How Affordable Are ICICI Personal Loan Interest Rates? Let’s Find Out

Dreaming to explore the snowy mountains of Himalaya? Is your son wedding around the corner? Do you want a facility that can help fulfill your instant cash needs? If all these are concerns, you better apply for a personal loan best suited to serve such purposes.

Granted without a security, a personal loan can be called a hassle-free loan, much unlike other debts that would require you to submit a collateral. But a loan should not only be hassle-free but also affordable at the same time to meet your repayment ability. And that’s why you should be selective while picking the loan options.

When you sit to compare the offers, you can come across ICICI Personal Loan. Ranked among the banking leaders in India, ICICI Bank runs its operations from around 5,000 branches across the country. But before applying for a loan, it’s better to check out its interest rates that can greatly determine your ability to repay the debt smoothly over its course. So, you must know ICICI Personal Loan Interest rates and evaluate them.

What Exactly ICICI Personal Loan Interest Rates Are?

ICICI Bank offers a personal loan to salaried, self-employed businessmen, professionals, etc. Based on the income, repayment ability and credit history, you can get a personal loan at interest rates ranging from 10.99%-22% per annum. Greater your income, repayment and credit history, more the loan amount and better the interest rates would be offered to you and vice-versa.

What’s the Maximum Loan Amount and Tenure Offered on ICICI Personal Loan?

The maximum personal loan you can get at ICICI Bank amounts to 40 lakhs. On the other hand, you can get a maximum of up to 5 years to service the debt.

ICICI Bank Personal Loan EMI Calculator – A Tool to Gauge The Impact of Interest Rates

Now that you know the interest rates ICICI charges on its personal loans, it’s time to calculate the likely installment on the same. There’s none better than glancing at the EMI calculator that does the job of computing the installment to perfection. All that the calculator needs – the amount of loan, interest rate and the tenure. So, the moment you enter these variables in the calculator, you will get to see the indicative EMI, which stands for equated monthly installment, and even the amount of interest likely on your loan. You can find that calculator online, making it easier for you to calculate before applying for the credit. You can thus plan your finances better knowing the indicative EMI beforehand.

ICICI Personal Loan Amortization Schedule

The amortization schedule, which gets flashed adjacent to the results of the EMI calculator, shows the repayment of interest and principal year-on-year till the expiry of the tenure. Moreover, the calculator indicates the outstanding loan balance at the end of every year. The amortization schedule can thus lead you to think about the possibilities of prepaying a loan at a suitable time to reduce the burden of interest on your pocket. So, if you are supposed to get a big bounty in a couple of years, you can use that to prepay. Yes, the prepayment, which means the payment of the loan even before it’s tenure is over, will bear a charge at 5% of the outstanding balance plus 18% Goods and Service Tax (GST).

How Can Apply for ICICI Personal Loan?

You can apply for a ICICI personal loan both online and offline. The final choice, however, rests with you. If you talk about the comfort, online mode gains more points than offline. All you need to do is to visit the website of ICICI Bank, navigate to ‘Personal Loan’ section and click on ‘Apply Now’.

After that, you will be directed to a new page asking you to mention a few personal and income details before allowing you to submit your application. When you visit the bank branch to apply, you would need to ask for Personal Loan Application Form and fill those personal and income details before submitting it to the branch official to process your case.

 

News Reporter
Vikas Das is one of those expert writers in finance who has enlightened the readers about various banking and investment products like personal loan, home loan, car loan, mutual fund, fixed deposit and others.

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