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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 / Origination Charges (Non-Refundable) | Up to 2.50% of Loan Amount plus applicable Taxes |
| 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. |
| Penal charges on late payment | 5% per annum on the overdue EMI until repayment. |
| Repayment Mode Swap Charges | ₹500/- per transaction plus applicable Taxes |
| Loan Cancellation Charges |
|
| 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 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 |
₹. 500/- |
2 |
Charges for late payment |
Term Loan - 5% Per Annum will be charged on the overdue EMI until repayment. |
Service Charges : |
||
1 |
Loan Processing Charges |
2.5% 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 |
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 ₹3000 /- (applicable for Digital Lending) 3. Cancellation Fee of ₹. 3,000/- (applicable other than Digital Lending). |
5 |
Prepayment / Foreclosure Charges |
|
6 |
Sal OD (Annual renewal fees) |
₹.1,999 /- |
7 |
Cash Transaction charges |
₹. 100/- at the branch |
8 |
Charges for duplicate NOC / No Dues Certificate |
₹. 250/- for physical print out at the branch |
9 |
Information utility charges (Only for corporate cases) |
₹. 300/- |
10 |
Charge for Prepayment Statement |
₹. 200/- for physical print out at the branch |
Loan related Recovery Charges (If applicable)
S.No. |
Types of Charges |
Amount |
1 |
Auction charges for the repossessed asset(s) |
At actuals |
2 |
Cash transaction charges for repayment of EMI dues at the Branches |
₹100 /- |
3 |
Charges incurred in filing a legal suit |
At actuals |
4 |
Charges incurred in SARFAESI proceedings |
At actuals |
5 |
Charges incurred in sending different notices |
At actuals |
6 |
Enforcement charges |
At actuals |
7 |
Non Maintenance of Mode of Payment Charges (NMMP) |
₹ 800 /- |
8 |
Overdue handling charges (delinquent Accounts) |
i. ₹750/- where a notice has been delivered at the communication address and a paper publication is not required
|
9 |
Paper Advertisement Charges |
At actuals |
10 |
Pick-up Charges |
₹ 500 /- |
11 |
Professional Charges |
At actuals |
12 |
Repossession Charges |
At actuals |
13 |
Security Guard Charges |
At actuals |
14 |
Yard Charges |
At actuals |
Notes:
Goods and Services Tax (GST), other Government taxes, levies, etc., will be applicable as per the prevailing rates in addition to the mentioned charges.
Loan Processing Fee (LPF) not mentioned here is a part of the rates & fees matrix communicated to the customer at the time of Loan application. Visit www.icicibank.com for further details.
The charges or fees given in the above table are subject to change and the charges recorded in the Loan Application/Agreement will be final binding.
Stamp Duty Charges not mentioned here are charged as per the actual expenses incurred while procuring the Loan facility.
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.
