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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.
Penalty charges & service charges applicable for Personal Loans, Business Instalment Loans & Salary Overdraft:
Sr. No. |
Types of charges |
Amount |
Penal Charges: |
||
1 |
Cheque/AD/ECS bounce charges /Salary Overdraft (Late payment fee) |
₹ 500 |
2 |
Charges for late payment |
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) |
Up to 2 % of the loan amount |
2 |
Repayment mode swap charges |
₹ 500 |
3 |
Salary Overdraft (Processing Fee) |
0.99% of the limit amount subject to a minimum of ₹ 1,999 and maximum of ₹ 2,999 |
4 |
Loan cancellation charges |
Digital lending: a. Nil – If the loan is cancelled within the free look/cooling off period (i.e. 15 days from the date of loan disbursement). Processing Fee will be non-refundable b. If the loan is cancelled after the cooling off period & before the first EMI date (i.e., from the 16th day till the first EMI date), proportionate Annual Percentage Rate (APR) will be considered with a maximum capping of ₹2,500 Non-digital lending: A cancellation fee of ₹2,500 is applicable |
5 |
Prepayment charges/Foreclosure charges |
|
6 |
Part payment charges |
|
7 |
Salary Overdraft (Annual renewal fee) |
₹1,999 |
8 |
Cash transaction charges |
₹ 100 at the branch |
9 |
Duplicate NOC/No Dues Certificate charges |
₹ 250 for physical printout at the branch |
10 |
Information utility charges (Only for corporate cases) |
₹ 300 |
11 |
Prepayment statement charges |
₹ 200 for physical printout at the branch |
12 |
Amortisation schedule charges |
₹ 200 for physical printout at the branch Nil for digital channels |
Loan recovery charges (if applicable): The charges given below would be applicable to retail products, except for a few, depending on the nature of the products.
Sr. No. |
Types of charges |
Amount |
1 |
Charges incurred in SARFAESI proceedings |
At actuals |
2 |
Charges incurred for 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 to the communication address and a paper publication is not required iii. ₹ 300 for sending an auction notice in addition to points i and ii iv. ₹ 200 for sending a loan recall notice in addition to points i and ii |
Note:
All the above charges exclude Goods and Services Tax (GST). Applicable GST, taxes and/or other statutory levies will 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 the respective Product Heads/Business Heads and Delegation of Financial Powers (DFP) of DSMG/DFP for retail advances and the pricing matrix approved by ALCO
The charges/penal charges will be levied at the sole discretion of the Bank
For a Personal Loan amount of up to ₹ 25,000, the Processing Fee is nil for agricultural lending and for Self Help Groups (SHGs)
As per the BCSBI Code of Bank’s Commitment to Micro and Small Enterprises, the Bank will permit prepayment of fixed rate loans up to ₹50 lakh without levying any prepayment penalty. Further, the Bank will permit the prepayment of floating rate loans without levying any prepayment penalty
As per the RBI guidelines, the Bank will not charge foreclosure charges/prepayment penalties on floating rate term loans sanctioned for purposes other than businesses, to individual borrowers with or without co-borrowers
In Consumer Finance, Processing Fee/Convenience Fee for specific manufacturer schemes could be higher than ₹ 1,500 up to a maximum of ₹ 5,000. Any changes in the above Processing Fee/Convenience Fee will be approved by the Business Heads of the respective groups.
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.
