Need to get that favourite car modified? Or the dream of an extravagant modular kitchen has waited for way too long? ICICI Personal loan is your answer! ICICI is one of the most reputed private banks in the country, providing services across the nation. And ICICI Personal loan tops the charts when we talk about the most appreciated and beneficial products launched by the banks.
ICICI Personal loan takes care of all your urgent financial needs without getting you in a pickle. ICICI provides you with a decent limit of loan amount that you can avail and plan your expenditure. Also the rate of interest that the bank charges is affordable and economic. Constant EMIs keep on reminding us of the tenure of the loan which keeps us on our toes all the time.
ICICI makes things easy by giving you a flexible and relaxed loan tenure of up to 5 years so that you can plan your other ventures without any hiccup. Keep scrolling to know more about this product!
ICICI Personal Loan Interest Rate
An annual rate of interest is charged by ICICI on the loan amount payable by the borrower. The interest rate might range from 11.55% to 22% along with an additional processing fee of about 2.25% of the loan amount.
In case of a prepayment of loan, the bank levies a prepayment charge of 5% of the outstanding loan amount. The interest rate offered by ICICI for its Personal loan is voted to be decent and pocket-friendly by most of its customers.
ICICI Personal Loan Eligibility
The eligibility criteria generally varies for those belonging to different income segments and professional backgrounds. The major factors marking the difference in the eligibility criteria are age limit, income slab, nature of profession and duration of employment. Check out the Personal loan eligibility criteria to know where you fit in!
Salaried Individuals: The applicant must be of at least 23 years of age to at the most 58 years to be eligible to avail the ICICI Personal loan. The net monthly income of the applicant must be between ₹ 17,500 to ₹ 25,000 depending on the city in which the applicant is living. The employment history of the applicant must be at least 2 years old and he/she should be residing in the current house for at least past 1 year. The applicant is considered to be befitting if he/she puts up with the above mentioned factors.
Self-Employed: The ICICI Personal loan eligibility criteria is different for those working for themselves. An applicant who is Self-Employed and wants to apply for the ICICI Personal loan must come under the age bracket of 28 years to 65 years. Practising doctors can apply for the loan at the age of 25 years until the age of 65 years. The Self- Employed Individuals need to prove an annual turnover of at least ₹ 40 lakhs and ₹ 15 lakhs for the non-professionals and professionals, respectively.
The association of the applicant with his/ her business must be at least 5 years old. For doctors, the minimum period of having association with their business is 3 years. The applicant must also bear an existing liability relationship with ICICI for the past 1 year or must have an asset relationship, either existing or closed, in the past 36 months.
Personal Loan Eligibility Calculator
Personal loan eligibility calculator is quite a useful tool which comes handy when you are trying to judge your applicability for a Personal Loan. A Personal loan eligibility calculator puts forth the important criteria as per which your capability to avail for a loan will be discerned. You can easily find this tool on the official website of the bank you are trying to have a liability relationship with.
ICICI Personal Loan EMI Calculator
ICICI Personal loan EMI calculator helps an applicant plan his/her EMIs while availing a loan. By putting in the relevant details such as the loan amount, the rate of interest and the loan tenure, you can easily calculate your monthly installments. Apart from this, ICICI Personal loan EMI calculator also provides information about the total interest amount that you would be liable to pay and the total loan amount along with the interest that you would repaying by the end of the tenure.
ICICI Credit Card EMI Calculator
ICICI Credit card EMI calculator helps you make easy installments of your Credit card Repayments easing down your bill payment. It provides you with the option of making Instant EMIs or having your EMIs made on call. You just need to feed-in your transaction amount, interest rate and the tenure using which the ICICI Credit card EMI calculator will present a table or a graph, as per your liking, depicting your monthly installments, amount of interest being paid each month and the remaining amount that needs to be repaid. This tools has gained appreciation of many and has proven its worth in today’s time.