ICICI Bank Personal Loan Interest Rates


ICICI Bank offers personal loans of up to ₹50 lakhs with flexible repayment tenures of up to 72 months, starting at an interest rate of 10.85% per annum, making it a popular choice for managing large expenses without financial strain.

Whether planning a wedding, covering medical bills, paying off high-interest debt, or covering a big purchase, you can now do so with an ICICI Bank Personal Loan. The ICICI Bank personal loan interest rate depends on several factors, including your credit score, loan amount, and chosen tenure.

Read on to learn how the interest rate on personal loans from ICICI is calculated, what additional charges may apply, and how to use the EMI calculator to plan your repayments more effectively.


ICICI Bank offers personal loan interest rates ranging from 10.85% to 16.65% per annum, depending on factors like your income level, credit score, and employment type.

Pre-approved customers and those with ICICI salary accounts may be eligible for lower interest rates.

Rates are linked to the current 1-year MCLR (9.10%) plus applicable spreads. Government schemes like ECLGS (fixed at 9.25%) are not included in this range.

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ICICI Bank Personal Loan Details

The interest rate is a key factor when choosing a personal loan; it's equally important to understand the additional costs involved. ICICI personal loans come with a few standard charges, such as processing fees, prepayment penalties, and late payment charges.

These can affect the overall cost of the loan and should be reviewed carefully before applying. Knowing the full fee structure helps you make a more informed borrowing decision and avoid unexpected expenses later.

Feature Details
Loan Amount Up to ₹50 Lakhs
Tenure Flexible repayment up to 72 months
EMI No burden of EMIs initially (as per plan)
Application Process Fully online with quick disbursement
Interest Rate Starts at 10.85% per annum

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ICICI Bank Personal Loan Interest Rates

Understanding the rate of interest on personal loans ICICI offers is the first step in choosing a loan that fits your financial plan. Even a small difference of 1–2% in the interest rate can significantly impact your monthly EMI and the total repayment amount over time.

The personal loan interest of ICICI Bank typically starts at 10.85% per annum.

However, this rate can vary depending on your credit profile, income level, and whether you hold a salary account with the bank. In many cases, the ICICI personal loan interest rate for salary account holders is lower, especially if the borrower is pre-approved or has a strong repayment history.

The personal loan interest of ICICI Bank varies by borrower type and profile. Below are the latest rates as per the bank’s official website:

Borrower Category Interest Rate (p.a.)
Salaried Individuals 10.85% - 16.65%
Self-Employed (Selected Profiles) 10.85% - 16.65%
Pre-Payment Around 3% of the loan amount
ICICI Salary Account Holders May get preferential interest rates

ICICI Bank Personal Loan Processing Fees & Charges

In addition to the personal loan interest of ICICI Bank, borrowers should also consider the applicable fees and charges. These costs can affect the total amount you repay and should be factored into your loan planning.

Here are the standard charges associated with ICICI personal loans:

Charge Type Details
Processing Fee Up to 2% of the loan amount + GST
Prepayment Charges Allowed after 12 EMIs, up to 5% of outstanding principal
Loan Cancellation Charges ₹2,500 + GST (if cancelled after disbursal)
Charges for Late Payment 5% p.a. on overdue EMI until repayment
Duplicate Repayment Schedule/Statement ₹250 for a physical copy at branch

Types of ICICI Bank Personal Loans

ICICI Bank’s personalised classification of loans makes sure that almost all of the needs for personal loans of their customers are met through their services.

Loan Type Best For
Medical Loan Best suited for urgent or immediate medical emergencies
Marriage Loan Specifically focused on covering the expenses of the wedding and its related costs
Home Renovation Loan Useful for home renovation, different from a home loan and comparatively smaller in amount
Loan for Appliances Best used for purchases related to appliances and gadgets
Travel Loan Ideal for enjoying holidays and travel without the stress of money
Fresher Funding Loan Suited for freshers who may not have a salary slip, helping them start their career

The processing fees for ICICI personal loans are generally 2% of the loan amount + GST. This may slightly vary depending on the loan or tenure. However, this amount stays as the general cost.

These charges are subject to change and may vary based on the borrower’s profile or relationship with the bank. Always check the latest fee structure on ICICI Bank’s official website before applying.

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ICICI Bank Personal Loan EMI Calculator

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

An EMI (Equated Monthly Instalment) helps divide your personal loan into fixed, manageable monthly payments. Your EMI amount depends on the ICICI Bank personal loan interest rate, loan amount, and repayment tenure. Even a slight change in the personal loan interest rate can significantly affect your monthly outflow.

To estimate your EMI, you can use the standard formula:

EMI = [P × R × (1 + R)N] / [(1 + R)N - 1]

Where:

  • P = Principal loan amount
  • R = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
  • N = Loan tenure in months

Manual calculations can be misled by manual errors, and hence reverting to digital calculations is more fruitful. To save time and avoid errors, you can use a free personal loan EMI calculator, like the one available on Buddy Loan’s platform. It allows you to quickly adjust your loan amount, interest rate, and tenure to see how they impact your monthly EMI.

Using the ICICI Bank Personal Loan EMI Calculator also helps you plan better by comparing multiple loan offers before applying.

Example:

If you take a personal loan of ₹5 lakhs at an interest rate of 11% per annum for a tenure of 3 years, your monthly EMI will be approximately ₹16,370.

To get a more accurate estimate based on your loan details, you can use the ICICI Bank personal loan EMI calculator available on their official website. It helps you adjust different variables—like interest rate, loan amount, and tenure—to plan your repayments effectively.

