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ICICI Personal Loan Review: Interest Rates @ 10.50%

ICICI Bank offers a range of personal loans at low interest rates, but at the cost of high fees and strict eligibility criteria.

ICICI Personal Loan Review: Interest Rates @ 10.50%

ICICI Bank offers a range of personal loans at low interest rates, but at the cost of high fees and strict eligibility criteria.

Editor's Rating

4.0/5.0

Good for

  • Low EMIs
  • Diversified personal loan schemes

Bad for

  • Salary less than Rs. 30,000
  • Borrowers younger than 23

ICICI Bank's low interest rates and long loan tenure makes the ICICI personal loan a great option for borrowers seeking to pay low equated monthly instalments. However, the bank has costly fees and strict eligibility requirements, especially for self-employed borrowers. ValueChampion recommends the ICICI Bank personal loan as a top consideration to eligible borrowers, but it is important that you first meet the bank's criteria.

Summary of ICICI Personal Loans
Interest Rates: 10.50% to 19.00%
Loan Amounts: Rs. 50,000 to Rs. 25 lakh
Loan Tenure: 1 to 6 years
For salaried and self-employed borrowers

Table of Contents

What Makes ICICI Personal Loans Stand Out to Borrowers

ICICI Bank personal loans stand out for their low interest rates starting from 10.50% and long loan tenures of 6 years. Additionally, the bank offers personal loans to self-employed borrowers and freshers, which not all banks include in their personal loan schemes. If you meet the bank's strict eligibility criteria, you can benefit from low EMIs and minimal documentation requirements.

In addition to the regular personal loan, ICICI offers a diverse range of personal loans tailored to specific events and applicant types.

ICICI Personal Loan ProductsFeatures
ICICI Wedding Loan
  • For the costs of marriage venues, catering, jewellery, shopping and guest accommodations
ICICI Holiday Loan
  • For travel expenses including flights, stay, shopping, and other bills
ICICI Home Renovation Loan
  • A personal loan that can be used for home improvements and furnishings
ICICI Top Up Loan
  • Treated as a boost for an existing personal loan or as a separate loan
Fresher Funding
  • For borrowers who do not have significant work experience
  • Avail up to Rs. 1,50,000
  • Minimum age of 21 years
NRI Personal Loan
  • NRIs can avail up to Rs. 10 lakhs
  • Rates starting from 15.49%
  • Loan tenure of 3 years
  • Applicant must be resident Indian with an NRI co-applicant

For more information about ICICI home renovation loans, read our ICICI Bank Home Loan Review.

ICICI Bank Personal Loan Interest Rates

ICICI personal loan interest rates starts from 10.50%
Based on minimum interest rates for standard personal loans. Rates are subject to change.
ICICI personal loan interest rates starts from 10.50%
Based on minimum interest rates for standard personal loans. Rates are subject to change.

ICICI personal loan interest rates are charged between 10.50% and 19.50%, with an average lending rate of 12.45%. The bank's rates are amongst the top 3 lowest in India, making ICICI a good lender to consider for reducing your total cost of borrowing.

Your final interest rate will be determined by your tenure, loan amount, income level and also location of residence. Additionally, your relationship to ICICI Bank may result in preferential pricing.

ICICI Personal Loan Eligibility

Consider this if you are offered the bank's lowest interest rates

Required Monthly Income Rs. 30,000
Min. Loan Amount Rs. 50,000
Max. Loan Amount Rs. 20 lakh
Processing Fee 2.25% + GST
Interest Rate Type Fixed
Loan Tenure 12 to 72 months

Borrowers can avail up to Rs. 25 lakhs in ICICI personal financing, which is considered a medium-sized loan. If you are seeking low EMIs, you can still borrow significant funding from ICICI Bank as long as you take advantage of the lender's 6-year loan tenure. This loan term is more generous than most other lenders who cap their loan terms at 5 years.

In terms of eligibility criteria, ICICI Bank has comparably stricter requirements than other lenders. Below, you can find personal loan details for both salaried and self-employed borrowers.

