Hi, I think I can share a few insights about your question: Is part payment allowed in ICICI personal loan? In India, ICICI Bank does allow both part payment (partial prepayment) and full pre closure of your personal loan, but these are subject to specific terms and charges. According to the bank’s official service charges schedule, part payment is permitted: borrowers can make up to 3 part payment requests per financial year, with each part payment amount being at least three EMI equivalents and up to the loan outstanding minus the final EMI.
Does ICICI Bank Allow Partial Prepayment of Personal Loan?
Yes! It is possible, however,
Part payment is only charge free if the loan seasoning (i.e. age of the loan) exceeds 24 months; for loans aged 24 months or less, a 3% + GST fee is levied on the part‑payment amount.
For full pre closure (foreclosure), ICICI Bank permits it after payment of the first EMI. Salaried customers must pay 3% of the outstanding principal + applicable taxes as foreclosure charges.
This fee is waived completely once 12 or more EMIs have been paid, provided the loan is closed using the borrower’s own funds.
If you consider part payment, it directly reduces the principal, which may allow you to either reduce tenure or EMI depending on your preference, though ICICI may always offer tenure reduction as the default option.
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Is Part Payment Allowed in ICICI Personal Loan?
shivam
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2025-07-25T14:32:17+00:00 2025-07-25T14:32:19+00:00Comment
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