ICICI Personal Loan Interest Rate

What is a personal loan? A personal loan is an unsecured loan, meaning you do not typically require a guarantor or any collateral to avail the loan. There are no restrictions on how you can spend the loan amount—you might use it to fund your child’s wedding, to fund your dream vacation, for a medical emergency or any other personal emergency. It could be used to fund your business as well. Note that that personal loans are among the most expensive loans since they are 'unsecured' and come with interest rates which could go up as high as 32%. It is influenced by a variety of factors.

What Factors Affect the Interest Rate on ICICI Personal Loans?

Your borrowing history and credit score: Lenders consider your borrowing history before looking into other criteria. They evaluate your repayment ability before sanctioning the loan. Your credit score and credit history give lenders a good idea of your ability and willingness to repay your loans.

Your relationship with the bank: If you are a long-time customer with your lender, then you might be able to get a low interest rate. You will also be eligible for any special offers. Being an existing customer helps get competitive rates and terms as the bank is already familiar with your credit history. So, make sure you get the best deal.

Your loan amount as compared to your annual income: If your loan amount is a small percentage of your annual income, then your interest rate likely will be lower, since there s a good chance you will be able to repay it on time. Likewise, if your loan amount is a high percentage of your annual income, then lenders might think twice before sanctioning your loan as they might not be confident about your repayment capacity. This might lead to the loan being sanctioned at unfavorable interest rates.

ICICI Personal Loan Interest Rate

Currently, ICICI Bank Personal Loan interest rate ranges from 11.59% to 22.00% per annum. It could be even higher, depending on a number of factors, like your creditworthiness.

How to apply for ICICI personal loan?

You can apply for an ICICI Personal loan in the following ways:

  • You can apply online at the bank's website

  • You can visit your nearest ICICI Bank Branch with the required documentation

  • You can contact the customer care department of ICICI Bank

  • You can choose to contact a direct sales agent