Eligibility Criteria for ICICI Bank Personal Loans

SalariedSelf Employed
Age23 to 5828 to 65, 25 to 65 for doctors
Minimum Salary / TurnoverRs. 30,000 per monthRs. 40 lakh for non professionals, Rs. 15 lakhs for professionals
Business Stability2 years in job5 years in current business, 3 years for doctors
Years in Current Residence1 yearNot advertised.
Existing relationship with ICICI BankNot advertised.1 year with current or savings account or loan within last 3 years

It's important that you ensure that you meet the bank's criteria before running your credit during the application process. Additionally, you should review ICICI Bank's loan schemes to see if you match their criteria. For instance, the Fresher Funding loan scheme allows borrowers of at least 21 years of age to avail up to Rs. 1,50,000.

If you are seeking a personal loan with a lower income requirement, we recommend that you consider State Bank of India or Tata Capital for your personal financing needs.

Read More: Best Personal Loans for Low Salary

Processing Fees and Other Charges

FeeAmount
Processing FeeUp to 2.25% of loan amount
Prepayment Charges5.00% of outstanding balance
Late Payment InterestAdditional 2.00% interest of late payment, or 24.00% per annum
Cheque Bounce FeeRs. 400

ICICI Bank has a standard processing fee of 2.25%; however, you can easily find much lower fees at banks like State Bank of India and Indian Overseas Bank. Likewise, ICICI's prepayment fee is considerably higher than other lenders we reviewed. If you anticipate paying down your loans in advance, we recommend that you consider SBI or Tata Capital for low prepayment fees.

That being said, ICICI Bank does allow prepayments at any point in your loan tenure. This is not enforced by many banks, as they prefer borrowers to pay back their loan over a certain amount of time, instead of all at once.

ICICI Personal Loan EMI Calculator

Use a personal loan calculator to estimate your EMIs before applying. By inputting your personal loan interest rate, loan tenure, and loan amount, you can plan your repayments ahead of time. Click here to use the ICICI Bank personal loan calculator.

ICICI Personal Loan Payment Schedule

Our team of financial analysts calculated an example EMI repayment schedule for borrowers, as seen below.

Stage of TenureEMIInterest PaidPrincipal PaidOutstanding Balance
Year 1₹46,947₹247,590₹315,779₹2,184,221
Year 2₹46,947₹212,790₹350,579₹1,833,642
Year 3₹46,947₹174,155₹389,214₹1,444,428
Year 4₹46,947₹131,262₹432,107₹1,012,321
Year 5₹46,947₹83,643₹479,727₹532,594
Year 6₹46,947₹30,775₹532,594₹0
Based on an Rs. 25 lakh personal loan over a 6 year tenure. Interest rate is set at 10.50% per annum, with no processing fee calculated in the outstanding balance.

ICICI Personal Loan: Apply Online

In order to apply for a personal loan from ICICI applicants must submit an application form as well as documentation proving their identity, residence and income. Select customers can receive funds within 3 seconds if they are eligible for the ICICI instant personal loan option.

Documents Required for ICICI Personal Loan

ICICI Bank has standard income requirements. Salaried and self-employed borrowers are required to submit different documents for proof of income.

  • 2 Passport Size Photos
  • Proof of Identity: passport, driving license, voter ID or PAN card
  • Proof of Residence: Leave & License Agreement, Utility Bill or Passport
  • Proof of Income (salaried): Latest 3 Months' Bank Statement & Salary Slips
  • Proof of Income (self-employed): Audited Financials (last 2 years) & Last 6 Months' Bank Statement

ICICI Personal Loan Customer Care

If you have any queries about the personal loan application process or would like to check on the status of your loan, contact ICICI Bank customer care through any of the methods below.

William Hofmann

William is a Product Manager at ValueChampion Singapore, helping consumers and SMEs find the best banking products through comprehensive analysis of data. He previously was an Economic Consultant at Industrial Economics Inc, where he conducted a variety of research and economic analyses. He graduated from University of Vermont with degrees in Economics and Psychology. His work has been featured on a variety of major media such as the Straits Times, the Business Times, the Edge, DailySocial, the Entrepreneur and more.