ICICI Bank Ltd has decreased its personal loan interest rates by 0.10%, or 10 basis points with effect from Wednesday, January 01, 2020. This interest rate cut will reduce the cost of funds for those people who want to avail ICICI Bank personal loans.
New Delhi (Delhi, India), January 16, 2020
The ICICI Bank Limited has decreased its personal loan interest rates by 0.10 percent, or 10 basis points with effect from Wednesday, January 01, 2020.
ICICI Bank Limited has revised its minimum personal loan interest rate from 11.35 percent to 11.25 percent per annum for ICICI Bank personal loan applicants.
ICICI Bank Limited’s current interest rate cut will reduce the cost of funds for those people who want to avail ICICI Bank personal loans.
ICICI Bank Personal Loan Interest Rate for Salaried Applicants: 11.25% to 22.00% Per Annum
ICICI Bank Personal Loan Interest Rate for Self-Employed Applicants: 11.25% to 22.00% Per Annum
ICICI Bank Personal Loans Rate of Interest is Floating or Fixed: Fixed Rate of Interest
ICICI Bank Personal Loan Processing Fee and Documentation Charges: 2.00% to 2.25% of the Personal Loan Amount plus GST
ICICI Bank Personal Loan Minimum Borrowing Amount: Minimum Personal Loan Amount is ₹50,000
ICICI Bank Personal Loan Maximum Borrowing Amount: Maximum Personal Loan Amount is ₹15,00,000
Minimum Tenure for the ICICI Bank Personal Loans: Minimum Personal Loan Tenure is 12 Months
Maximum Tenure for the ICICI Bank Personal Loans: Maximum Personal Loan Tenure is 60 Months
Minimum Net Income Requirement for the Salaried Individuals for Availing ICICI Bank Personal Loans: Minimum net income required is ₹25,000 per month for the applicants residing in Delhi and Mumbai and ₹20,000 per month for the applicants residing in Bengaluru, Chennai, Hyderabad, Kolkata and Pune and ₹17,500 per month for the applicants residing in remaining places in India
Minimum Net Income Requirement for the Self-Employed individuals for Availing ICICI Bank Personal Loans: Minimum turnover required is ₹40,00,000 for non-professionals and ₹15,00,000 for professionals (as per the audited financials)
Minimum Age Limit for Getting the ICICI Bank Personal Loan Sanctioned: Minimum Age 23 Years for Salaried Applicants and 28 Years for Self-Employed Applicants at the Time of Personal Loan Commencement
Maximum Age Limit for Getting the ICICI Bank Personal Loan Sanctioned: Maximum Age 58 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Personal Loan Maturity
ICICI Bank Personal Loan Prepayment Penalty: Prepayment Penalty: 5% of Principal Outstanding plus GST (Allowed only after 12 EMIs)
ICICI Bank Personal Loan Pre Closure Charges: Foreclosure Charges: 5% of Principal Outstanding plus GST (Allowed only after 12 EMIs)
Charges for ICICI Bank Personal Loan EMI Late Payment: Minimum 2% Per Month of the ICICI Bank Personal Loan EMI Outstanding Amount plus GST
ICICI Bank Personal Loan EMI Cheque, SI, or ECS Bounce Charges: ₹400 plus applicable GST
ICICI Bank Personal Loan Repayment Mode Swap Charges: ₹500 per transaction plus applicable GST
ICICI Bank Personal Loan Auto Debit Bounce Charges: ₹50 plus applicable GST
ICICI Bank Personal Loan Cancellation Charges: ₹3,000 plus applicable GST
Different Options for Making ICICI Bank Personal Loan EMI Payments: The four options for making Loan EMI payments are Internet Banking, Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Security, Collateral, or Guarantor Requirement for the ICICI Bank Personal Loan: No Security, Collateral, or Guarantor is Required
Documents Required for the ICICI Bank Personal Loan: (1) ICICI Bank Filled up Personal Loan Application Form, (2) Two Passport Size Photos, (3) Income Tax PAN Card Cop, (4) Identity Proof – Passport, Driving License, PAN Card, Voter ID Card (Any One), (5) Residential Address Proof, and (6) Income Documents