Facts You Should Know About ICICI Personal Loan Interest Rates
Which is the best lender when it comes to availing a personal loan? I am sure this is one such common question or rather query that strikes the mind of many isn’t it? So, if you are also someone who is looking to avail this unsecured credit facility, don’t need to look further as ICICI bank is here. Yes, the lender with years of rich experience and expertise in the field of banking and finance ensures to offer the best deal to all the car lovers. But, before you go and avail this credit facility, it is important that you should also be aware of the interest rates. Yes, most of the people don’t pay much attention towards the rates, hence end up availing a deal which is not worth it. Hence, keeping this factor in mind, here we are solving all your queries by giving you a detailed info about ICICI personal loan interest rates. In order to know about this, you need to read the article further.
If you look at the current scenario, the bank offers you the personal loan at an interest rate of 11.59%-22% per annum for 5 years along with a one-time processing fee of up to 2.25% of the loan amount. Not only this, the borrowers also get the maximum loan amount of ₹ 20 Lakh-40 Lakh for both salaried as well as self-employed. Moreover, the best thing about this credit facility is the fact that you can easily avail it without any collateral required. Yes, you read that absolutely right! No collateral or security is required when it comes to availing this credit facility. Hence, it is a big relief for one and all. This is also one of the prime reasons that the loan being offered by this bank is highly in demand.
Now, next thing that you should also know is the personal loan eligibility of the loan.Both salaried as well as self-employed individuals can avail this credit facility without any hassle. Yes, if you are aged between 23 years at the time of availing the loan and 58 years at the time of loan maturity, you can easily avail this type of credit from the bank. An individual must have a regular source of income to avail the same. However, coming back to the topic, i.e. knowing more about the interest rates, it would not be wrong to say that it plays a crucial role in your overall loan journey.
I am sure, many of you must be wondering how rates can play an important role here? Thus, to keep you out from this dilemma, here we are, solving all your problems or queries so that you have a hassle-free journey. Well, to have a better clarity on this, let’s just take a look at the example below.
Suppose Sukesh Sharma, a 26 year old, Senior Sales Manager by profession is working in a leading multinational company located in Gurgaon. He earns a monthly income of ₹60,000 and has no other financial liabilities, hence he would be able to save around half of his income i.e. ₹30,000. He wants to avail a personal loan of ₹2,00,000 so as to travel to his favorite destination. And, the best part is that two lenders are ready to offer him the said loan amount for a tenure of up to 4 years. Now, he has two options in front of him, to avail the loan either on an interest of 18.60% per annum or at 11.59% per annum.
So, Sukesh will choose which option? Curious to know the same? So are we! Well, let’s just go deep down into the calculations and see which deal would be beneficial for him.
- Loan Amount:₹2,00,000
- Tenure:4 Years
- Interest Rate:18.60% p.a.
- Interest Outgo:₹85,019
- Total Amount Payable:₹2,85,019
- Loan Amount:₹2,00,000
- Tenure: 4 Years
- Interest Rate:11.59% p.a.
- EMI: ₹5,227
- Interest Outgo:₹50,877
- Total Amount Payable:₹2,50,87
So, as you can see how a variation in interest rate can create a huge difference in your overall interest outgo. Though the difference is not that big if we look compare the EMIs, but it comes out to be huge, if we compare the interest of the loan. Now, you know why it is important to be aware about ICICI personal loan interest rates before saying yes to this credit facility.