ICICI Bank Personal Loan Interest Rates

4.5

ICICI Bank offers an array of personal loan schemes to cater to diverse customer requirements. With ICICI bank personal loans cover your financial needs with utmost ease. With ICICI, you get affordable repayments with low-interest rates and minimal loan requirements. ICICI bank personal loan interest rates start from 11.25% per annum onwards and can go up to 17.99%.

  • Personal Loan offer for You

  • 10.5% - 16%

    Interest Rate (p.a.)
  • ₹2.5L - ₹50L

    Tenure(1 - 6 Years)
  • ₹2,149 - ₹2,432

    EMI Per Lakh
  • 10.5% - 16%

    Interest Rate (p.a.)
  • ₹2.5L - ₹50L

    Tenure(1 - 6 Years)
  • Upto 2.50% of loan amount plus applicable taxes

    Processing Fee

Compare ICICI Bank Personal Loan Interest Rates with Other Lenders

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

ICICI bank offers personal loans of up to INR 20 lakhs with repayment terms ranging from 12 to 60 months. Borrowers can use ICICI Personal Loans for various things, including weddings, vacations, house renovations, and situations requiring medical attention. ICICI bank personal loan interest rates range between 11.25% per annum to 17.99% per annum based on the applicant's credibility. An individual borrower's rate options are determined by their credit score, current debt, repayment history, and risk profile. These few points are considered before concluding the offered personal loan ICICI bank interest rate.

ICICI Bank Personal Loan Interest Rate by Schemes

ICICI Bank offers a wide array of personal loan schemes for its customers. These schemes help cover various financial needs, such as fulfilling the applicant's requirements. The below-depicted table enlists the different personal loan schemes offered by ICICI Bank and their interest rates.

Scheme Specification Interest Rates
NRI Personal Loan To address the personal needs of Non-Resident Indians. 15.29% per annum onwards.
Top-Up Loan A supplement to the existing loan with speedy processing and disbursement capabilities to meet the applicants' requirements. 11.25% per annum onwards.
Balance Transfer Existing personal loans from other banks/NBFCs are transferred to ICICI Bank at a cheaper ICICI Bank personal loan interest rate. Available at the bank's discretion and the borrower's credit profile. 
Fresher Funding To cover the personal expenditures of new hires and first-year students. Banks offer loan amounts of up to INR 1.5 lakhs.  11.25% per annum onwards.
Holiday Loan Personal loans online with a simple application and speedy processing to cater to individuals' travel needs.  11.25% per annum onwards
Home Renovation Akin to a personal loan explicitly tailored to the borrower's housing needs. Applicants can avail of a home renovation loan of up to INR 20 lakhs within 72 hours.  11.25% per annum onwards.
Wedding Loan  Cater to your last-minute wedding expenses with ICICI bank personal loan without providing any collateral.  11.25% per annum onwards

ICICI Bank Personal Loan Interest Rates for Salaried and Self-Employed

ICICI bank personal loan interest rates for salaried employees and self-employed professionals start from 11.25% onwards. It can go up to 17.99% based on applicant credibility and other factors such as income, age, repayment history, etc.

Type of Employment Offered Personal Loan Interest Rate Processing Charges  Prepayment Charges
Salaried Employee From 11.25% per annum onwards 2.25%  of the approved loan amount Not Applicable
Self-Employed Professional From 11.25% per annum onwards INR 1999 Not Applicable

ICICI Bank Personal Loan Interest Rate for Salary Account

There are numerous benefits of having a salary account with ICICI bank. One advantage is securing a personal loan with quick approval and attractive interest rates. The best part about having an ICICI bank salary account is the bank is well-versed in your repayment history, debts, income and other associated factors. Based on this information, securing a personal loan at lower interest rates, i.e. from 11.25% per annum onwards, becomes an easy deal.

ICICI Bank Pre-Approved Personal Loan Interest Rate

ICICI bank pre-approved personal loans are available for specific customers.

To know your eligibility for a pre-approved offer, visit the bank's official website and provide specific details. It will help you to determine the pre-approved personal loan amount you're eligible for. The bank generally provides a pre-approved personal loan to customers with good credit history and a clean repayment track. 

Additionally, ICICI bank pre-approved personal loan interest rate is lower than the one offered to other applicants starting from 11.25% onwards.

ICICI Bank Personal Loan Balance Transfer Interest Rates

ICICI bank offers a loan balance transfer facility to applicants paying higher interest rates than other banks. With ICICI bank, they can transfer the existing loan account to ICICI bank and unlock the benefits of lower interest rates starting from 11.75% onwards. 

ICICI Bank Personal Loan Fees and Charges

Before applying for a personal loan from ICICI bank, along with offered interest rates, you must get acquainted with the associated fees and charges. Being familiar with these terms will help you determine the borrowed amount's overall incurred cost.

Credit facility Type ICICI Bank Personal Loan Interest Rate and Applicable Charges
Personal Loan Interest Rates 11.25% per annum to 17.99% per annum
Charges for Loan Processing Charges or Origination (Non-Refundable) Up to 2.50% of total loan amount + GST
Charges Associated with Prepayment 5% on remaining principal amount (+) GST (in case of the salaried borrower)
Nil if the loan is closed using own funds (MSME classified customers)
Additional Interest on Late Payment 24% per annum
Charges for Repayment Mode Swap ₹500 per transaction (+) GST
Charges for Loan Cancellation ₹3000 plus GST
Charges for EMI Bounce ₹400 per bounce plus GST

Factors Affecting ICICI Bank Personal Loan Interest Rates

ICICI bank personal loan interest rates vary from applicant to applicant, and several factors drive this variation. Some essential factors significantly affect the offered ICICI bank PL interest rates.

