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Compare ICICI Bank Personal Loan

ICICI Bank Personal Loan

ICICI Bank | Personal Loan

ICICI Bank Limited is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra with its registered office in Vadodara, Gujarat. As of 2018, ICICI Bank is the second largest bank in India in terms of assets and market capitalisation.

Facility of part pre-payment is not available

Annual Percentage Rate (APR): 11.25%

Minimum & Maximum period for repayment (Loan Tenure): 60 months

Loan processing charges: 2.25 % + GST

Late Payment: 5% per annum of principal outstanding plus GST

Foreclosure Charges: 24 % p.a on amount outstanding from date of default

Partpayment Charges: Not allowed

Maximum Loan Amount: 30 lakh


ICICI Bank Profile

Sector : Finance
Industry : Regional Banks

ICICI Bank Ltd. engages in the provision of banking and financial services, which includes retail banking, corporate banking, and treasury operations. It operates through the following segments: Retail Banking, Wholesale Banking, Treasury, and Other Banking. The Retail Banking segment includes exposures of the bank, which satisfy the four qualifying criteria of regulatory retail portfolio as stipulated by the Reserve Bank of India guidelines on the Basel III framework. The Wholesale Banking segment deals with all advances to trusts, partnership firms, companies, and statutory bodies, by the Bank which are not included in the Retail Banking segment. The Treasury segment handles the entire investment portfolio of the bank. The Other Banking segment comprises leasing operations and other items not attributable to any particular business segment of the bank. The company was founded on January 5, 1994 and is headquartered in Mumbai, India.

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EMI Calculator

Loan EMI

\u20b9 1,24,797

Total Interest Payable

\u20b9 34,90,279

Total of Payments
(Principal + Interest)

\u20b9 59,90,279

About Personal Loan

A personal loan is a good way to address short term loan requirements. Whether you want to match a medical emergency, wedding expenses, travel expenses or home makeover, you can get an instant cash loan for any sort of need. Besides being cost-effective, they give an additional advantage as to secure them, you don't need to pledge any kind of your valuables. This is the reason that most of the borrowers admit personal loans as the best way to get an instant loan in India.

Eligibility & Documents Required

Any individual who is an Indian citizen or national and has residual income qualifies for the personal loan. By design Personal Loans are unsecured loans and therefore an applicant does not have to worry about furnishing paperwork related to collateral. For getting a personal loan, you need to fulfill certain parameters as a part of the eligibility criteria.

Documents for salaried individuals

  • Identity proof:- Any one of Aadhaar Card / Voters ID / Passport / Driving License / PAN Card.
  • Residential proof:- Any one of Leave and License Agreement / Utility Bill (maximum three months old) / Passport.
  • Salary Slips:- Salary slips for last three months along with bank statement showing salary is being credited.
  • Employment certificates:-2-year Employment continuity document.
  • Photographs:- Two passport size photographs.

*Note:- The required documents may vary from institution to institution. Every lending entity has their own criteria for documentation.

Personal Loan Eligibility

Age - 18/21 years - 60/65 years
Employment Type - Salaried/Self-Employed
Minimum Net Income (monthly) - ₹15,000
Work Experience - Salaried for at least 6/12 months or Self-Employed for at least 3 years
Tenure: (Min) 3 to (Max) 60 months
Interest Rate ranging from 10.75% to 25% depending on customer’s credit and risk profile

Representative Example

With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments, the monthly repayments will be ₹ 21,618 which can be paid within a tenure of 12-60 months.

*Please note the processing fee can vary from 1.5% - 6%. The figures provided are indicative and subject to change from time.

EMI Calculator

The simple and handy loan EMI calculator lets you easily calculate EMIs. All you need to do is enter the loan amount, interest rate and loan tenure, and you will know the convenient and easy EMIs basis the inputs entered.

Sample Loan Calculation:

Loan amount: INR 4,00,000
Interest Rate: 15% p.a.
Loan Duration: 3 years
Total Interest = INR 99,176
Processing fees (PF) + GST= 4000 + 720 = INR 4,720

In Hand Amount: Loan Amount - Total Deductibles = 4,00,000 - 4,720 = INR 3,95,280
Total repayable Amount: INR 4,99,176
Monthly EMI Repayable: INR 13,866
*Deductibles are deducted upfront during the loan disbursal.

ICICI Bank Loan Interest Rates

ICICI Bank ROI Max Loan Amount Tenure Processing Fee Late Payment Foreclosure Charges Partpayment Charges
Business Loan 16.49% 40 Lakh. 36 months upto 2% (plus applicable taxes) Charged upto 4% N/A N/A
Car Loan 12.75 % 100% of ex-showroom price of the car upto 7 years 5% on the outstanding principle 5% on principal outstanding or interest outstanding for unexpired period of loan 2% per month on the outstanding installment 6% + GST on amounting getting part prepaid
Personal Loan 11.25% 30 lakh 60 months 2.25 % + GST 5% per annum of principal outstanding plus GST 24 % p.a on amount outstanding from date of default Not allowed
Education Loan 11.5 % upto 50 lakh 5 to 10 years Nil Nil N/A Nil
Home Loan 8.90% 10 cr 30 years 0.5-1% of the loan amount+applicable taxes Nil if floating, upto 2%+taxes for fixed rate 2% per month Home OD N/A
Please Note*: The figures provided in the table above are indicative only and are subject to change from time to time.

Compare Personal Loan Interest Rates

Personal Loan ROI Max Loan Amount Tenure Processing Fee Late Payment Foreclosure Charges Partpayment Charges
Tata Capital 11.75% 20 lakh 60 months 2.5% + GST No foreclosure in first 6 months, 4.5% + GST 3% on Overdue Amount per month + GST Allowed after 6 EMIs, Nil prepayment charges
HDFC Bank 11.25 % - 18 % 50 lakh 60 months upto 2.5 % Allowed after 12 EMI's, 2 - 4% 2% per month on EMI/Principal Overdue Allowed after 12 EMI's, 2-4%
IndusInd Bank 11.25% 25 lakh 60 months 2.5% + GST Allowed after 12 EMI's, 4% Rs 150/- plus taxes, Per EMI delay beyond 5 days Not allowed
IIFL 13% 25 lakh 12 months to 60 months 2% + GST upto 6% 2% compounded annually Not allowed
Kotak Mahindra Bank 10.99% - 18% 15 lakh 60 months 2.5 % + GST After 12 months, 5% foreclosure charges + GST 3% p.m compounded monthly on the Amount due Not allowed
RBL Bank 13.99% 20 lakh 60 months 2.5% + GST 13-18 Months: 5%, >18 Months: 3% foreclosure charges 24 % p.a on amount outstanding from date of default Not allowed
ICICI Bank 11.25% 30 lakh 60 months 2.25 % + GST 5% per annum of principal outstanding plus GST 24 % p.a on amount outstanding from date of default Not allowed
Bajaj 11.99% 25 lakh 60 months 2% 4% foreclosure charge plus applicable taxes on principal outstanding N/A 2% part-prepayment charge plus applicable taxes
Bank of Baroda 11.35% - 16.35% 10 lakh 4 years 2% Allowed after 1 EMI's, Nil prepayment charges N/A Allowed after 1 EMI's,
Please Note*: The figures provided in the table above are indicative only and are subject to change from time to time.