ICICI Bank Personal Loan Interest Rate

Personal Loan interest rates and other charges

Factors that impact your ICICI Bank Personal Loan interest rate

ICICI Bank, being the leading lender of personal loans in the country, gives careful considerations to a few important points while processing your personal loan application. The interest rate varies from person to person based on the following factors:

Credit Score

Credit score is an important parameter for any loan application. It gives a comprehensive picture of your creditworthiness to the banker. Higher the credit score, better is your financial standing. Hence, a good credit score ensures a better interest rate offer.

Income

Income plays an important role in personal loan eligibilities. Banks prefer individuals who can comfortably afford the monthly EMIs. A higher income ensures them of that. Hence, borrowers with higher income are offered better interest rates.

Reputed Employer

Working in a reputed organisation can certainly get you a good deal on your personal loan. Employment in these organisations assures the bankers of your job stability and income flow. Hence you are bound to get offers of higher loan amount and lower interest rate.

Relationship with the bank

Loyalty plays an important role in the banking business. Existing customers with a good financial standing are consider great assets for the banks. Hence, if you have a good relationship with the bank, you are offered various benefits like instant personal loan, higher loan amount and attractive rate of interest.

Why ICICI Bank personal loan?

Purpose – ICICI Bank gives its customers the free reign to use the personal loan amount for any purpose as per their need. You can avail a personal loan to fulfill any of the below needs

Wedding loan – Loan amount of up to Rs.20 lakh with the interest rate starting at 11.25% p.a

Home renovation –Loan amount of up to Rs.20 lakh with the interest rate starting at 11.25% p.a. Quick processing time disbursal

Holiday loan – Loan amount of up to Rs.20 lakh with the interest rate starting at 11.25% p.a. Quick processing time disbursal

Fresher Funding – offered to freshers starting their first job. Loan amount of up to Rs. 1.5 lakh without any security/collateral

NRI Personal Loan – offered to NRIs looking to fulfill needs back home. Loan amount of up to Rs. 10 lakh for an interest rate as low as 15.49% p.a

Top-Up loan – a loan availed as a top-up on existing personal loans.

Quantum of Loan – ICICI Bank offers one of the highest amounts of personal loan. It offers personal loans of up to Rs. 20 lakh.

Attractive Rate of Interest – the interest rate starts at 11.25%, one of the lowest in the market. The EMI is calculated by monthly reducing balance, which reduces the average interest on the loan

Convenient channels for loan application – ICICI Bank allows their customers to apply for a personal loan through various channels – branch, internet banking, phone banking and through the app. For pre-approved customers, it even gives the option of applying through the ATM

Quickest processing time – ICICI Bank understands the importance of time taken for loan processing. Personal loans are processed within 2-7 days. For some pre-approved customers, loans can be disbursed in as fast as 3 seconds.

ICICI Bank Personal Loan Eligibility

The eligibility criteria for a personal loan is similar across various banks. Some of the key points considered by ICICI Bank are

Personal Loan application process

Applying for a personal loan with ICICI Bank is easy and convenient. One can choose any of the following channels to apply

• Apply online from the ICICI Bank website
• Request a call back from a customer care representative
• Apply through any of the ICICI Bank ATMs
• Visit the help desk at any of the branches
• Write to them at their official mailing address

ICICI Bank Personal Loan EMI Calculator

Once you have checked your eligibility, you can decide the quantum of loan amount you want to apply for. Now, the EMI calculator will help you in finding out the monthly EMI you need to shell out for the loan amount with the estimated interest rate. The EMI calculator allows you to adjust the loan amount and the repayment tenure to find the corresponding monthly EMI. This tool helps you in determining a comfortable EMI amount and the corresponding loan amount.

Documents required for ICICI Bank Personal Loan

For salaried individuals

• Proof of identity – Passport/driving license/PAN card/Voters ID card (any one)
• Proof of address – House agreement/utility bills, not more than 3 months old/passport (any one)
• Latest payslips of 3 months
• Latest 3 months’ bank statement (of salary account)
• 2 passport size photographs

For self-employed individuals

• KYC Documents - Proof of identity & date of birth proof
• Proof of address – for either residence or office - property agreement/license agreement, utility bills not more than 3 months old/passport (any one)
• Income proof – audited financials of last 2 years
• Latest bank statement for 6 months
• Proof of continuity of business

The above is a comprehensive list and the bank might require more documentation on a case to case basis.

Balance Transfer & Top-up facility

One can transfer their existing personal loan with a different lender to ICICI Bank without any hassles. When you transfer your personal loan, ICICI Bank offers you

• Attractive interest rate
• Minimal documentation for quick and hassle-free transfer
• Top-up loan
• Increased tenure for a comfortable repayment

ICICI Bank Personal Loan Interest Rate FAQs