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Interest rates on Personal Loans refer to the annual cost of borrowing funds. Lenders set these rates based on various factors, including creditworthiness and market conditions. Borrowers can use an Interest rate calculator to estimate their monthly repayments. These rates play a crucial role in determining the overall cost of the Loan, making it essential for borrowers to compare the rates and choose the most favourable option for their financial needs.
Latest Personal Loan Interest Rates
| Type of credit facility | Interest Rate and Charges Applicable |
|---|---|
| Personal Loan Interest Rates | 10.80% to 16.15% per annum |
| Loan Processing Charges (Non Refundable) | Upto 2 % of loan amount |
| Prepayment /Foreclosure 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. |
| Cheque /AD/ECS bounce Charges / SAL OD (Late payment fees) | ₹. 500/- |
| Repayment mode swap Charges | ₹. 500/- |
| Loan Cancellation Charges |
1. NIL Cancellation within Free Look / Cooling off period (i.e. 15 days from Disbursement). PF will be Non Refundable. 2. 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 ₹2,500 /-(applicable for Digital Lending) Non- Digital Lending: Cancellation Fee of ₹. 2,500/- |
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 the processing fee from time to time, at its sole discretion.
GST and other Government taxes, levies, etc., applicable as per the prevailing rates will be charged over and above the mentioned charges, at the discretion of the Bank
The charges or fees given in the table are subject to change and the charges/fees recorded in your agreement will be binding over the details mentioned here.
Fees and service charges:
ICICI Bank offers a higher Personal Loan amount and lower EMIs at attractive interest rates. Please visit the ‘Service & Penalty Charges’ tab to know more about the fees and service charges applicable on ICICI Bank Personal Loans.
Important Information
In compliance with the Rule 9B of the Prevention of Money Laundering (Maintenance of Records) Rules, you are required to intimate the Bank if there are any changes in your KYC details along with the updated documents (i.e. address, contact details, profile, etc.) within a period of 30 days from the date the changes were made. Once you intimate us, the necessary changes will be updated in the Bank records. Any updates can be intimated to the Bank as per the request provided in the application form.
Disclaimer: The products, services and offers referred to here, are subject to the Terms and Conditions governing them as specified by ICICI Bank from time to time, at www.icicibank.com . Nothing contained here will constitute or be deemed to constitute an advice, invitation or solicitation to purchase any products/services of ICICI Bank.
Personal Loan Service & Penalty Charges
| S.No. | Types of Charges | Amount |
|---|---|---|
Penal Charges : |
||
1 |
Cheque /AD/ECS bounce Charges / SAL OD (Late payment fees) |
₹. 500/- |
2 |
Charges for late payment |
Term Loan - 5% Per Annum will be charged on the overdue EMI until repayment. |
3 |
Non Maintenance of Mode of Payment charges (NMMP) |
₹. 800/- |
Service Charges : |
||
1 |
Loan Processing Charges (Non Refundable) |
Upto 2 % of loan amount |
2 |
Repayment mode swap Charges |
₹. 500/- |
3 |
Sal OD (Processing Fee) |
0.99% of limit amount Subject to Min. of ₹. 1,999 /- and Max. of ₹. 2,999 /- |
4 |
Loan Cancellation charges |
Digital lending: 1. NIL Cancellation within Free Look / Cooling off period (i.e. 15 days from Disbursement). PF will be Non Refundable. 2. 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 ₹ 2,500 /-(applicable for Digital Lending) Non- Digital Lending: Cancellation Fee of ₹. 2,500/- |
5 |
Prepayment / Foreclosure 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. |
6 |
Part Payment Charges |
a. 3% for loans seasoning up to 24 months. b. Nil for loan seasoning above 24 months. |
7 |
Sal OD (Annual renewal fees) |
₹. 1,999 /- |
8 |
Cash Transaction charges |
₹. 100/- at the branch |
9 |
