personal loan

Everything You Need to Know About ICICI Personal Loan Interest Rates

Finance

When it comes to availing a personal loan, it would not be wrong to say that it is absolutely not an easy task. It takes a lot of efforts, time and research to go out and find a lender, who is offering you the best deal. And, keeping this thing into consideration, we are here to help. Yes, all you need to do is simply need to read the article below to know which lender is offering you the lucrative deal.

 If we talk about the best lenders in the country, there are very few names that rule the roost. And, ICICI Bank is among them. Yes, being a reputed bank of the country, there is no denying the fact that this lender by offering the widest range of products caters the multiple needs of one and all.

And, among its diverse range of products, a personal loan online is no doubt the favourite of all. This credit facility has always been in demand due to its easy availability and minimal formalities. Apart from this, a personal loan comes handy to meet all your needs right from paying the credit card debts, travelling or renovating a home, this unsecured credit is a saviour for many needs. But before you approach the lender to avail the same, it is important that we should talk about ICICI personal loan interest rates online.

That’s Right! An interest rate is one such key ingredient that plays a pivotal role in your overall loan journey, Before you take that final call and say yes to a lender, it is crucial that you should be aware of all the details, especially the interest rate.

Yes, if you want to grab the best deal, knowing the rates is definitely going to be helpful. Talking about the present scenario, the lender offers the personal loan at an interest rate of 10.99%-18.49% per annum. However, the same will vary according to the profile of an applicant.

Yes, the rates will vary according to the profile of an applicant. The lenders, before deciding the rates, keep many parameters in mind such as age,income, credit score, employment type, total work experience and relationship with the lender. As far as credit score is concerned, you can now easily check cibil score online in free with the help of many reliable websites in just 2 minutes.

Further more, if an applicant meets the required criteria set by a lender, there are high chances that an applicant would get the best deal. Now, when we say the best deal, it is nothing but availing the loan at an attractive interest rate with flexible repayment options. Let’s just give you a sneak peak how interest rates play a vital role in an individual’s overall loan journey by looking at the examples below.

Scenario 1: Suppose, Ankit Jain, a 30-year-old, Graphic Designer by profession is looking for a personal loan of 5 Lakh to renovate his home. He applied online to avail this loan and after looking at his profile, ICIC has agreed to offer him the loan at an interest rate of 10.99% per annum for a tenure of 5 years. After taking into account the interest rate, if we look at the EMI calculation, in this Ankit needs to pay the monthly installment of ₹ 10,869

Scenario 2: Suppose, Ankit Jain, a 30-year-old, Graphic Designer by profession is looking for a loan of 5 Lakh to renovate his home. He applied to get the same loan amount and after taking into account his profile, one NBFC has agreed to offer him the loan at an interest rate of 16% per annum for a tenure of 5 years. If we look at the EMI, in this case, Ankit needs to pay a total sum of ₹ 12,159 as his monthly installments to repay the loan.

Well, if you look at both the scenarios, it would be easy for you to find out that in scenario 1 , where ICICI personal loan interest rates are lower as compared to scenario 2, the EMIs are also pocket-friendly. Thus, it would not be wrong to say that the lower rates you have, the less burden will be on your shoulders when it comes to loan repayment as your EMIs and Interest Outgo will also reduce. So, for the lowest personal loan interest rates deal always check the rates and compare the same amongst different lenders.

 

Juhi Walia is an expert financial writer having years of experience in writing for various financial products such as personal loan, home loan, credit cards debt and others.

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