What is ICICI Bank Personal Loan Latest Interest Rate in 2024

News: If you’re considering a personal loan, it’s essential to understand the interest rates. ICICI Bank, one of India’s leading banks, offers personal loans to meet various financial needs. Let’s dive into the details:

What Are Personal Loan Interest Rates?

Interest rates on personal loans refer to the annual cost of borrowing funds. Lenders determine these rates based on factors like creditworthiness and market conditions. As a borrower, it’s crucial to compare rates and choose the most favorable option for your financial requirements.

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ICICI Bank’s Latest Personal Loan Interest Rates

As of 2024, ICICI Bank offers personal loans with interest rates ranging from 10.65% to 16.00% per annum. Here are the key details:

1. Interest Rate: The interest rate you’ll pay depends on your credit profile and other factors. It’s essential to check the specific rate applicable to you.

2. Loan Processing Charges: ICICI Bank charges a non-refundable processing fee of up to 2.50% of the loan amount, plus applicable taxes.

3. Prepayment Charges: If you decide to prepay your loan, there’s a charge. For salaried customers, it’s 3% of the principal outstanding after the first EMI. However, if you’ve paid 12 or more EMIs, there’s no prepayment charge. For MSE classified customers, prepayment charges are nil after the first EMI for loan amounts up to 50 lakh.

4. Penal Charges on Late Payment: If you miss an EMI, ICICI Bank applies a penal charge of 24% per annum.

5. Repayment Mode Swap Charges: Changing your repayment mode incurs a fee of ₹500 per transaction, plus applicable taxes.

6. Loan Cancellation Charges: If you cancel the loan before the first EMI, there’s a charge of ₹3000, plus applicable taxes.

7. EMI Bounce Charges: If an EMI bounces, you’ll be charged ₹500 per bounce, plus applicable taxes.

Important Notes

• The specific interest rate depends on your segment, asset category, and location.
• ICICI Bank reserves the right to revise interest rates and processing fees at its discretion.
• GST and other government taxes apply as per prevailing rates.
• The charges mentioned here are subject to change; refer to your loan agreement for binding details.

FAQs

1. What are the interest rates for ICICI Bank personal loans?

ICICI Bank offers personal loan interest rates ranging from 10.65% to 16.00% per annum. These rates can vary based on factors like segment, asset category, and location.

2. Are there any prepayment charges for ICICI Bank personal loans?

For salaried customers, the prepayment charges are 3% of the outstanding principal after the first EMI. However, if 12 or more EMIs have been paid, there are no prepayment charges. For MSE classified customers, there are no prepayment charges after the first EMI for loan amounts up to 50 lakhs.

3. What is the eligibility criteria for ICICI Bank personal loans?

To be eligible for an ICICI Bank Personal Loan, applicants should be over 20 years old and residents of India. They must be salaried with a regular monthly income and have a good credit bureau score. Additionally, having a Savings Account with any bank in India is required.

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