ICICI Bank Personal loan

Features of ICICI Personal Loan

  • Quick disbursal: Once your application is approved, the loan amount will be transferred to your account within three seconds.
  • The interest rate will remain fixed for the entire tenure of the loan.
  • Hassle-free application process.
  • Minimal documentation.
  • Flexible repayment tenures.

ICICI Bank Personal Loan Fees and Charges

Maximum Loan AmountRs.20 lakh
Tenure12 months to 60 months
Interest Rate11.25% onwards
Processing FeesUp to 2.25% p.a. of the loan amount + GST
Prepayment Charges5% p.a. of principal outstanding amount + GST
Loan Cancellation ChargesRs.3,000 + GST

Other Charges and Penalties

Additional interest on late payment24% p.a.
Repayment mode swap chargesRs.500 per transaction + GST
EMI bounce chargesRs.400 per bounce + GST

Eligibility Criteria

Salaried applicants:

Age23 years to 58 years
Net salary
  • Rs.25,000 for applicants living in New Delhi and Mumbai
  • Rs.20,000 for applicants living in Bangalore, Chennai, Kolkata, Hyderabad and Pune
  • Rs.17,500 for applicants living in other cities
Number of years in current residence1 year
Number of years in job/profession2 years

Self-employed applicants:

Age25 years (for doctors) and 28 years (for self-employed individuals) to 65 years
Minimum turnoverRs.15 lakh for professionals and Rs.40 lakh for non-professionals as per audited financials
Minimum profit after taxRs.1 lakh for non-professionals and Rs.2 lakh for self-employed individuals or proprietorship firms as per audited financials
Business stabilityAt least 3 years for doctors and 5 years for professionals in their current business

Documents Required for ICICI Bank Personal Loan

If you are a salaried applicant, here are the documents you need to submit for a personal loan from ICICI Bank:

  • ID Proof: Any one of PAN card, driving license, passport, or voters ID
  • Residence Proof: Any one of passport, recent utility bills, or lease or rent agreement
  • Salary slips for the last 3 months
  • Bank statement for the last 3 months
  • 2 passport size photographs

Here are the documents required for ICICI Bank personal loans for self-employed individuals:

  • KYC Documents: ID proof, residence proof, proof of date of birth
  • Income Proof: Audited financial statements for the last 2 years
  • Proof of office or residence ownership
  • Proof of office address
  • Bank statements for the last 6 months
  • Proof of continuity of business

How to calculate EMI for ICICI Bank Personal Loan?

Creditupchar.com offers users a unique tool to calculate your EMI for all loans. This helps you to understand how much a loan would cost you, and plan your budgets accordingly before applying for a loan.

With our loan calculator tool, all you need to do is to enter the amount you wish to apply and the preferred tenure. The loan calculator then calculates the EMI based on the applicable rate of interest and displays your monthly EMI.

Let’s consider an example to check how the EMI calculation works for your ICICI personal loan. You take a personal loan of Rs.1 lakh from ICICI at an interest of 11.25% p.a. for a period of 1 year. For this loan, your loan repayment EMI is set at Rs.8,850. The repayment schedule for this loan is given as follows: 


Year Principal Interest EMI (principal + interest) Balance Percentage of loan paid to date 
Apr Rs.7,912 Rs.938 Rs.8,850 Rs.92,088 7.91% 
      
May Rs.7,987 Rs.863 Rs.8,850 Rs.84,101 15.90% 
Jun Rs.8,061 Rs.788 Rs.8,850 Rs.76,040 23.96% 
Jul Rs.8,137 Rs.713 Rs.8,850 Rs.67,903 32.10% 
Aug Rs.8,213 Rs.637 Rs.8,850 Rs.59,690 40.31% 
Sep Rs.8,290 Rs.560 Rs.8,850 Rs.51,399 48.60% 
Oct Rs.8,368 Rs.482 Rs.8,850 Rs.43,031 56.97% 
Nov Rs.8,446 Rs.403 Rs.8,850 Rs.34,585 65.42% 
Dec Rs.8,526 Rs.324 Rs.8,850 Rs.26,059 73.94% 
Jan Rs.8,606 Rs.244 Rs.8,850 Rs.17,454 82.55% 
Feb Rs.8,686 Rs.164 Rs.8,850 Rs.8,768 91.23% 
Mar Rs.8,768 Rs.82 Rs.8,850 Rs. 0 100.00% 

Compare ICICI personal loan with loans from other lenders?

Fees and charges ICICI bank Personal Loan HDFC Bank Personal Loan Bank of Baroda Personal Loan Citibank Personal Loan 
Interest rate 11.25% p.a. onwards 11.25% p.a. onwards 11.35% p.a. onwards 10.99% p.a. onwards 
Processing fee 2.25% + GST 2.5% + GST 2% + GST 0.25% to 3.00% + GST 
Foreclosure charges 5% of the outstanding loan amount 2% to 4% of the outstanding loan amount N/A 4% of the principal outstanding 
Late payment fee 2% of the overdue amount per month 2% of the overdue amount per month 2% of the overdue amount per month Contact the bank for details 

Brief Summary

ICICI Bank is not only the largest private sector banks in the country but also one of the largest facilitators of personal loans in India. It offers personal loans to help borrowers ride over any immediate financial requirements. ICICI Banks understand that time is of paramount significance when faced with financial crisis and hence fast tracks all its personal loan applications resulting in quick loan approval and facilitation.

Whether you wish to take off on a dream vacation to an exotic overseas destination or finance a grand wedding for yourself or a loved one, ICICI Bank personal loans can help you fulfil your financial goals with relative ease. Thanks to easy-to-meet eligibility criteria in addition to low interest rates and flexible repayment tenures, repaying the loan is just as borrowing it.

Visit ICICI Bank Personal loan