ICICI Bank Personal Loans

ICICI Bank is a private sector bank which is now the second largest bank in India, by asset size . ICICI Bank India offers instant personal loans both for salaried and self-employed at attractive low interest rates. These loans can be availed for a variety of personal needs.

One needs to fit the eligibility criteria of the Bank to qualify for a loan. The criteria are different for salaried and self-employed and are as below:

Eligibility Criteria for Salaried Individuals

  • Applicant should fall in the age bracket of 23 years to 58 years
  • Minimum monthly income should be Rs.17,500/-
  • Minimum monthly income requirement for Delhi & Mumbai is Rs.25,000/-
  • In Bangalore, Chennai, Hyderabad, Kolkata or Pune, minimum monthly income of Rs. 20,000/-
  • Total of 2 or more years of work experience required for the applicant.
  • Applicant also must be working for a minimum of 1 year with the current employer.
Age 23 years – 58 years
Minimum Income Salaried individuals with minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)
Total years in job/profession 2 Years
Years in current residence 1 Year

Eligibility Criteria for Self Employed Individuals and Working Professionals:

  • Applicant should fall in the age bracket of 28 years to 65 years.
  • For doctors then the minimum age is 25 years.
  • As per audited financial statements, Minimum Turnover of the business Rs. 40 lakhs (for non- professionals) and Rs. 15 lakhs (for professionals).
  • The minimum profit after tax should be Rs. 2 lakhs for self-employed individuals and proprietors while for non-professionals- a minimum of Rs.1 lakh.
  • The applicant should have been in the current business for a minimum of 5 years. In the case of doctors, a minimum of 3 years.
  • The applicant should have an existing relationship with ICICI bank for at least last 12 months. This relationship could be in the form of a savings or current account or a loan that is still being paid or was completed within the preceding 36 months.
Age 28 years (self employed individuals) and 25 years (for doctors); Maximum age – 65 years
Minimum Turnover Rs. 40 Lakhs for non-professionals; Rs. 15 Lakhs for professionals; as per audited financials
Minimum Profit After Tax Rs. 2 Lakhs for Proprietorship Firm/Self employed Individuals and Rs. 1 Lakhs for non-professionals as per audited financials
Business Stability In current business for at least 5 years and minimum 3 years for doctors

ICICI Bank Personal Loan Interest Rates

ICICI Personal Loan Interest Rates are amongst the most competitive in the market. Loans are priced as per the MCLR based or Base rate pricing. Existing borrowers can choose to move to the method of using MCLR and all new customers are automatically given a MCLR based pricing.

ICICI Personal Loan Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

The table below highlights the MCLR rates at ICICI Bank for the current month. These rates are indicative and are liable to change on a monthly basis.

MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
Overnight 8.95%
1 month 8.95%
3 months 9.05%
6 months 9.10%
1 year 9.15%

ICICI Bank Base (For existing borrowers)

Base Rate 9.35%, effective 05/10/2015

ICICI Bank interest rate for personal loans (Based on Base Rate)

As an existing customer you may choose not to move to MCLR, in which case you will continue paying interest as per the base rate. The bank can choose to modify this rate, with borrowers typically paying a certain percentage over and above the base rate. Tenure, relationship with the bank and loan amount is considered while calculating the final interest.