Charges for duplicate NOC / No Dues Certificate |
₹. 250/- for physical print out at the branch |
10 |
Information utility charges (Only for corporate cases) |
₹. 300/- |
11 |
Charge for Prepayment Statement |
₹. 200/- for physical print out at the branch |
12 |
Charges for Amortization Schedule |
₹. 200/- for physical print out, Nil for digital channels |
13 |
Charge for repayment mode swap |
₹. 500/- |
Loan related Recovery Charges (If applicable): The below charges would be applicable to Retail products, except few, depending on the nature of the product
| S.No. | Types of Charges | Amount |
|---|---|---|
1 |
Charges incurred in SARFAESI proceedings |
At actuals |
2 |
Charges incurred in sending different notices |
At actuals |
3 |
Enforcement charges |
At actuals |
4 |
Paper advertisement charges |
At actuals |
5 |
Repossession charges |
At actuals |
6 |
Security guard charges |
At actuals |
7 |
Overdue Handling Charges |
i. ₹. 750 /-where a notice has been delivered at the communication address and a paper publication is not required |
Note:
All above charges are exclusive of Goods & Services Tax (GST). Applicable GST, taxes and/or other statutory levies shall be levied over and above charges by the Bank.
Waiver can be given based on the approval matrix of the respective Products as approved by respective Product Heads / Business Head and Delegation of Financial Power (DFP) of DSMG/ DFP for retail advances/ ALCO approved pricing matrix.
The charges/penal Charges shall be levied at the sole discretion of the Bank.
Upto 25,000 Nil processing fee, for agricultural lending and for SHG Upto 25,000 per member.
As per BCSBI code of bank’s commitment to Micro and Small Enterprise, the Bank will permit prepayment of fixed rate loans up to Rs. 50 lakhs without any prepayment penalty. Further the Bank will permit the prepayment of floating rate loans without levying any prepayment penalty.
As per RBI guideline the Bank shall not charge foreclosure charges / prepayment penalties on any floating rate term loans sanctioned, for purposes other than business, to individual borrower with or without co-obligant(s).
Stamp Duty will be applicable as per actual. as per State Stamp Duty Act applicable for the state.
In line to the advisory issued by the Indian Banks Association, vide letter no. SB/Cir/KCC/2018-19/6778 and DFS, Ministry of Finance, GOI, vide letter no. 3/7/2019-AC dated February 4, 2019, the Bank shall waive the processing, documentation, Inspection, ledger folio charges and all other service charges for KCC/Crop loans upto Rs. 3 lakhs, keeping In view the hardship and financial distress of small and marginal farmers.
In line to the RBI letter no. RPCD.No.PLFS.BC.129\05.02.27\97-98 dated June 29, 1998 and letter dated May 10, 2019 on “Compounding of interest by Commercial Banks on Agriculture Advances”, various charges debited to the agricultural loan account shall not be considered for charging Interest.
In Consumer Finance, Processing Fees/Convenience Fee for specific manufacturer schemes could be higher than Rs. 1,500/-, upto maximum Rs. 5,000/-. Any changes in the above Processing Fees/Convenience Fees to be approved by Business Head of the respective group.
Personal Loan Annual Percentage Rate
The Annual Percentage Rate (APR) is a method to compute the annualised credit cost, which includes the interest rate and the processing fee.
The APR Calculator does not include charges such as Prepayment Charges, etc.
Please click here to calculate these charges and to download the APR calculator.
Personal Loan Interest Rates
Yes, 10.80% is a good interest rate. This offer depends on the borrower's credit profile and the Terms and Conditions of the Bank. Please review the specific interest rates and applicable charges before applying.
None of the Loans have a zero interest rate. However, we may offer a promotional interest rate of 0% for a limited period on Credit Cards.
To get the lowest interest rate, you can improve your Credit Score, apply for a Loan with a co-applicant and opt for a shorter Loan tenure. For more information, get in touch with us.
