ICICI Personal Loan Interest Rate Starting @10.50%*

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: 

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.