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Personal Loan Interest Rates refer to the annual cost of borrowing funds. Lenders set these rates based on various factors, including creditworthiness and market conditions. Borrowers can use an Interest Calculator for Personal Loans, to estimate their monthly repayments. These rates play a crucial role in determining the overall cost of the Loan, making it essential for borrowers to compare rates and choose the most favourable option for their financial needs.
Latest Personal Loan Interest Rates
| Type of credit facility | Interest Rate and Charges Applicable |
|---|---|
| Personal Loan Interest Rates | 10.65% to 16.00% per annum |
| Loan Processing Charges / Origination Charges (Non-Refundable) | Up to 2.50% of Loan Amount plus applicable Taxes |
| Prepayment Charges | For salaried customers, 3% plus applicable Taxes on Principal Outstanding after payment of 1st EMI and Nil if 12 or more EMIs are paid. For MSE classified customers, charges are Nil after payment of 1st EMI for Loan Amount up to 50 lakh |
| Additional Interest on late payment | 24% per annum |
| Repayment Mode Swap Charges | ₹500/- per transaction plus applicable Taxes |
| Loan Cancellation Charges | ₹ 3000/- plus applicable Taxes before 1st EMI. |
| EMI Bounce Charges | ₹500/- per bounce plus applicable Taxes |
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 Processing Fee from time to time, at its sole discretion
- GST and other Government taxes, levies, etc., applicable as per the prevailing rate will be charged over and above the mentioned charges at the discretion of the Bank
- The charges or fees given in the table are subject to change and the charges/ fees recorded in your agreement will be binding over the details mentioned here
- Auto Debit Bounce charges: ₹50 + applicable taxes#
#Amount will be debited from your Savings Account.
FEES AND SERVICE CHARGES:
ICICI Bank offers a higher Personal Loan amount and lower EMIs at attractive Interest Rates. Please visit the ‘Service & Penalty Charges’ tab to know more about the fees and service charges applicable on ICICI Bank Personal Loans.
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.
Personal Loan Service & Penalty Charges
S.No. |
Types of Charges |
Amount |
Penal Charges : |
||
1 |
Prepayment / Foreclosure Charges |
|
2 |
Cheque /AD/ECS Bounce Charges |
₹. 500/- |
3 |
Charges for late payment |
2% per month on Overdue Account |
4 |
SAL OD (Late payment fees) |
₹.500/- |
Service Charges : |
||
1 |
Loan Processing Charges |
2.5% of Loan Amount |
2 |
Repayment mode swap Charges |
₹. 500/- |
3 |
Loan Cancellation charges |
₹. 3,000 /- before the 1st EMI. |
4 |
Sal OD (Processing Fee) |
0.99% of Limit Amount subject to a minimum of ₹. 1,999 /- and a maximum of ₹. 2,999 /- |
5 |
Sal OD (Annual renewal fees) |
₹.1,999 /- |
Loan related Recovery Charges (If applicable)
S.No. |
Types of Charges |
Amount |
1 |
Auction Charges for repossessed asset |
At actuals |
2 |
Cash Transaction charge for repayment of EMI dues at Branches |
₹100 /- |
3 |
Charges incurred in filing legal suit |
At actuals |
4 |
Charges incurred in SARFAESI proceedings |
At actuals |
5 |
Charges incurred in sending different notices |
At actuals |
6 |
Enforcement charges |
At actuals |
7 |
Non Maintenance of Mode of Payment Charges (NMMP) |
₹ 800 /- |
8 |
Overdue Handling Charges (delinquent Accounts) |
i. ₹ 750 /- where a notice has been delivered at the communication address and a paper publication is not required, |
9 |
Paper Advertisement Charges |
At actuals |
10 |
Pick-up Charges |
₹ 500 /- |
11 |
Professional Charges |
At actuals |
12 |
Repossession Charges |
At actuals |
13 |
Security Guard Charges |
At actuals |
14 |
Yard Charges |
At actuals |
Note:
Good Service Tax (GST), Other Government taxes, levies, etc., will be applicable as per prevailing rates in addition to the mentioned charges.
Loan Processing Fee (LPF) not mentioned here is part of Rate & Fees matrix communicated to customer at the time of loan application. Please refer www.icicibank.com for further details.
The charges or fees given in above table are subject to change and the one recorded in Loan Application / Agreement will be final binding.
Stamp Duty Charges not mentioned here, are charged as per actual expenses incurred while procuring the loan facility.
Personal Loan Annual Percentage Rate
The Annual Percentage Rate (APR) is a method to compute annualised Credit Cost, including Interest Rate and Processing Fee.
The APR Calculator does not include charges such as Prepayment Charges, etc.
Please click here to calculate these charges and to download the APR calculator.
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Personal Loan Interest Rates
Yes, 10.65% is a good Interest Rate. This offer depends on the borrower's credit profile and the Bank’s Terms and Conditions. Please review specific Interest Rates and applicable Charges before applying.
No Loan has a Zero Interest Rate. However, we may offer a promotional Interest Rate of 0% for a limited period on Credit Cards.
To get the lowest Interest Rate, you can improve your Credit Score, apply for a Loan with a Co-applicant and opt for a shorter Loan Tenure. For more information, get in touch with us.
