ICICI Bank Personal Loan Review
Detailed review of the ICICI Bank personal loan — interest rate, processing fee, eligibility, EMI math and who it's best for.
ICICI Bank Personal Loan at a glance
The ICICI Bank personal loan offers an interest rate of 10.85% - 16% with loan amounts ranging ₹50K - ₹50L. Processing fee is Up to 2.5% of the sanctioned amount (plus 18% GST). Typical turnaround from application to disbursal is 3 sec - 3 days for digitally pre-qualified customers.
Pros & cons
- Competitive starting rate from 10.85% p.a.
- Sanction in 3 sec - 3 days for pre-approved customers.
- Loan amounts up to ₹50L.
- Unsecured — no collateral or guarantor required.
- Accepts salaried, 23-58 yrs.
- Headline rate (10.85%) reserved for top credit profiles; actual rate may be higher.
- Processing fee of Up to 2.5% is non-refundable post disbursal.
- Minimum CIBIL of 730 required — lower scores get higher rates or rejection.
- Foreclosure / prepayment may carry 2%–5% charges on fixed-rate personal loans.
EMI & total cost example
For a sample ₹5 lakh, 3-year personal loan at the starting rate of 10.85% p.a. (reducing balance):
Reducing-balance formula per RBI Fair Practices Code. Actual EMI may differ based on final approved rate, tenure and any fees financed into the loan. Use our EMI calculator for custom inputs.
Eligibility & documents
ICICI Bank requires the following to process a personal loan application:
- Eligibility: Salaried, 23-58 yrs.
- Income: Minimum ₹30,000 net per month for salaried applicants.
- CIBIL score: 730+ with clean repayment history on existing credit lines.
- KYC: PAN card, Aadhaar (for OTP-based e-sign), passport-size photo.
- Income proof (salaried): Last 3 months payslips, last 6 months salary bank statement, latest Form 16.
- Income proof (self-employed): Last 2 years ITR with computation, 12 months current account statement, business proof, GST returns if applicable.
Subject to ICICI Bank's sanction policy and the RBI's Fair Practices Code.