What is ICICI Personal Loan Preclosure Charges?

If you decide to prepay your debt or pursue foreclosure on it, you might have to pay ICICI personal loan preclosure charges. This is a result of them missing out on interest payments that they would have otherwise received.

What are ICICI Bank Personal Loan Pre Closing Charges?

The personal loan pre closure charges ICICI will be imposed if you decide to terminate your loan before its term expires.

• Personal loans are subject to foreclosure at any point following the first instalment payment; fees will be assessed at a rate of 3% plus relevant taxes.

• If an MSME uses its own funds to make the prepayment, or if a salaried individual chooses to do so after paying 12 month’s worth of EMI, there will be no ICICI personal loan pre closure charges.

It is imperative to be aware of all possible fees associated with obtaining a personal loan. Make sure you are aware of all the terms and conditions before signing on the dotted line because processing and instant personal loan costs might pile up. I hope this helps!

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