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A Detailed Guide to ICICI Bank Loans

Updated on April 10, 2024 , 491 views

ICICI Bank is one of India's most prominent private sector banks, providing a wide range of financial products and services to its customers. The bank was established in 1994 as a subsidiary of ICICI Limited, founded in 1955 as a development financial institution. Over the years, ICICI bank has emerged as a leader in the Indian banking industry, with a strong presence in the country and overseas.

ICICI Bank Loans

ICICI Bank offers a comprehensive suite of financial solutions, including personal loans, home loans, car loans, Business loans, savings accounts, and fixed deposits. The bank has a reputation for its innovative approach to banking, which puts the needs of its customers at the forefront. Whether you are a small business owner looking to expand your operations or an individual looking to purchase a new home or car, ICICI bank has a loan option that can meet your requirements. They are committed to helping you achieve your Financial goals and realise your dreams.

Features & Benefits of ICICI Bank Loans

Below-mentioned are some of the noteworthy benefits you can gain from ICICI bank loans, regardless of the type:

  • Quick processing time ensures faster access to funds.
  • Minimal documentation
  • Flexible repayment tenure
  • Competitive interest rates
  • Easy application process
  • Special schemes for women and senior citizens
  • Balance Transfer Facility
  • No hidden charges
  • Customised financial solutions

Types of ICICI Bank Loans

ICICI Bank offers a diverse range of loan products to cater to the varying financial needs of its customers. Here are the types of loans available:

1. ICICI Personal Loan

ICICI Bank's personal loan is a versatile product that can be used for multiple purposes, such as medical emergencies, wedding expenses, travel, and debt consolidation. The loan amount can range from Rs. 50,000 to Rs. 25 lakhs, with flexible repayment tenure of up to 60 months.

ICICI Personal Loan Interest Rate

Amount Interest Rate
Up to Rs. 20 lakhs 10.50% - 17.50%
Above Rs. 20 lakhs up to Rs. 25 lakhs 17.50% - 19.00%

Fees & Charges

Factors Charges/Fees
Processing Fee Up to 2.25% of the loan amount + applicable Taxes
Prepayment Charges 5% of the principal outstanding + applicable taxes (if prepaid within 12 months of disbursal)
Late Payment Charges 24% p.a. on the outstanding amount
EMI Bounce Charges Rs. 500 per bounce + applicable taxes
Secure Fee Rs. 1,999 + applicable taxes
Loan Cancellation Fee Rs. 3,000 + applicable taxes (if cancelled after disbursal)

Eligibility Criteria

  • Must be between 23 to 58 years of age
  • Should have a minimum monthly income of Rs. 30,000
  • Must have a good Credit Score
  • Must be employed for a minimum of two years
  • An Indian resident

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2. ICICI Home Loan

ICICI Bank's Home Loan is designed for individuals looking to buy a new house or renovate their existing home. The loan amount can go up to Rs. 10 crores, with a flexible repayment tenure of up to 30 years.

ICICI Home Loan Interest Rate

Amount Interest Rate
Up to Rs. 75 lakhs 6.70% - 7.30%
Above Rs. 75 lakhs up to Rs. 5 crores 7.05% - 7.35%
Above Rs. 5 crores 7.45% onwards

Fees & Charges

Factors Charges/Fees
Processing Fee Up to 1% of the loan amount + applicable taxes
Prepayment Charges Nil (for floating-rate loans); 2% of principal outstanding + applicable taxes (for fixed-rate loans)
Late Payment Charges 2% p.m. on outstanding EMI amount
EMI Bounce Charges Rs. 500 per bounce + applicable taxes
Secure Fee Rs. 3,500 + applicable taxes (for loan amount up to Rs. 75 lakhs); Rs. 6,000 + applicable taxes (for loan amount above Rs. 75 lakhs)
Loan Cancellation Fee Rs. 3,000 + applicable taxes (if cancelled after sanction but before disbursement); 2% of loan amount + applicable taxes (if cancelled after disbursement)

Eligibility Criteria

  • The minimum age of the applicant should be 21 years, and the maximum age limit is 65 years or retirement age, whichever is earlier
  • Stable and regular income source
  • Good credit score
  • 2-3 years of work experience
  • Clear ownership of the property or the land

3. ICICI Car Loan

ICICI Bank's car loan is available to purchase new and used cars. The loan amount can go up to 100% of the car's on-road price, with flexible repayment tenure of up to 7 years.