  • Credit Rating: The CIBIL Score or Credit Score of the applicant plays a vital role in determining the offered interest rate. An applicant with a good credit score, i.e. more than 650, has a higher chance of getting loan approval at lower ICICI bank interest rates. A good credit score caters to securing a better deal in terms of offered interest rates. 
  • Financial Stability: Applicants must have the financial stability to grab a lower interest rate. A high-earning job ensures that the applicant will make on-time payments improving the chances of personal loan approval at lower interest rates. Thus, creating a stable income source is recommended before applying for a personal loan.
  • Higher Income in Loan to Value Ratio (LTV): Applicant's income should be more than the monthly repayment amount. It ensures the applicant can cope with monthly expenses with utmost ease while repaying the instalments.
  • Loan Repayment Tenure: Prolonged repayment tenure results in lower monthly instalments, resulting in lower interest rates. However, when you make repayments for a longer tenure, you pay more in terms of interest component.
  • Relationship with the ICICI Bank: A good relationship opens doors to numerous additional benefits. When you have good terms and make on-time payments, the bank considers you a trustworthy customer, allowing you to get a personal loan at lower interest rates. 

How to Calculate ICICI Bank Personal Loan Interest/EMI

You can easily calculate ICICI bank personal loan EMIs by using a personal loan EMI calculator. This advanced tool allows you to compute ICICI bank personal loan EMIs in split seconds by entering a few details, including loan amount, interest rate and repayment tenure.

Additionally, you can use the below given mathematical formula to compute personal loan EMIs.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where N is the number of instalments towards the borrowed amount, P is the borrowed personal loan amount, and R is the rate of interest. By interesting desirable values in the formula, you can compute monthly instalments. 

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

You must keep certain things on track to get low-interest rates on ICICI bank personal loans. Here is how to get a personal loan from ICICI bank at low-interest rates:

  • Applicants must try and maintain a CIBIL score equal to or above 750. It increases the chances of loan approval at lower interest rates.
  • Explore pre-approved personal loan offers provided by banks and NBFCs to get instant approval and quick disbursal.
  • Keep track of lenders offering personal loan interest rates during the festive season to unlock a better deal.
  • Count on existing lenders to get a personal loan at lower interest rates.
  • Visit Urban Money, an online financial marketplace, to compare ICICI Bank Personal Loan interest rates with other available lenders and choose the optimum one.

Documents Required for ICICI Bank Personal Loan

Both salaried and self-employed individuals must furnish the documents required for ICICI Bank Personal Loan. Here's the list of documents that the individual must prepare beforehand for easy approval.

ICICI Bank Personal Loan Requirements for Salaried Individuals

  • Proof of Identity (Passport, Driving Licence, PAN Card, Voter's ID Card, Aadhaar Card)
  • Proof of Address (Less than three months old Utility Bills, Passport, Licence Agreement, Leave Agreement, Lease Agreement)
  • Two passport-size photos of the applicant
  • Last three months' bank statements (showing the salary and other income credits of the applicant)
  • Last three months' salary slips.

ICICI Bank Personal Loan Requirements for Self-employed Individuals

  • Proof of Identity (Passport, Driving Licence, PAN Card, Voter's ID Card, Aadhaar Card)
  • Proof of Residence (Less than three months old Utility Bills, Passport, Licence Agreement, Leave Agreement, Lease Agreement)
  • Office Address Proof
  • Proof of Income
  • Last six months Bank Statements
  • Proof of Office Ownership
  • Business Continuity Proof

Personal Loan by Other Banks

Frequently Asked Questions (FAQs)

What is the current interest rate of ICICI bank personal loan?

ICICI bank personal loan interest rates in 2023 range between 11.25% per annum to 17.99% per annum.

How can I reduce my interest on an ICICI bank personal loan?

To reduce interest on ICICI bank personal loan, try making part-prepayments in the initial repayment tenure when the interest component is high.

Is ICICI bank personal loan a floating-rate loan or a fixed-rate loan?

ICICI bank offers personal loans at fixed rates of interest.

Do ICICI bank demand collateral or security for a personal loan?

ICICI bank offers a personal loan without collateral or security to cater to the versatile needs of the customer.

Can individuals pay off their ICICI bank loan EMI early?

Individuals get the option to pay off their ICICI bank loan EMI early. All you need to ensure is you make part prepayment only upon twice the EMI amount to avoid associated charges.

What is the EMI for a 1 lakh personal loan?

The EMI for a personal loan of 1 lakh varies from one applicant to another, based on their credit profile. For instance, if you secure an ICICI bank personal loan of INR 1 lakh for five years at an interest rate of 10.5%, your monthly EMI will equate to INR 2,149.

What is the EMI for a 10 lakhs personal loan?

The EMI for a personal loan of 10 lakhs varies from one borrower to another. The bank will consider several pointers to determine the offered interest rate, which will decode the monthly EMI. For instance, if you secure an ICICI bank personal loan of INR 10 lakh for five years at an interest rate of 12.04%, your monthly EMI will equate to INR 22,265.

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