ICICI Bank Personal Loan Interest Rates March 2023

ICICI Bank Personal Loan

Don’t let your Personal Loan Offer get away as this festive season ICICI offers the best personal interest rates to you. Currently, the bank is offering an interest rate 10.50%-18.00% per annum to an eligible applicant. The rates are attractively and low, thereby enabling reimbursement in pocket-friendly EMIs.

Particulars Details

Interest Rate       10.50% – 18.00%
Loan Amount    Up to INR 50 Lakh
Loan Tenure      5 Years
Processing Fee   R 4999(>=10 Lac) or 2% of the loan amount + GST
Prepayment Charges   5% of principal outstanding + GST
Security Not required

Choose ICICI Personal Loan

If you want for marriage, education, medical treatment or even for business needs, you can take a personal loan. A personal loan from ICICI bank helps you not only to meet your financial need but also to release your tension. So, here will be some of the main factors that make ICICI personal loans differ from others.

Customized Personal Loans:

To every customer, ICICI Bank offers a customized personal loan which means a loan upto Rs 40 lakh. In this, the loan repayment option between  12-60 months is provided or as per your expediency.

Attractive Rate of Interest: ICICI Bank offers personal loans at the rate of interest of 10.50% onwards.

Quick Loan Approval: The online application ensures the loans get accepted and payout quickly onto the account of individuals. This will not only minimize the time but also the effort of an individual while they are applying for the loan while they apply for the loan.

Minimal Documentation: The documentation process is easy and stress-free.

Cover Loan Liability: ICICI Bank offers the Personal Loan accountability with ‘All Safe’ Insurance to a personal loan applicant.

Instant E-Approval: In ICICI you can get an instant e-approval on applying for a personal loan.

No Collateral Required: No security is required to get a personal loan from ICICI Bank.

ICICI Personal Loan Top-up

If you need more money but your existing personal loan is to going on then in ICICI you can easily opt for a top-up personal loan where the interest rate starts from 11.25% per annum. To take this ability, you no need to submit any security.  With minimum documentation, you can get your personal loan easily from ICICI bank.

To get the above loan, you can either opt for a new loan that will cover both your current loan amount and the new loan just for your new requirement. While you pay back your 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 loans if you opt for the second case.

 You can also apply through Internet Banking, Mobile App, or SMS banking and you can also visit the branch for the aforesaid loan.

ICICI Personal Loan Calculator

ICICI personal loan calculator helps you to know the exact EMI in a Stress-free manner. All you need to just enter the Loan Amount, Tenure and Interest Rate in the device, and within a few seconds, it will obtain the exact EMI as well as the overall interest out-go.

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

₹ 5,00,00010.99%1₹ 44,188₹ 30,262₹ 5,30,262
₹ 5,00,00010.99%2₹ 23,302₹ 59,238₹ 5,59,238
₹ 5,00,00010.99%3₹ 16,367₹ 89,212₹ 5,89,212
₹ 5,00,00010.99%4₹ 12,920₹ 1,20,176₹ 6,20,176
₹ 5,00,00010.99%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 March 2023

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.

Salaried Individual

  • The age of the loan applicant must be between 23 years and 58 years
  • Minimum Net Monthly Income of the applicant should be INR 17,500 and above
  • Minimum 2 years of work experience with at least 1 year of work experience with the current employer

Self-employed Individuals and Working Professionals

  • The age of the loan applicant must be between 28 years and 65 years (Minimum 25 years for Doctors)
  • Minimum turnover of the business of the applicant must be INR 40 lakhs in case of non-professionals
  • Minimum turnover of the business of the applicant must be INR 15 lakhs in case of professionals
  • Minimum profit must be INR 2 lakhs for self-employed individuals and proprietors (tax excluded)
  • Minimum profit must be INR 1 lakh for non-professionals (tax excluded)
  • Minimum 5 years experience in business (3 years for doctors)
  • The applicants should have a connection with the ICICI bank for a minimum of 1 year like an account holder or an existing loan customer wherein the loan is either running or would end in the initial 36 months of the loan tenure.

How to Apply Online for ICICI Personal Loan

An online application process is easy & rapid that allows you to get the funds instantaneously.

Step 1: Check Eligibility

With the help of EMI loan calculator, you can decide how much loan amount  you are looking for or how much you can afford.

Step 2: Provide basic details

The personal loan will be provided after checking the availability offer.

Step 3: Offer for you

Based on your personal details, bank will provide you a complete details of loan amount, interest rate and tenure.

Step 4: Application form

Complete your application form either by visiting the bank or online and it’s up to your choice.

Step 5: Upload documents

Upload the documents as required and on this basis, you will receive the loan amount.

Here is the list of the documents you need to upload –

For Salaried Applicants       

  • Signed loan application form with photograph
  • Identity proof- Copy of Passport/Voter ID Card/Driving License
  • Processing fee cheque
  • Latest 3 months bank statement (where salary/income is credited)
  • Last 3 months salary slips

For Self-employed Applicants

  • Signed loan application form with photograph
  • Identity proof- Copy of Passport/Voter ID Card/Driving License
  • Processing fee cheque
  • Latest 6 months bank statement
  • Income proof with last 2 years audited financials

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. The bank will merge the total loan by adding the top-up portion with the outstanding balance. It will thus charge interest on the merged loan amount.

ICICI Personal Loan Login

By using your credentials login ID and password, you can check out all activities of your account.

ICICI Personal Loan Status

For online personal loan,  you can easily track your application status by just following a simple process. Visit google , type ICICI bank , visit our website , apply for personal loan, then 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. Isn’t it a trouble-free and effortless?

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. This will definitely reduce the loan burden. Use the ICICI Personal Loan Balance Transfer and minimize your loan burden.

Instant Approval

The loan approval will be depending upon the individual profile. If your documents are complete, then within the approval for a personal loan     hours you can avail the loan.

 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. The accessible salaried customers of the bank can get the personal loan amount directly in their account either by digital and paperless manner through ATMs. This facility enables the customers to get pre-qualified personal loan offers in their savings account immediately.

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

With ICICI bank , you can apply for a moratorium process. 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 rate will continue to accumulate during the moratorium period and the tenure of the loan will increase. 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 website. You can also apply for the same loan by filling out the form above visiting the bank.

  1. 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 them and give you approval.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.