icici personal loan

ICICI Personal Loan Calculator Benefits, Example and Criteria

Finance

When you are taught something with an example, you understand it in a better way as compared to the time when the definition is given just like that.

For ICICI personal loan calculator, we have given the example showing monthly installments for an input value of loan amount, tenure and rate of interest.

Let us assume that the lowest interest rate offered by ICICI Bank is 10.99% per annum. Considering you get it for the below given your requirement:

  • Loan amount₹5,00,000
  • Interest rate– 10.99% p.a.
  • Tenure–  5 years

EMI₹10,869

Total Interest Outgo₹1,52,123

Total Amount₹6,52,123

You can use this calculator as many times as you want and it is free of cost. Read more benefits of a loan calculator below.

Benefits of Using Loan EMI Calculator

  • Accurate results- Use an EMI calculator and get the idea of the exact payment you will have to pay.   
  • Time-Saving- The calculator shows results within microseconds.
  • Flexibility Option- You will be surprised to know that you are free to use the calculator n number of times.
  • Easy Comparisons- With the help of the calculator, you can compare all the offers available in the market and then choose the best one for yourself.
  • Shows results for more than EMI- The calculator shows results for the monthly installment, total interest outgo and total amount (principal+interest). Other than these, you get the amortization table which has the balance amount details after the end of each year.

ICICI Personal Loan Eligibility Criteria

A personal loan applicant must come under the below-matched criteria to get approval from ICICI Bank. Those who do not fit into this criteria are not eligible to apply for the loan.

For salaried:

  • The age of the applicant should be between 23-58 years
  • Net monthly income of the applicant should be more than ₹17,500/-
  • Minimum work experience should be more than 2 years with 1 year with the current employer

For self-employed:

  • The applicant’s age must be between 28-65 years
  • The minimum turnover of the business should be more than ₹15 lakhs
  • Minimum experience in the profession should be 5 years

Where can you get ICICI personal loan calculator?

The bank has its own calculator which gives the graphical representation of the monthly installments. Along with this the input table can be changed as many times as you want. Other than this, there are many other loan calculators available at different online portals which are free of cost.

Where can you apply for the loan?

Even though there are old ways to visit the nearest bank branch, online process is much more convenient. As you can do it anytime as per your suitability and the automatic chat will respond to your queries.

Otherwise, you can fill up the online application of ICICI personal loan and the bank executives will contact you as soon as possible. The online form would require you to fill in the basic details.  

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