EMI for ICICI Bank Personal Loan

Here's a quick look at estimated EMIs for various loan amounts for a period of 1 to 5 years, assuming an 11% interest rate.

ICICI Bank Personal Loan EMI Calculation
Personal Loan 1 Year 2 Year 3 Year 4 Year 5 Year
₹1 Lakh₹8,838₹4,661₹3,274₹2,585₹2,174
₹2 Lakh₹17,676₹9,332₹6,548₹5,169₹4,348
₹3 Lakh₹26,514₹13,982₹9,822₹7,754₹6,523
₹4 Lakh₹35,353₹18,643₹13,095₹10,338₹8,697
₹5 Lakh₹44,191₹23,304₹16,369₹12,923₹10,871

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Comparison of Personal Loan Interest Rates

Although ICICI Bank offers a great service and interest rates for personal loans, it is important to have a basic comparison of personal loan interest rates across the top banks and NBFCs in India.

Bank/NBFC Interest Rate (p.a.) Processing Fee
ICICI Bank 10.85% – 16.25% Up to 2.50% of loan amount
State Bank of India 11.15% – 14.30% Up to 1.50% of loan amount
HDFC Bank 10.50% – 17.00% Up to 2.50% of loan amount
Axis Bank 10.99% – 17.49% 1% – 2%
Bank of Baroda 11.05% – 18.15% 2%

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Note: The details regarding interest rates and processing charges are volatile and are subject to change. Please confirm and verify with your service provider.

Factors Affecting ICICI Personal Loan Interest Rate

The ICICI personal loan interest rate you are offered isn’t the same for everyone. It depends on several personal and financial factors that help the bank assess your creditworthiness and risk level.

Here are the key factors that determine the personal loan interest of ICICI Bank:

  • Credit Score (CIBIL)

    • A high credit score, especially 750 or above, increases your chances of getting a lower interest rate. A good credit profile signals lower risk for the bank.

  • Income & Repayment Capacity

    • Borrowers with higher and stable incomes often receive better interest rates, as they are considered more capable of timely repayments.

  • Employment Type

    • Salaried employees, especially those working for reputed organisations or companies with ICICI tie-ups, may be eligible for discounted interest rates.

  • Loan Amount & Tenure

    • A smaller loan amount or a shorter repayment tenure often leads to lower interest since the risk exposure for the bank is reduced.

  • Existing Relationship with ICICI Bank

    • Customers with ICICI salary or savings accounts may receive preferential rates, especially if they have a good transaction history.

Tip: If you're an ICICI salary account holder, be sure to mention it when applying. It could help you secure a lower interest rate.

⁣Impact of Credit Score on Personal Loan Interest Rates

Your credit score plays a major role in determining your personal loan interest rate. A higher score signals lower risk for the lender and can help you secure better terms.

  • 750 and above: Eligible for the lowest interest rates
  • 650–749: May get approved, but with moderate interest
  • Below 650: High risk; lower approval chances and higher rates

Maintaining a strong credit score not only improves loan eligibility but also reduces your long-term borrowing costs.

Impact of Repo Rate Cut on Loan Interest Rate

When the RBI reduces the repo rate, banks often lower lending rates. For example, Canara Bank’s personal loan interest rate may reduce if you're on a floating or MCLR-linked loan. However, those with a fixed interest rate won’t benefit from such cuts.

  • Floating rates are tied to market trends and MCLR
  • Fixed rates remain unchanged during the loan tenure

Borrowers should understand the impact of repo rate cuts and check whether their loan is linked to MCLR or a fixed/reducing interest rate system before applying.

Latest ICICI Bank MCLR & Personal Loan Interest Rate

ICICI Bank’s 1-year MCLR is currently at 9.10%, with a spread ranging from 1.75% to 7.55%, leading to an effective personal loan interest rate between 10.85% and 16.65%.

For the October to December 2024 quarter, ICICI Bank offers personal loans with:

  • Maximum Interest Rate: 16.25% p.a.
  • Minimum Interest Rate: 10.85% p.a.
  • Mean Interest Rate: 12.94% p.a.

Note: These rates exclude subsidies, government schemes, and loans under the ECLGS (fixed at 9.25%).

Tips to Reduce ICICI Personal Loan Interest Rate

Even with a pre-approved offer, you can still qualify for a better ICICI personal loan interest rate by taking a few smart steps:

  • Improve your credit score before applying to enhance your creditworthiness
  • Choose a shorter loan tenure, as it lowers the risk for the bank
  • Apply jointly with a co-applicant who has a strong credit profile
  • Maintain a good repayment history on previous loans and credit cards
  • Apply during festive seasons or special offers when ICICI often reduces rates
  • Use digital channels; ICICI may offer lower rates for salaried professionals or salary account holders applying online

These small actions can lead to long-term savings on interest.

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Frequently Asked Questions

It ranges from 10.85% and 16.65% per annum based on your profile.

At 11% for 5 years, the EMI is approximately ₹15,218/month. Use the EMI calculator for exact figures.

For ₹1 lakh over 2 years at 11%, the total interest payable is around ₹11,660.

Starts from 10.85% p.a., depending on eligibility and existing loan status.

ICICI offers fixed interest rates for personal loans.

Not directly, since ICICI personal loans are not linked to the repo rate, unlike home or auto loans.

Minimal, as personal loans are generally fixed-rate products.

Maintain a high credit score, choose a shorter tenure, or apply during promotional periods.

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