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.
You don’t need to provide any collateral security or guarantor in order to avail the personal loan from ICICI Bank. ICICI Bank offers personal loan disbursal within 3 seconds to select customer, depending upon the online verification and acceptance of the final offer.
|ICICI Bank Personal Loan|
|Annual Interest Rate||10.99% - 22.00% per annum|
|Loan Term||12 Months - 60 Months|
|Loan Amount||Up to Rs. 20 Lacs|
|Time of Funding||Within 72 hours after receipt of the complete documents|
|Pre-Closure Charges||5% per annum of principal outstanding|
|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|
|Age||23 Years to 58 Years
21 Years Minimum
28 Years to 65 Years
|Income||Rs. 17,500 per month
Min Rs. 20,000 to Rs. 25,000 in Tier-I Cities
Rs. 1 Lac per annum
For Self-Employed Non-Professionals
Rs. 2 Lacs per annum
For Proprietorship Firm & Self-Employed Individuals
|Experience at Current Organization/Profession||Minimum 2 Years|
|Residential Stability||Minimum 1 Year|
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.
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%.
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.
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 (Android & iOS), 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.
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.
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.
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.
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.
|Bank Name||ICICI Bank||HDFC Bank||Axis Bank|
|Typical APR||10.99% - 22% per annum||11.39% - 20.99%||15.5% - 24%|
|Loan Term||12 Months - 60 Months||12 Months - 60 Months||12 Months - 60 Months|
|Maximum Lending Amount||Rs. 20 Lacs||Rs. 50 Lacs||Rs. 15 Lacs|
|Processing Fee||Up to 2.25% of the loan amount||Up to 2.50% of the loan amount||1.50% to 2% of the loan amount|
|Time to Funding||Within 72 hours||Within 4 hours||Within 48 hours|
|Pre-Closure||5% of principal outstanding||2% to 4% of principal outstanding||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 with 11.39% to 20.99% per annum, SBI Bank 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. HDFC Bank disbursed the amount within just hours of approvals usually and Axis offers disbursal within maximum 48 hours of approvals, whereas 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 since they doesn't charge any pre-closure amount on prepaying the 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.
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.
ICICI Bank also offers Top-up Loan facility to its existing personal loan customer. The requirement for availing Top-up Loan is that the borrower must have paid the first 12 EMIs of the existing personal loan and have a clean repayment record.
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.
Non Resident Indian
Local Applicant in NRI Personal Loan
Click here to read more about icici bank personal loan status.
Note: ICICI Bank will send you a NOC for a proof that your personal loan has been paid completely once the preclosure payment gets processed.
|Type of Charges||Applicable Amount|
|Processing Charges||Upto 2.25% per annum of loan|
|Prepayment||5% per annum of principal outstanding|
|Penal Interest||24% per annum|
|EMI Bounce||Rs. 400 per instance|
|NOC / NDC||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 Bank 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 State Bank of India, 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.
You can repay your personal loan in EMIs through Auto-debit / ECS / PDC.
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.
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 –
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.
Co-applicant can be either of the mentioned below:
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.