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 Products||Features|
|ICICI Wedding Loan|
|ICICI Holiday Loan|
|ICICI Home Renovation Loan|
|ICICI Top Up Loan|
|NRI Personal Loan|
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 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
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
|Age||23 to 58||28 to 65, 25 to 65 for doctors|
|Minimum Salary / Turnover||Rs. 30,000 per month||Rs. 40 lakh for non professionals, Rs. 15 lakhs for professionals|
|Business Stability||2 years in job||5 years in current business, 3 years for doctors|
|Years in Current Residence||1 year||Not advertised.|
|Existing relationship with ICICI Bank||Not 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.
Read More: Best Personal Loans for Low Salary
Processing Fees and Other Charges
|Processing Fee||Up to 2.25% of loan amount|
|Prepayment Charges||5.00% of outstanding balance|
|Late Payment Interest||Additional 2.00% interest of late payment, or 24.00% per annum|
|Cheque Bounce Fee||Rs. 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 Tenure||EMI||Interest Paid||Principal Paid||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.