ICICI Bank Personal Loan Interest Rate

What is the ICICI Bank Personal Loan Interest Rate?

The ICICI Bank personal loan interest rate is the percentage used to calculate the loan amount. It plays a direct role in deciding your monthly EMI and the total repayment during the full tenure. The personal loan interest of ICICI Bank may not be the same for every customer, since it can depend on your income, credit score, and overall repayment ability. Checking the rate in advance helps you plan your budget with more clarity.

Key Takeaways:

• Interest is the extra cost you pay on a loan.
• The interest rate affects EMI and the total repayment amount.
• The ICICI Bank personal loan interest rate can differ based on your profile.
• Always review the rate before applying to avoid budget pressure later.

Comparison of ICICI Personal Loan Interest Rate with Other Banks and NBFCs

ICICI Bank personal loan interest rates range between 10.45% and 16.5%. Below is the comparison of ICICI Bank interest rates on personal loans with other banks and NBFC’s:

Banks/NBFCs	Interest Rates(P.A.)
HDFC Bank	10.9% – 24%
SBI	10.05% – 15.05%
Union Bank of India	8.85% – 14.45%
Axis Bank	9.5% – 21.55%
Kotak Mahindra Bank	10.99%
IndusInd Bank	10.49%
IDFC First Bank	9.99%
Bajaj Finserv	10% – 31%
Tata Capital	10.99% – 29.99%

Disclaimer: Interest rates are subject to change and may vary depending on the bank’s policy.

What are the Fees and Charges on an ICICI Bank Personal Loan?

Before taking a personal loan, it is important to check any additional charges beyond interest. Below are some of the common service charges and penal charges on an ICICI Bank Personal Loan:

Charge Type	Particulars	Amount
Service Charges	Loan processing charges (non-refundable)	Up to 2% of the loan amount
	Repayment mode swap charges	₹ 500
	Loan cancellation charges	Nil if cancelled within 15 days from disbursement, processing fee is non-refundable. After 15 days, ₹ 2,500
	Prepayment or foreclosure charges	3% on the principal outstanding amount. Nil after 12 EMIs paid
	Part payment charges	3% for seasoning up to 24 months. Nil above 24 months seasoning
Penal Charges	Cheque, Auto Debit, or ECS bounce charges	₹ 500
	Late payment charges	5% per annum on overdue EMI until repayment
	Non-maintenance of the mode of payment charges	₹ 800
	Unpaid interest or overdrawn amount charges	5% per annum on the unpaid interest or the overdrawn amount

Disclaimer: Fees & Charges are subject to change and depend on the bank’s policy.

What is the EMI Breakdown of ICICI Bank Personal Loan on Different Interest Rates?

You can calculate your personal loan EMI easily using the Urban Money personal loan EMI calculator. Below is an EMI estimate for a ₹6 lakh loan across different interest rate options.

6 Lakh Loan on 10.55% interest rate for 5 years

Here’s the EMI breakdown for a 6 lakh loan amount on 10.55% interest rate for 5 years:

Year	Principal	Interest	Total Payment	Balance
1	₹7,636	₹5,275	₹12,911	₹5,92,364
2	₹8,482	₹4,429	₹12,911	₹4,95,321
3	₹9,421	₹3,490	₹12,911	₹3,87,532
4	₹10,465	₹2,446	₹12,911	₹2,67,805
5	₹11,624	₹1,287	₹12,911	₹1,34,817

6 lakh Loan on 12.55% interest rate for 5 years

The estimated EMI for a 6 lakh personal loan on 12.55% interest rate for 5 years is given below:

Year	Principal	Interest	Total Payment	Balance
1	₹7,239	₹6,275	₹13,514	₹5,92,761
2	₹8,202	₹5,312	₹13,514	₹4,99,753
3	₹9,292	₹4,222	₹13,514	₹3,94,380
4	₹10,528	₹2,986	₹13,514	₹2,74,995
5	₹11,928	₹1,586	₹13,514	₹1,39,735

6 Lakh Loan on 14.55% interest rate for 5 years

Below is the EMI breakdown of a 6 lakh loan on 14.55% interest rate for 5 years:

Year	Principal	Interest	Total Payment	Balance
1	₹6,858	₹7,275	₹14,133	₹5,93,142
2	₹7,925	₹6,208	₹14,133	₹5,04,064
3	₹9,158	₹4,975	₹14,133	₹4,01,125
4	₹10,583	₹3,550	₹14,133	₹2,82,167
5	₹12,230	₹1,903	₹14,133	₹1,44,697

What are the Factors Affecting ICICI Bank Personal Loan Interest Rates?

The factors that affect ICICI Bank personal loan interest rates are given below:

• Your credit score and repayment behaviour
• Income level and regularity of earnings
• Current monthly commitments
• Work profile and job continuity
• The loan tenure you select
• Amount you want to borrow
• Existing relationship with ICICI Bank
• Overall loan eligibility and internal checks

How to Get Low-Interest Rates on an ICICI Bank Personal Loan?

A lower rate is usually offered to borrowers who appear financially disciplined and low-risk. Instead of focusing only on the interest number, focus on improving the things that shape the bank’s decision. Below are some ways to get low-interest rates on an ICICI Bank personal loan:

• Show strong repayment capacity by keeping your EMI burden low relative to your income.
• Keep your bank statements clean with regular credits and controlled spending.
• Avoid last-minute credit usage, such as heavy credit card spending before applying.
• Correct your credit report if there are any incorrect entries or unpaid past-due amounts.
• Apply only after stabilising your finances if you recently switched jobs or had a break.
• Go for an amount you truly need, not the maximum you are eligible for.
• Choose a tenure that fits your income, because a stressed EMI can increase risk.
• Check if you have any pre-approved offers, as these sometimes come with better terms.