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2 mins Read | 1 Year Ago

The latest Personal Loan rates and what to consider before taking a Personal Loan

 

Financial emergencies come unannounced and sometimes they multiply so fast that your savings aren’t enough to handle all expenses. The best way forward is to opt for a Personal Loan. To help you understand how a personal loan works, ICICI Bank is here to help you with low interest rates and amazing benefits.

The latest Personal Loan rates at ICICI Bank in 2024

If you are looking for a low interest Personal Loan, ICICI Bank will not disappoint you. Apart from several Personal Loan types, the rates are affordable enough to the borrowers.

Below is a detailed account of the latest Personal Loan rates that we offer:

Rate of interest for ICICI Bank Personal Loans 2024

Rate of interest

10.80% p.a. onwards

Flexicash (Overdraft facilities to the salary Account holders)

12.35% to 14.10% p.a.*

Processing charges and fees for ICICI Bank Personal Loans 2024

Description of Charges

Charges applicable

Loan Processing Charges / Origination Charges (Non-Refundable)

Upto 2.50% of loan amount plus applicable taxes

Prepayment Charges

a. 3% on principal outstanding amount.

b. Nil after 12 EMIs paid.

c. For Business Loans (BIL/BL) <=50 Lakhs i.e. Booked under code ‘UP’, the FC to be considered as “NIL” if first EMI is paid. This is applicable only for Micro and Small enterprises only (subject to URC submission) and not for Medium enterprises.

Penal Charges on late payment

5% Per Annum will be charged on the overdue EMI until repayment.

Repayment Mode Swap Charges

₹ 500/- per transaction plus applicable taxes

Loan Cancellation Charges

a. NIL Cancellation within Free Look / Cooling off period (i.e. 15 days from Disbursement). PF will be Non Refundable.

b. Cancellation post cooling Period & Before 1 EMI date (i.e. from 16th day till 1st EMI date) - Proportionate APR to be considered with max capping of ₹3000 /- (applicable for Digital Lending)

c. Cancellation Fee of ₹. 3,000/- (applicable other than Digital Lending).

EMI Bounce Charges

₹ 500/- per bounce plus applicable taxes

Non Maintenance of Mode of Payment (NMMP Charges)

₹ 800/- (Plus applicable taxes or statutory levies, if any) (Charges levied on monthly basis if loan repayment mode is inactive / ir-regular)

Highlights of ICICI Bank Personal Loan 2024

Rate of interest

10.80% p.a. onwards

Processing Fee

Upto 2.50% of loan amount plus applicable taxes

Loan amount

Rs 50,000 to Rs 50 Lakhs

Tenure

12 months to 72 months

Minimum salary per month

Rs 30,000

Points to consider before availing an ICICI Bank Personal Loan

Before you click on ‘Personal loan apply at ICICI Bank there are a few things that you need to consider such as:

Personal Loans for different usages

Our Personal Loan offerings differ based on your needs and financial requirements. These include but are not limited to expenses pertaining to Wedding planning, Vacations, Medical Emergencies, clearing of dues etc. Please note : Personal Loans have a wide variety of utility but cannot be used for any speculative activity (investments, gambling etc.)

ICICI Bank also offers an Instant Overdraft Facility against an individual’s salary, also known as FlexiCash – which can be availed as an alternative to Personal Loans. Advantages of this facility :

  • Only for ICICI Bank Salary Account Holders

  • You can avail this OD facility to meet planned or unplanned expenses

  • You pay interest only on the utilised amount

  • Clear outstanding dues as per your convenience & pay only interest every month.

Even NRIs can take a Personal Loan of up to Rs 10 lakh to meet their personal requirements.

Eligibility criteria for an ICICI Bank Personal Loan

The eligibility criteria for personal loan is not the same for salaried individuals and self-employed individuals:

Personal loan for salaried individuals:

Age: 20 to 65 years*

Minimum Income Per Month: Rs 30,000

Years in Present Residence: Minimum 1 year

Personal Loan for Self-employed and self-employed Professional

Minimum Age: 23years

Business Vintage:  Current 2 years and Total >=3years

Maximum Loan:  Up to 1Cr

Tenure: Upto 5 years

Minimum Turnover: 50 Lakh

ICICI Bank Personal loan online approval

You can apply for a Personal Loan online at ICICI Bank. To do so, check whether you have any pre-approved offers. After that, you can fill and submit the Personal Loan application if you meet the eligibility criteria. Ensure to recheck the loan tenure and amount you have selected. Finally, submit your application and check the approval status for your Personal Loan.

If you want to know more about our Personal Loan offers, get in touch with us at our Toll-Free Customer Care Number on 1860-120-7777. You can also visit your nearest ICICI Bank Branch.

 

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