ICICI Car Loan Interest Rate

Loan Type Amount Interest Rate
New Car Loan Up to 100% of the ex-showroom price (for select car models) 7.25% - 8.25%
Used Car Loan Up to 80% of the valuation of the car 12.25% - 15.50%

Fees & Charges

Factors Charges/Fees
Processing Fee Up to Rs. 3,500 + applicable taxes
Prepayment Charges Nil (for floating-rate loans); 5% of principal outstanding + applicable taxes (for fixed-rate loans)
Late Payment Charges 2% p.m. on outstanding EMI amount
EMI Bounce Charges Rs. 600 per bounce + applicable taxes
Foreclosure Charges 5% of principal outstanding + applicable taxes (if foreclosed within six months of disbursement); 3% of principal outstanding + applicable taxes (if foreclosed after six months of disbursement)
Part Payment Charges 5% of part payment amount + applicable taxes (if part payment is made within 12 months of disbursement); 3% of part payment amount + applicable taxes (if part payment is made after 12 months of disbursement)

Eligibility Criteria

  • Must be at least 21 years old and not more than 65 years old at the time of loan maturity
  • The minimum annual income of the applicant should be Rs. 2.5 lakhs for salaried individuals and Rs. 3 lakhs for self-employed individuals
  • ICICI bank prefers a good credit score of 750 or above
  • Salaried individuals must be employed with the current employer for at least one year, while self-employed individuals must have at least three years of business experience
  • The car should be a new or used four-wheeler not more than ten years old at the end of the loan tenure

4. ICICI Business Loan

ICICI Bank's business loan is designed to meet the financial requirements of small and medium-sized enterprises. The loan amount can go up to Rs. 75 lakhs, with flexible repayment tenure of up to 15 years.

Types of Business Loans

ICICI Bank offers various types of business loans to cater to different needs of businesses. Some of the types of business loans available in ICICI are:

  • Working Capital Loans: These loans are designed to meet businesses' short-term working Capital needs, such as managing day-to-day expenses, inventory, and accounts receivables

  • Term Loans: Term loans help businesses meet their long-term financial requirements, such as purchasing equipment, expanding business, or setting up a new venture

  • Business Loans Against Property: Businesses can use loans by pledging their commercial or residential properties as Collateral to meet their financial needs

  • Business Overdraft: Business overdraft is a revolving credit facility that allows businesses to withdraw funds as required and pay interest only on the utilised amount

  • Trade Finance: ICICI Bank offers trade finance solutions such as letters of credit, bank guarantees, and export-import finance to facilitate international trade transactions

  • Machinery Loans: Machinery loans are designed to help businesses finance the purchase of machinery and equipment required for their business operations

  • Credit Facilities for MSMEs: ICICI Bank provides customised credit facilities to Micro, Small, and Medium Enterprises (MSMEs) to meet their specific financial needs.

Interest Rate

Amount Interest Rate
Term Loan 8.50% to 16.65%
Working Capital Loan 9.25% to 16.65%
Business Instalment Loan 12.99% to 16.65%
Secured Overdraft 9.25% to 16.65%
Export Finance 7.50% to 9.50%
Import Finance 7.50% to 9.50%

Fees & Charges

Factors Charges/Fees
Processing Fee Up to 2% of the loan amount
Prepayment Charges Nil for loans up to Rs. 25 lakhs, 5% for loans above Rs. 25 lakhs
Late Payment Charges 2% per month on the overdue amount
EMI Bounce Charges Rs. 400 per bounce
Secure Fee Up to 2% of the loan amount
Stamp Duty and other statutory charges As per applicable laws
Cheque Swapping Charges Rs. 500 per swap request
Legal and incidental charges At actuals

Eligibility Criteria

  • The applicant must be self-employed, in a partnership firm, a private limited company, or a closely-held public limited company
  • The business should be profitable for the past two years
  • The applicant's minimum age should be 21 years, and the maximum age should be 65 years
  • The applicant should have a good credit score and credit history
  • The business should be in operation for at least three years

5. ICICI Education Loan

ICICI Bank's education loan is available for students seeking higher education in India and abroad. The loan amount can go up to Rs. 50 lakhs, with flexible repayment tenure of up to 10 years.

ICICI Education Loan Interest Rate

Amount Interest Rate
Up to Rs. 50 lakhs 8.25% - 11.5% p.a.
Above Rs. 50 lakhs 9.25% - 11.5% p.a.

