|Type of credit facility||Personal Loan Interest Rates and Charges Applicable|
|Personal Loan Interest Rates||10.75% to 19% per annum|
|Loan Processing Charges / Origination Charges (Non-Refundable)||Upto 2.50% of loan amount plus applicable taxes|
|Prepayment 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 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||₹400/- per bounce plus applicable taxes|
- 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
- **Effective for loans availed from Aug 1, 2009. For loans availed prior to the said date, the cheque return charge is Rs 200 + applicable GST
- The current GST applicable is 18.00%, with effect from Jul 01, 2017
- Auto Debit Bounce charges: ₹50 + GST#
#Amount will be debited from your savings account.
Enclosed find the service charges for an ICICI Bank Personal Loan
- For pre-payment/ pre-closure of the loan, Zero foreclosure charges are applicable after 12 EMIs. However, foreclosure charges of 3% of the outstanding principal (plus applicable taxes) is applicable if loan is closed within 12 EMIs.
- The wavier, if any, of the prepayment charges will be applicable provided:
- Minimum 1st EMI is paid.
- If 12 EMIs paid then NIL, Pre-payment charges applicable.
- For MSE (Micro and Small Enterprises) tagged customers, Nil Pre-payment charges subject to loan amount is less than or equal to 50 lac.
- Facility of part pre-payments is not available.
Personal Loan Interest Rates for period April'22 to June'22
|Type of credit facility||Max||Min||Mean|
|Personal Loan Interest Rates||19.50% p.a.||10.90% p.a.||12.54% p.a.|
- It includes various categories like loan amount, customer relationships, type of corporate/business, etc
- It excludes subsidy, government schemes
- Mean rate = Sum of rate of all loan accounts / Number of all loan amounts
The Annual Percentage Rate (APR) is a method to compute annualised credit cost, which includes the interest rate and processing fee.
The APR calculator does not include charges such as prepayment charges, etc.
To calculate the same and to download the APR calculator, please click here.
What are the processing charges for availing of a personal loan?
Upto 2.50% of loan amount plus applicable taxes
What is the interest rate for a personal loan?
ICICI Bank currently offers a Personal Loan at attractive interest rate from 10.75% p.a to 19% p.a
What is the foreclosure charge for personal loans?
3% plus applicable taxes
How is the personal loan interest rate calculated?
ICICI Bank sets the interest rate based on the market conditions and various other factors including but not limited to the customer's age, income stability, whether they are salaried or self-employed, work experience – total as well as in the current organisation, loan tenure, credit score, existing borrowings and repayment capacity etc.
Other technical factors related to the loan that impact the interest rate you are offered, include the principal amount, loan term and the repayment schedule.
The basic formula to calculate interest is :
Interest = Loan Principal*Interest Rate
If a customer avails a Personal Loan of Rs 5 lakh at an interest rate of 12% per annum to be paid back in 5 years, the interest will be calculated as:
The total EMI (Interest + Principal) on this is calculated by the formula as described here, which comes out to INR 11,122.
What is the stamp duty charge for a personal loan?
What will be the foreclosure process for a personal loan with ICICI Bank?
For pre-payment/pre-closure of the loan, Zero foreclosure charges are applicable after 12 EMIs. However, foreclosure charges of 3% of the outstanding principal (plus applicable taxes) is applicable if loan is closed within 12 EMIs.
What are amortization schedule charges for personal loan?
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