| ICICI Bank Personal Loan Highlights -June 2022 | |
| Interest rate | 10.50% p.a. onwards |
| Loan Amount | Rs 50,000-Rs 25 lakh |
| Processing Fee | Up to 2.50% of loan amount |
| Tenure | 1-6 years |
| Minimum Monthly Salary: | Rs 30,000 |
| ICICI Bank Personal Loan Highlights -June 2022 | |
| Interest rate | 10.50% p.a. onwards |
| Loan Amount | Rs 50,000-Rs 25 lakh |
| Processing Fee | Up to 2.50% of loan amount |
| Tenure | 1-6 years |
| Minimum Monthly Salary: | Rs 30,000 |
ICICI Bank offers personal loans starting @ 10.50% p.a. The final interest rates offered to the applicants depend upon age, monthly income, job profile, employer’s income, credit score, loan repayment history, etc.
Comparison of Interest Rates of ICICI Bank vs other Banks/NBFCs
| Banks/NBFCs | Interest Rates (per annum) |
| ICICI Bank | 10.50% onwards |
| HDFC Bank | 10.50% – 21% |
| SBI | 9.80%-13.80% |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.75% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 25% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
| Processing Fee | Up to 2.50% of loan amount + GST |
| Pre-payment Charges | 5% on outstanding principal + GST |
| NIL, if the loan is closed using own funds (for MSME classified borrowers) Any waiver on prepayment charges are applicable if borrower has paid at least 12 EMIs | |
| Loan Cancellation Charges | Rs 3,000 + GST |
| Penal Interest | 24% p.a. |
| EMI Bounce Charges | Rs 400 per bounce + GST |
| Repayment mode swap charges | Rs 500 per transaction + GST |
Also Know About What are the pre-closure charges for an ICICI personal loan?
Age:
Minimum Turnover:
Minimum Profit after Tax:
Business Stability:
Existing Relationship with ICICI Bank: At least 1 year liability relationship/asset relationship either running or closed in the last 3 years
Know More: ICICI Bank Personal Loan Login: Registration Process & Services
Q. What is the total time taken for the disbursal of an ICICI Bank personal loan?
Ans. ICICI Bank claims to approve personal loan within 72 hours of submitting all documents. It also claims to disburse the loan amount to the applicant’s account within 3 seconds of loan approval. ICICI Bank also offers pre-approved instant personal loans to select customers with quick processing and disbursal in 3 seconds.
Q. What is the eligibility criteria to avail pre-approved personal loans?
ICICI Bank provides pre-approved offers to personal loan applicants with a clean repayment track record and good credit history. Applicants having no credit history are also provided with pre-approved personal loan offers based on their savings history and income.
Q. Is Personal Loan Balance Transfer facility provided by ICICI Bank? Yes, ICICI Bank offers Personal Loan Balance Transfer facility wherein, the existing personal loan borrowers of other banks/NBFCs can transfer their personal loan accounts to ICICI Bank at lower interest rates.
Also Know: What is the process of personal loan balance transfer in ICICI Bank?
Q. Are there any restrictions on prepaying ICICI Bank Personal Loan?
Ans. ICICI Bank allows borrowers to prepay their personal loan only after the repayment of 12 monthly instalments. However, the bank does not allow part-prepayment of personal loan. The bank charges prepayment fee of 5% of the outstanding principal.
Q. At what minimum credit score can I avail ICICI Bank Personal Loan?
Ans. ICICI Bank has not specified the cut-off credit score for its personal loan applicants. However, credit scores of 750 and above usually increase the chances of availing personal loan at lower interest rates.