Fees & Charges

Factors Charges/Fees
Processing Fee Up to 2.50% of the loan amount (minimum of Rs. 2,000)
Prepayment Charges No prepayment charges are applicable on floating-rate loans
Penal Interest 2% per month on the overdue amount
Late Payment Charges 2% per month on the overdue instalment
Secure Fee (for collateral) 0.50% of the loan amount (one-time)
Documentation Charges Rs. 500

Eligibility Criteria

  • The applicant must be an Indian citizen and have secured admission to a recognised university or college in India or abroad
  • The applicant must be 18-35 years of age at the time of loan application
  • The applicant must have a good academic record and must have scored at least 50% marks in their previous qualifying exam
  • ICICI Bank requires a co-applicant, who must be a parent or guardian of the applicant, to provide additional security for the loan
  • The co-applicant must have a stable income source and a good credit history to ensure that loan repayments are made on time

6. ICICI Gold Loan

ICICI Bank's gold loan is a secured loan where customers can avail of funds by pledging their gold ornaments. The loan amount can go up to Rs. 1 crore, with flexible repayment tenure of up to 12 months.

ICICI Gold Loan Interest Rate

Amount Interest Rate
Up to Rs. 25 lakhs 9.90% onwards
Above Rs. 25 lakhs 9.90% onwards

Fees & Charges

Factors Charges/Fees
Processing Fee 0.25% to 1% of the loan amount (minimum of Rs. 250)
Prepayment Charges No prepayment charges are applicable
Documentation Charges Rs. 199
Late Payment Charges 2% per month on the overdue amount
Loan Cancellation Charges Rs. 1,000 to Rs. 10,000, depending on the loan amount
Gold Appraisal Charges Rs. 250 to Rs. 500, depending on the loan amount and location
Secure Fee (for collateral) 0.25% to 1% of the loan amount (one-time), depending on the loan amount

Eligibility Criteria

  • Applicants must be 18 years or above to be eligible for an ICICI gold loan
  • The applicant must be the owner of the gold pledged as collateral for the loan
  • The loan amount that can be sanctioned is based on the quantity and quality of the gold pledged as collateral
  • The applicant's credit history is not a determining Factor in getting an ICICI gold loan, as the loan is secured against the gold
  • The applicant's repayment capacity is assessed based on their income, expenses, and existing debts to ensure they can repay the loan

7. Loan Against Property

ICICI Bank's loan against property is a secured loan where customers can avail of funds by mortgaging their residential or commercial property. The loan amount can go up to Rs. 10 crores, with flexible repayment tenure of up to 15 years.

Fees & Charges

Factors Charges/Fees
Processing Fee Up to 1% of the loan amount (minimum of Rs. 5,000)
Prepayment Charges Nil
Documentation Charges Rs. 5,000 to Rs. 10,000, depending on the loan amount
Late Payment Charges 2% per month on the overdue amount
Loan Cancellation Charges 1% of the loan amount if cancelled before disbursement
EMI Bounce Charges Rs. 400 per bounce transaction
Secure Fee (for collateral) 0.5% to 1% of the loan amount (one-time), depending on the loan amount

Eligibility Criteria

  • The applicant must be the owner of the mortgaged property and provide valid proof of ownership
  • Applicants must be at least 21 years old and not more than 65 at the time of loan maturity
  • ICICI Bank requires a valuation of the property by a certified valuer to determine the loan amount that can be sanctioned based on the property's market value
  • The applicant's credit history is considered to assess their repayment capacity and determine the loan amount that can be sanctioned
  • Applicants must have a stable income source and provide income proof such as salary slips, Income Tax Returns, or bank statements to show their repayment capacity

8. ICICI Two-Wheeler Loan

ICICI Two-Wheeler Loan is a financial product offered by ICICI Bank to individuals who want to purchase a two-wheeler. The loan provides financing for up to 100% of the on-road price of the vehicle with flexible repayment tenures and competitive interest rates.

ICICI Two-Wheeler Interest Rate

Amount Interest Rate
Up to Rs. 75,000 12.99% p.a.
Rs. 75,000 - 1 Lakh 11.99% p.a.
Above Rs. 1 Lakh 10.99% p.a.

