Personal loan interest rates 2026

Yes, 9.99% is a good interest rate. It depends on the borrower's credit profile and the bank’s Terms and Conditions. Please review specific interest rates and applicable charges before applying.

To get the lowest interest rate, you can improve your credit score, apply for a Joint Loan with a co-applicant and opt for a shorter loan tenure. For more information, please connect with us.

Interest rates are charged when you avail a loan from the bank. ICICI Bank offers affordable interest rates on Personal Loans. However, these rates depend on the credibility and credit profile of the applicant.

The bank adds 1/12th of the annual rate of interest for each month to the remaining loan amount. Customers are supposed to make monthly payments towards their principal amount plus this amount to pay off their loans.

Here are two ways to reduce the burden of paying interest on a Personal Loan:

• Make extra payments: Pay an extra amount towards your principal. It reduces the outstanding balance and reduces the future interest charges.

• Explore refinancing: If your credit score has improved, refinance your loan with banks offering lower interest rates. This can save you money over the tenure of the loan.

The difference between part payment, prepayment and pre-closure is as follows:

• Part payment: Paying a portion of your outstanding loan balance before your loan repayment date.

• Prepayment: Paying off the entire remaining balance before your loan repayment date. It could include a prepayment penalty.

• Pre-closure: When you pay off the loan with the outstanding principal at once, it may often include a penalty.

ICICI Bank offers Personal Loans to individuals who provide the required documents as proof of their stable incomes to offset the risk of low CIBIL scores. However, it is advisable to improve the CIBIL score before applying for a loan to get better interest rates and loan terms. 

There is no separate ICICI Bank Personal Loan rate of interest for a Salary Account exclusively, as they enjoy the same attractive rates and seamless benefits as all customers. Salary Account holders can apply for a Personal Loan of up to ₹50 lakh at a fixed interest rate starting at 9.99% p.a., with a 100% digital process that ensures fairness and transparency.

Your Personal Loan interest rate directly impacts your EMI amount and total repayment. A higher rate means larger EMIs and more interest paid, while a lower rate can reduce your overall loan cost, making repayment easier and more affordable.

ICICI Bank offers a fixed Personal Loan interest rate. It means the rate of interest stays constant throughout the tenure and does not change as per the market movements.

Switching between fixed and floating interest rates during the loan tenure depends on the bank’s current policies. However, ICICI Bank only offers a fixed interest rate for Personal Loans.

ICICI Bank offers a Personal Loan at fixed interest rates, ensuring predictable EMIs throughout the tenure.

A fixed interest rate stays the same during the loan period, giving steady EMIs. A floating rate changes with market trends, which means EMIs may rise or fall accordingly, offering flexibility but also uncertainty in total repayment.

You can use the ICICI Bank’s Personal Loan EMI Calculator available on the website to calculate your EMIs quickly. The usage is simple, enter the loan amount, interest rate, and tenure to get the repayment estimate in seconds.