Is ICICI Personal Loan for Child’s Education a Good Decision?

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If you are lacking money to get your child admission to the university he/she wants, get an ICICI Personal Loan. This is the most convenient way to get a lump sum amount in a short period. The loan limit in this product of the ICICI Bank is INR 50 Lakh, so you could get this amount with no collateral security. Plus this comes with an equated monthly installment payment facility, so it is a good decision to borrow it for the education purpose. To remove any doubts about the ICICI Personal Loan, read this page below.

How Does ICICI Personal Loan Covers Education Expenses?

ICICI Bank provides you the loan amount within two to three working days. Once the amount gets disbursed, pay the college fees. Well, there is a lot that you need to handle there. First, the fees for the first semester, books fee, hostel fees, etc.

When you are done paying the same, see how much is left from the loan amount, because that money will be required for the second semester. Read the loan documents carefully to see when your due date. Because if you miss the deadline of EMI payment, a penalty of 2% will apply to the due EMI.

What is My ICICI Personal Loan Interest Rate?

The bank’s personal loan interest rate ranges from 10.50% to 19.00% per annum. As you can see the maximum rate of the ICICI Bank is not too high for your loan, so it can be easily managed under the budget with the adjustment of repayment period. 

You can have a lower interest rate if you prove to have a high income and good repayment history. For this you will need income documentation and a credit report. You can use your salary slip and bank statement to prove your income capacity. And for a credit report, visit any online credit bureau and see what is current status. If the credit report is in a good state, apply for the loan. 

What are Your Repayment Options?

You will get a tenure from 12 to 72 months, so there is one year extra on the repayment period. When you see the other lender offers, you will find that ICICI Bank provides a longer repayment period to you. Usually, a personal loan comes with a repayment period of up to 60 months, but here in ICICI Bank you will have 72 months.

And you can use the ICICI Personal Loan EMI Calculator to find the suitable tenure for yourself. The tools are easy to use, you just need to provide the loan amount, interest rate and tenure you want. Once you are done doing that, check the EMI amount. Well, the calculator not only shows you the EMI but also the total payable interest amount. So you can see how much you are paying to the bank in addition to your borrowed amount. Try to get the lowest interest payment so you can easily manage to meet the need under your budget. Check out the example below to learn more about the calculator.

Kalyani is in a financial crisis as she needs a lump sum of INR 3 Lakhs for her child’s admission. From her friend she came to know about the ICICI Personal Loan and thought of applying for it. But before doing the same she uses the ICICI Personal Loan Calculator. She inserts the details like loan amount of INR 3 Lakh, interest rate 11.00% per annum and tenure 48 months. This gives her an EMI of INR 7,754 and total interest of INR 72,726. Well, this is a suitable tenure for Kalyani as the interest payment is not too high plus the EMI is affordable. So while applying for the loan she chooses this tenure. 

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