Fees & Charges

Factors Charges/Fees
Processing Fee Up to Rs. 3,500
Prepayment Charges 0-6% of the outstanding principal amount
Cheque bounce charges Rs. 500 per instance
Late Payment Charges 2% per month on the overdue amount
Loan Cancellation Charges Rs. 3,000
Loan rescheduling charges Rs. 1,000 per instance
NOC issuance charges Rs. 500
Duplicate NOC issuance charges Rs. 500

Eligibility Criteria

  • The applicant must be at least 21 years old and not more than 65 years old at the time of loan maturity
  • The applicant must have a minimum monthly income of Rs. 7,000 and should have a stable source of income
  • The applicant should have a good credit score of at least 700, indicating a good repayment history and creditworthiness
  • The applicant should be salaried or self-employed with a stable employment /business history of at least 2 years
  • The two-wheeler being purchased should be registered in the name of the applicant or their family member

9. ICICI Credit Card Loan

ICICI Credit Card Loan is a type of loan that allows you to borrow money against the Credit Limit available on your ICICI Bank Credit Card. The loan amount is directly credited to your bank account and can be repaid in monthly instalments over a period of time, with interest charged on the outstanding amount.

ICICI Credit Card Interest Rate

Amount Interest Rate
Up to Rs. 25,000 13.99% p.a.
Rs. 25,001 - Rs. 50,000 13.99% p.a.
Above Rs. 50,000 13.99% p.a.

Fees & Charges

Factors Charges/Fees
Processing Fee Up to 2.25% of the loan amount
Prepayment Charges 5% of the outstanding loan amount
Cheque bounce charges Rs. 500 per instance
Late Payment Charges 24% per annum on the overdue amount
Loan Cancellation Charges Rs. 3,000
EMI Bounce Charges Rs. 500 per instance
Loan rescheduling charges Rs. 1,000 per instance

Eligibility Criteria

  • Should be an ICICI Bank Credit cardholder with a good repayment history
  • Minimum age of 23 years and maximum age of 60 years
  • Minimum income of Rs. 20,000 per month
  • Should have a good credit score
  • Employment status and type of employment are also considered for eligibility

Documents Required to Apply for a Loan at ICICI Bank

Here is the list of documents required to apply for a loan at the ICICI bank:

  • Proof of Identity: aadhaar card, passport, driving licence, voter ID card, etc.
  • Address Proof: Aadhaar card, passport, utility bills, bank statement, etc.
  • Income Proof: Latest salary slips, Form 16, bank statements, etc.
  • Employment Proof: Offer letter, employment contract, appointment letter, etc.
  • Photographs: Passport-size photographs of the borrower
  • Existing Loan Details: If the borrower has any existing loans, the loan details and repayment history need to be submitted
  • Other Documents: Any other relevant documents requested by the bank, such as income tax returns, proof of business, etc.
  • ICICI bank credit card statement (for loan on credit card)
  • Two-wheeler Registration Documents: Sales receipt, insurance copy, Road tax receipt, RTO NOC, hypothecation letter (for two-wheeler loan)

  • Documents for Property Loan: The applicant must provide the original property documents, including the sale Deed, title deed, and tax receipts, as proof of ownership. The bank may require a property valuation report from an authorised valuer to determine the loan amount that can be sanctioned

  • Documents for Gold Loan: The applicant must provide proof of ownership of the gold pledged as collateral, such as a bill or a receipt

  • Other KYC documents

The Bottom Line

Obtaining a loan from ICICI bank can be hassle-free, provided you have all the necessary documents and meet the eligibility criteria for the loan scheme you wish to apply for. Familiarise yourself with the various loan schemes offered by ICICI bank, carefully evaluate them, and select the one that best suits your needs to overcome any financial constraints and achieve your aspirations.

Frequently Asked Questions (FAQs)

1. Can I prepay my ICICI Bank loan? If so, is there any prepayment penalty?

A: Yes, ICICI Bank allows the prepayment of loans. However, the prepayment penalty varies depending on the type of loan and the repayment period.

2. How is the interest rate calculated for loans from ICICI Bank?

A: The interest rate for loans from ICICI Bank is calculated based on various factors such as the type of loan, the loan amount, the repayment period, and the applicant's credit history.

3. Is collateral required for all loans from ICICI Bank?

A: No, collateral is not required for all loans from ICICI Bank. While Home Loan and Loan Against Property require collateral, loans such as Personal loans and car loans do not require collateral.

4. How can I apply for a loan from ICICI Bank?

A: You can apply for a loan from ICICI Bank online through their website or mobile app or by visiting their branch. You can also Call their customer care number for assistance.

5. Can I change the repayment schedule of my ICICI Bank loan after the loan is disbursed?

A: ICICI Bank provides flexible repayment options, and you can change the repayment schedule of your loan by contacting the bank's customer care or visiting the nearest branch. However, this is subject to the bank's terms and conditions.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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