A Personal Loan in Mumbai is usually available @ 10.75% p.a. onwards for a repayment period of up to 6 years for a loan amount of up to INR 50 lakh. Public sector banks may offer the same at lower rates of interest and higher repayment tenures. ICICI Personal Loan can be availed for any personal purpose, such as home renovation, wedding, medical emergencies, travel, utility bill payments, etc. It does not require any collateral or security and can also be availed with minimal documentation. It can be repaid with EMI that would be debited from the bank account.
| ICICI Bank Personal Loan- A Snapshot | |
| Interest rate | 10.75% p.a. onwards |
| Loan Amount | Up to INR 50 lakh |
| Tenure | 1-6 years |
| Processing Fee | Up to 2.50% of the loan amount |
| Minimum Monthly Salary | INR 30,000 |
| Prepayment Charges |
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| Documentation |
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Types of ICICI Bank Personal Loan
Below mentioned are the types of ICICI Bank Personal Loans:
- Wedding Loan
- Home Renovation Loan
- Holiday Loan
- Fresher Funding
- Top Up Loan
Features & Benefits of ICICI Bank Personal Loan
Below mentioned are the features & benefits of ICICI Bank Personal Loans:
- Requires minimal documentation
- Offers collateral-free loans
- Choose tenure between 12-60 months
- No increase in the interest rate during loan tenure
- Get cash in the bank account almost instantly
- Personal loan interest rate-10.5% onwards
- Processing Fees of up to 2.25% of the loan value
ICICI Bank Personal Loan Interest Rates
Below mentioned are the ICICI Bank Personal Loan Interest rates:
| Type of credit facility | Interest Rate and Charges Applicable |
| Personal Loan Interest Rates | 10.75% to 19% per annum |
| Loan Processing Charges / Origination Charges (Non-Refundable) | Up to 2.50% of the loan amount plus applicable taxes |
| Prepayment Charges | For salaried customers, 3% plus applicable taxes on principal outstanding after payment of 1st EMI and Nil if 12 or more EMIs are paid. For MSE classified customers, charges are Nil after payment of the 1st EMI for Loan amount upto 50 lakhs. |
| Additional Interest on late payment | 24% per annum |
| Repayment Mode Swap Charges | ₹500/- per transaction plus applicable taxes |
| Loan Cancellation Charges | ₹3000/- plus applicable taxes |
| EMI Bounce Charges | ₹500/- per bounce plus applicable taxes |
Notes:
- The specific interest rate applicable to a customer would be dependent on the segment, asset category, and location
- ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion
- GST and other govt. taxes, levies, etc., applicable as per the prevailing rate will be charged over and above these charges at the discretion of ICICI Bank Ltd
- The charges or fees given in the above table are subject to change and the one recorded in the agreement will be binding over this site
- Auto Debit Bounce charges: ₹50 + applicable taxes#
#Amount will be debited from your savings account.
Comparison of ICICI Personal Loan Interest Rates with Top Banks/NBFCs
| Banks/NBFCs | Interest Rates(p.a.) |
| HDFC Bank | 10.50% onwards |
| SBI | 11.00%-15.00% |
| ICICI Bank | 10.75% onwards |
| Axis Bank | 10.49% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% onwards |
| Bajaj Finserv | 11.00% onwards |
| Tata Capital | 10.99% onwards |
ICICI Bank Personal Loan Processing Fees & Charges
| Processing Fee | Up to 2.50% of loan amount + GST |
| Pre-payment Charges | For salaried customers- 3% plus applicable taxes on principal outstanding after payment of 1st EMI, Nil if 12 or more EMIs are paid. |
| For MSE classified customers, charges are Nil after payment of the 1st EMI for a loan amount of up to INR 50 lakh | |
| Loan Cancellation Charges | INR 3,000 + GST |
| Penal Interest | 24% p.a. |
| EMI Bounce Charges | INR 400 per bounce + GST |
| Repayment mode swap charges | INR 500 per transaction + GST |
Service Charges; Fees for Personal Loans
Below mentioned are the service charges for an ICICI Bank Personal Loan
- Pre-payment of the loan is possible anytime during loan tenure after payment of 1 EMI with applicable foreclosure charges i.e. 3 % plus applicable taxes.
- The waiver, if any, of the prepayment charges will be applicable provided that
- Minimum 1st EMI is paid.
- If 12 EMIs paid then NIL, Pre-payment charges are applicable.
- For MSE (Micro and Small Enterprises) tagged customers, Nil Pre-payment charges are subject to the loan amount being less than or equal to 50 lac.
- The facility of part pre-payment is not available.
Eligibility Criteria
An applicant is required to check his/ her eligibility despite the fact that whether he/ she has to apply for a Personal Loan in Kerala or in Mumbai. Let us now go through the eligibility criteria to apply for HDFC Personal Loan:
- In the case of Salaried Individuals
- Age: 23-58
- Minimum Monthly Income: INR 30,000
- Total Work Experience: At least 2 years
- Total Years in the current residence: At least 1 year
- In the case of Self Employed
- Age
- For Self-Employed Individuals- 23-65years
- For Doctors- 25-65 years
- Minimum Turnover
- For Professionals: INR 15 lakh
- For Non-Professionals: INR 40 lakh
- (as per audited financials)
- Minimum Profit after Tax
- For Self-Employed Individuals/Proprietorship Firm: INR 2 lakh
- For Non-Professionals: INR 1 lakh
- (as per audited financials)
- Business Stability
- For Doctors: At least 3 years
- For Current Business: At least 5 years
- Existing Relationship with ICICI Bank: At least 1-year liability relationship/asset relationship either running or closed in the last 3 years
Documentation Required
- In the case of Salaried Individuals
- ID Proof (any 1): Driving License, Passport, PAN Card, Voter ID
- Address Proof (any 1): Passport, Utility Bill less than 3 months old, Leave and License Agreement
- 2 passport-size photographs
- Bank Statement for the last 3 months with salary and income credits
- Salary slips for the last 3 months
- In the case of Self Employed
- KYC Documents: ID Proof, Address Proof, Date of birth proof
- Residence Proof: Passport, Leave and License Agreement, Utility Bill not more than 3 months old
- Income Proof
- Proof of office address
- Bank Statement for the last 6 months
- Residence Proof or Office ownership proof
- Proof of continuity of business
