ICICI Bank is one of India’s major private sector banks, with numerous branches and ATMs spread across the country. The banking institute offers a wide range of financial solutions to both retail and business customers. Personal Loans are one of ICICI Bank’s most well-known retail products.
ICICI Personal Loans are among the greatest Personal Loans in the industry due to their numerous notable features and fantastic advantages. However, before you decide to take up an ICICI Personal Loan, you should compare it to offers from other lenders. Hence, assist you in assessing whether ICICI Personal Loans good fit for your needs.
The eligibility requirements for ICICI Personal loan
Certain criteria must be completed in order to obtain a low ICICI bank personal loan interest rate and quickly. Also, If you fulfill the eligibility requirements, the bank just requires the absolute minimum of documentation. The personal loan amount will be transferred into your savings account once a minor processing charge is deducted.
If you are a salaried professional, you must meet the following requirements:
- The candidate must be working in a multinational corporation, the government, or the private sector.
- The ages for the minimum and maximum are 23 and 58, respectively.
- A two-year or longer work history, including at least one year with the present company.
- The aspirant must earn at least Rs 30000 per month.
- The candidate’s CIBIL score should be higher than 650.
You must satisfy the following standards if you are a self-employed professional:
- Doctors must be at least 25 years old, and self-employed persons must be at least 28 years old and no more than 65 years old.
- Doctors must have been in practice for at least three years and in the current business for at least five years.
- The candidate must have a profit after tax of Rs. 2 lac for self-employed persons and Rs. 1 lac for non-professionals, according to audited financials.
- The CIBIL score of the candidate should be greater than 650.
- Applicants must have a minimum revenue of Rs. 40 lakh for non-professionals and Rs. 15 lac for professionals, according to audited financials.
Other banks personal loan Interest Rate and Charges
A personal loan from any other financial institution does not require any collateral or security and can be obtained in an emergency. Personal loans include interest rates ranging from 9.6 percent to 24 percent. Applicants can apply for a personal loan of up to Rs 50 lakh for a period of 60 months. Applicants may be subject to a processing fee of up to 2.5 percent excluding GST. Also, prepayment penalties range from 0% to 4%.
Other banks may not levy prepayment or foreclosure fees on personal loans. If the loan is returned within six months of the loan approval date, the bank will charge 1% of the outstanding loan amount. Because there is no requirement of collateral, approval of a personal loan from any bank is faster and easier.
| Bank | Interest Rate (p.a.) | Processing Fee | Max Loan Amount |
| State Bank of India | 9.60% p.a. – 15.65% p.a. | 1.50% of the loan amount with a minimum of Rs 1000 + GST and a maximum of Rs 15000 GST. | Rs. 20 lakh |
| ICICI Bank | 10.5% to 19% per annum | Upto 2.50% of loan amount plus GST | Up to Rs. 25 lakh |
| HDFC Bank | 10.5% p.a. – 21.00% p.a.Salaried – 10.50% to 21.00% | Up to 2.50% of the loan amount is subject to a maximum of ₹ 25,000/- for salaried customers. | `Rs. 50,000 to Rs.`40,00,000 |
| Yes Bank | From 10% to 24% | Up to 2.50% | Rs. 1 Lakh to Rs. 40 Lakh |
| Kotak Mahindra Bank | Starting from 10.25% p.a. | Up to 2.5% of the loan amount + GST and other applicable statutory levies | Rs. 50,000 – Rs, 20,00,000 |
| IDFC First Bank | Salaried: 10.49% to 20%Self Employed: 19% to 23% | At the time of disbursement, processing fees of up to 3.5 percent will be levied on the loan amount. | Up toRs. 40 Lakh |
| Bajaj Finserv | 13% onwards | Up to 4% of the loan +applicable tax | Up to Rs. 25 lakh |
| Standard Chartered Bank | 10.25% – 21.00% | Up to 2.25% of the loan amount | Up to Rs. 50 Lakh |
| Fullerton India | Starting at 11.99% | 0% to 6% | Up to Rs. 25 Lakh |
ICICI Bank personal loan Interest Rate and Charges
An unsecured loan with variable ICICI bank personal loan interest rate ranging from 10.5 percent to 19 percent. A borrower can apply for a personal loan of up to Rs 25 lakh with a repayment period ranging from 12 to 72 months. Borrowers must pay a processing charge of up to 2.5 percent plus GST. In addition, Rs 500 in Mode Swap Charges. A loan cancellation fee of Rs 3000 exclusive of GST is levied. EMI Bounce Charges of Rs 400/- + GST. Furthermore, Prepayment Charges for salaried professionals is 5% of the outstanding principal also GST. There is no requirement for any type of collateral or security.
