ICICI Personal Loan Interest Rate
ICICI Bank is one of India’s leading private sector banks, offering a wide range of financial products and services to its customers. One of the most popular offerings from the bank is its personal loan facility, providing individuals with quick and convenient access to funds for various purposes. Understanding the interest rates offered by ICICI personal loans is crucial for potential borrowers, as it significantly affects the cost of borrowing and the overall affordability of the loan. ICICI personal loan interest rate starts from 10.50% and goes up to 16%.
Personal Loan – Explained
A personal loan is an unsecured loan offered by financial institutions to individuals for various personal purposes. Unlike secured loans, which require collateral to be pledged as security, personal loans are provided based on the borrower’s creditworthiness and ability to repay. These loans are typically offered for a short repayment tenure of 6 months to 5 years and hence interest rates charged are comparatively higher.
Interest Rate, Fees & other charges – ICICI Personal Loan
The interest rate, processing fees, and other charges for all types of personal loans offered by ICICI are given below:
|Interest Rate||10.50% p.a – 16% p.a|
|Processing Charges( non-refundable)||Up to 2.5% of loan amount+ tax|
|Prepayment Charges||5% of outstanding principal+ tax|
|Additional Interest on late payment||24% p.a|
|Charges for swapping the repayment mode||Rs 500 per transaction+ tax|
|Loan cancellation charges||Rs 3000 per transaction+ tax|
|EMI bounce charges||Rs 3000 per bounce+ tax|
Factors responsible for ICICI Personal Loan Interest Rate
ICICI Bank’s personal loan interest rate is influenced by various factors that help the bank analyse the borrower’s creditworthiness and manage associated risks. Understanding these factors can give borrowers insights into how their interest rate is determined and how they can improve their chances of securing a favorable interest rate. Here, are some key factors that influence ICICI Personal loan interest rates.
- Credit score
- Income of the borrower
- Relationship with the Bank
- Job reputation & stability
How is the interest rate assessed on ICICI Personal Loan?
As per the policy and norms of ICICI, the interest rates on personal loan starts from 10.50% and goes up to 16%. Its maximum personal loan amount is 50 Lakhs, for a loan tenure of about 7 years. Existing customers have an advantage in the loan approval process as it is easier to verify their accounts to check their financial history.
Also, your credit score is a crucial factor that determines your creditworthiness. A credit score of 750+ is usually considered a good credit score and increases your chances of loan approval.
How to apply for Personal Loan in ICICI?
You can apply for a personal loan in ICICI by visiting the nearest ICICI branch. You can also apply for a personal loan online on the bank’s website. However, one needs to make sure that the eligibility criteria are fulfilled and that you have the required credit score. After this, fill out the form, submit the documents asked, and wait for disbursal.
Features & Benefits – ICICI Personal Loan
ICICI Bank offers personal loans with a range of features designed to meet your diverse financial needs. The key benefits of acquiring a personal loan from ICICI are listed below:
- Attractive Interest rates
- Low EMI
- Flexible tenure options
- Easy and Hassle-Free Application Process
- Pre-approved offers
- Quick disbursement
- Digital Process
Documentation Required – ICICI Personal Loan Interest Rate
Minimal documentation is required to avail of a personal loan from ICICI, However, the bank reserves the right to call about additional documents at its directions.
For salaried Individuals
- KYC Documents: Identity and Address proof
- 2 passport-size photographs
- Bank account statement (last 3 months)
- Salary slips (last 3 months)
- KYC Documents: Identity and Address proof
- Proof of Income (audited financials for the last 2 years)
- Bank account statement (last 6 months)
- Office address proof
- Proof of office ownership
- Proof of continuity of business.
Suggested Read: Check Business loan Emi Calculator
FAQs related to ICICI Personal Loan Interest Rate
Q.1 What is the time taken to disburse the loan the personal loan availed from ICICI Bank?
The bank’s approval process is easy and instant. Once the loan is approved it takes only 3 seconds to disburse money into your bank account.
Q.2 Is it mandatory to be an existing customer to avail of a personal loan from ICICI Bank?
No, it is not at all mandatory to be an existing customer to get a personal loan from ICICI Bank.
Q.3 What is the minimum amount of personal loan offered by ICICI Bank?
The minimum amount of personal loan offered by ICICI Bank is Rs 25000.
Q.4 What is the repayment tenure of the personal loan offered by ICICI Bank?
The repayment tenure of the ICICI Personal loans ranges from 12 months to 84 months.