About Personal Loan Interest Rates
The yearly cost of borrowing funds is known as the rate of interest. Banks and financial lenders can ascertain the interest rate based on aspects such as a borrower’s credit score and payment history, apart from the market conditions.
Calculate the Total Interest Payable
A Personal Loan EMI calculator can be a helpful tool for estimating your EMI payments accurately. The calculator can also help you compare multiple Personal Loan interest rates to find the best funding option.
Competitive Interest Rates for Personal Loans
ICICI Bank offers an affordable interest rate on Personal Loans starting at 10.85% per annum with flexible repayment options.
Personal Loan Interest Rates and Charges
Rate of Interest
| Particulars | Rates and Charges Applicable |
|---|---|
| Interest Rate | 10.85% - 16.15% |
| Processing Fee | Up to 2.00% of Loan amount + applicable taxes |
MCLR – Marginal Cost of Funds based Lending Rate
| ICICI Bank MCLR – 1 Year | Spread | Effective ROI |
|---|---|---|
| 9.10% | 1.7% to 7.05% | 10.80% to 16.15% |
Note: MCLR is subject to change – which may affect the final interest rates and hence the above figures are indicative in nature.
T&Cs.
Interest Rate Range for Personal Loans from April 2024 to June 2024:
| Type of credit facility | Maximum | Minimum | Mean |
|---|---|---|---|
| Personal Loan Interest Rates | 19.50% per annum. | 10.80% per annum. | 13.09% per annum. |
Notes:
- Personal Loan interest rates are affected by the loan amount, customer’s relationship with the lender, type of corporate/business, etc.
- Interest rate excludes subsidies, government schemes and loans disbursed under the Emergency Credit Line Guarantee Scheme (ECLGS) at the mandated interest rate of 9.25%.
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 Pre-payment Charges, etc.
Click here to download the APR calculator
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.
Fees and service charges:
ICICI Bank offers Personal Loans with low EMIs and competitive interest rates. Check the Personal Loan service & penalty charges to understand the overall fees and charges applicable in the final agreement.
Important Information
In compliance with Rule 9B of the Prevention of Money Laundering (Maintenance of Records) Rules, you are required to intimate the Bank of 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’s 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.