ICICI Bank is known for its wide range of products and impressive customer relationships. So, if you need a lump sum amount to meet your financial needs, apply for an ICICI personal loan. This is an unsecured loan which means the bank won’t be needing your assets to disburse the same. You can get an ICICI personal loan up to INR 50 Lakh with a starting interest rate of 10.50% per annum. For more details on ICICI Personal Loan, read this page below.
How is Your ICICI Personal Loan Decided?
The bank looks into the following factors while deciding your loan amount –
- Salary – Your monthly income shows how much you can repay to the bank. If you earn above the required amount, you might get a high loan amount.
- Age – People aged 23 years and above are eligible for an ICICI personal loan because at this age you can earn a regular income and find jobs without much of a hassle. ICICI Bank allows you to borrow personal loans up to the age of 58 years.
- Obligation – When you already have credit card bills or any other loan EMIs, the question is whether you’ll be able to afford ICICI personal loan EMI amid these. If your income can afford it all, the loan will get approved.
- History – If you have a history of good repayment, this could help you borrow a high loan amount. Your credit history takes account of your credit card payments, loan EMIs, etc.
When Will You Be Needing an ICICI Personal Loan?
The loan comes in handy when there is an unexpected need for money such as medical treatment. If you or any of your family members are admitted to the hospital and he/she doesn’t have insurance to cover the cost, ICICI Bank offers you a personal loan to cover the expenses. And not only that, but you can also use the ICICI personal loan for weddings, college education, abroad vacation, etc.
How Do You Get the Lowest ICICI Personal Loan Interest Rate?
For negotiation on the ICICI personal loan interest rate, you need to show the bank that you’re capable of paying back the loan amount. And for this, you need to have a strong source of income, a good repayment record, a co-borrower, etc. So, if ICICI Bank is satisfied with your profile, the loan will be sanctioned at a lower rate.
What is the Repayment Structure of ICICI Personal Loan?
You need to repay the applicable ICICI personal loan interest and the borrowed money in equated monthly installments. For the repayment, ICICI Bank offers you tenure from 12 to 72 months
And to choose the right tenure, you could take help from the ICICI personal loan EMI calculator. Using this, you can know the approximate EMIs you’ll be paying for the loan amount. Check out the below example to see how it works.
Simran works as a full-time employee in an MNC and as her wedding comes near, she needs lump sum money for the preparations. So, she is looking for a loan to cover such expenses. Fortunately, she came across an ICICI personal loan. After checking the eligibility criteria online at the official website of ICICI Bank she knows that a loan up to INR 19 Lakh can be borrowed. But before proceeding further, she wants to know the EMI she’ll be paying. So, she uses the ICICI personal loan EMI calculator by inserting the following details –
- Loan amount – INR 10 Lakh
- Interest rate – 12.99% per annum
- Tenure – 72 months
As per the calculators, Simran’s EMI will be INR 20,069.
Note – The actual EMI may slightly differ from the calculator result.