Self-employed Applicants|
Can You Get a Top-up Loan on Your ICICI Personal Loan?
Yes, you can. All you need to do is apply for a top-up loan at ICICI Bank. You will get the loan on your existing outstanding loan balance. The bank will consolidate the total loan by adding the top-up portion with the outstanding balance. It will thus charge interest on the consolidated loan amount.
ICICI Personal Loan Login
You can login to your ICICI account anytime using your credentials. Yes, with the help of your login credentials such as ID and password, it becomes easy for you to check out all the activities of your account on the go.
ICICI Personal Loan Status
Now you can easily track the application status of your personal loan online by just following a simple process. All you need to do is just visit the site, enter your mobile number, followed by either date of birth or the application number. After that, you can know whether your application has been approved, pending or rejected. Sounds great, isn’t it? And, it is that simple and easy.
ICICI Bank Personal Loan Balance Transfer
You can easily transfer your outstanding balance to ICICI Bank if you have paid 12 EMIs in your existing bank. By doing so, you can avail low interest rates on the same. While availing this facility, you can save a lot as the low rates results in reduced EMI. This ultimately reduces your overall loan burden. So what are you waiting for? Use the ICICI Personal Loan Balance Transfer and minimize your loan burden.
The approval for a personal loan application depends upon the profile of an individual. If your profile suits the bank and your documents are complete, you can get instant approval within 72 hours of submitting the documents. Yes, getting instant approval is that simple and a hassle-free process. With the help of availing the same, you can fulfill your varied personal needs instantly.
Get Instant Personal Loan Up to INR 15 Lakh Through ICICI Bank ATMs
ICICI Bank is now giving instant disbursal of personal loans up to INR 15 Lakh for a fixed tenure of 60 months through ATMs. Yes, that’s right! The existing salaried customers of the bank can get the personal loan amount directly in their account in a fully digital and paperless manner through ATMs. This facility enables the customers to get pre-qualified personal loan offers in their savings account immediately. By introducing this service, the main endeavor of the bank is to offer an improved customer experience decked with plenty of unique features such as smooth application in easy steps, based on pre-checked CIBIL score, plenty of loan amount options up to INR 15 Lakh and instant fund transfer to the customer’s account.
Customers, after completing the transaction for a balance inquiry or cash withdrawal, can see the option of personal loan. They can visit any ICICI Bank ATM and follow the below steps to avail this credit facility.
- Choose the required pre-approved offer. Varied loan amount options will flash on the screen, based on your eligibility.
- Accept the auto-generated interest rate, processing fee and EMI amount
- Confirm the displayed terms and conditions
- Submit the debit card PIN
After completing this process, you can get the loan amount on your account. However, you can also apply for an ICICI Personal Loan on the bank’s website, iMobile as well as its branches.
ICICI Bank Moratorium Process
You may apply for a moratorium process on your personal loans with ICICI Bank. ICICI bank has announced a moratorium on all personal loans for upto 6 months of EMIs to provide relief to customers in COVID 19 crisis. Please note that it is optional for the customers if you can continue to pay your loan EMI as normal if your funds allow you to do so.
Below are the steps to follow if you want to opt for moratorium process –
- Visit the ICICI Bank website or use the mobile app
- Click on “choose your option” link and follow the subsequent steps.
- On the application page, mention your registered mobile number.
- After that enter your other details like date of birth, type of loan, your loan number and mention your EMI amount
- Then make a decision and choose a suitable service
- Click on the EMI deferment option that says I agree to pay the accrued interest on the outstanding balance
- Click on the ‘Submit’ button
- The bank will check the details thoroughly and process your moratorium request
- You’ll be given a reference upon the successful completion of the process.on your registered mobile number and email address
Please note that the interest (on the outstanding principal and interest thereon) will continue to accrue during the moratorium period and the tenure of the loan will increase. We suggest taking the decision after considering all the options you have. If you are in a position to pay the EMIs then keep paying on your due dates.
ICICI Bank Personal Loan FAQs
1. How to get a personal loan from ICICI Bank?
You can get a personal loan from the ICICI Bank by filling loan application online on their official website. You can also apply for the same loan by filling out the form above and the bank’s representative will call you to discuss the loan details.
2. How much time ICICI Bank takes to approve a personal loan?
The ICICI bank takes 48 hours to 72 hours to approve a personal loan. The disbursal time depends on the applicant. As soon as you submit the documents and the bank verifies all of them, you will get the loan approval.
3. How long does it take to get a personal loan from ICICI Bank?
The disbursal of the ICICI Bank personal loan takes 2 to 3 working days. You will get a quick disbursal if you fulfill all the eligibility criteria of the loan and submit valid documents.
4. What is the minimum personal loan amount in ICICI Bank?
The minimum personal loan you can borrow from the ICICI bank is INR 50000 and the EMI on this loan will also be low.
5. Can I take 2 personal loans from ICICI Bank?
Yes, if you have a high credit score and a high income then you can take two personal loans from the ICICI bank. You must also have a high credit line to take two loans from the same bank.
6. What are the documents required to apply for ICICI personal loan?
You will need one identity proof like PAN or Aadhar, one address proof like Aadhar/Passport/Voter ID/Electricity Bill, and one income proof like Salary Slips/Bank Statement/ITR to apply for the ICICI Bank Personal Loan.
7. Who is eligible to take ICICI bank personal loan?
A person who complies with all the eligibility criteria can apply for the ICICI Bank personal loan:-
– 23 Years to 58 Years of Age
– Net Monthly Income of INR 17500.
– A minimum of 2 years of working experience.
– 1 year of experience with the current employer.
– A Credit Score of 750 and above.
8. What documents are required for ICICI Bank personal loan?
You will need the following documents to apply for ICICI Bank Personal Loan:-
– Pan Card/Aadhar Card for Identity Proof
– Aadhar Card/Driving License/Passport/Voter ID/Electricity Bill for address proof.
– Salary Slips/ITR/Bank Statement for income proof.
– Loan application form and multiple passport-size photographs.
9. How to check my personal loan status in ICICI bank?
You can check the status of the ICICI Bank Personal by logging in to the ICICI net banking or iMobile App. You can see the status of your loan through these two methods.
10. Who can be your co-borrower in ICICI Bank's personal loan application?
Your spouse, children, parents, and siblings can be a co-borrower in the ICICI Bank personal loan application.
11. What is the minimum CIBIL score required for ICICI Bank personal loan in India?
You will need a minimum Cibil Score of 750 and above to apply for the ICICI bank personal loan in India.
12. How to close ICICI bank personal loan?
You can follow the below steps to close the ICICI Bank personal loan:-
– Visit the nearest branch of the ICICI Bank.
– Ask the bank’s manager or representative to close the ICICI Bank Personal Loan.
– Fill out the loan application closing form.
– Clear all the outstanding dues and submit the form to the manager.
– The manager will close the ICICI Bank personal loan and issue the NOC.
13. How to foreclose ICICI bank personal loan?
You can foreclose the ICICI bank personal loan by paying the outstanding amount on the foreclosing date and also paying the foreclosing fee that will be charged on the outstanding amount of the loan.
14. How to pay ICICI bank personal loan?
You can use the auto-debit feature of the ICICI bank to pay the personal loan through EMIs. the bank will automatically debit the monthly EMI from your account on a particular date and this is how you will pay the full ICICI bank personal loan.
15. How to check a personal loan balance in ICICI bank?
In order to check the balance of your ICICI personal loan, you can login to ICICI net banking or the iMobile app and go to the loan section to know the outstanding balance of your loan.
To Know More Details:- https://www.icicibank.com/