personal loan

Whether ICICI Personal Loan Interest Rates Accommodate Your Australian Sojourn? Find Out Here


A trip ‘Down Under’ can be the wish of many living in the 21st Century. It has Kangaroos, hills, deserts and many iconic monuments to explore and get mesmerized. An avid Indian traveller always sets his/her sights on visiting Australia. While some plan their journey in advance, others get late and have to face the financial mess.

The former set of people likes analyzing both loan and saving options to live their dream. That’s what you need to do if you care for your money. ICICI Bank could be the one you would like to partner for your Australian trip. The bank is omnipresent with its branches spread across the length and breadth of India.

And while you are set to make ICICI Bank your lending partner, do not forget to check its interest rates that can greatly decide whether or not you will enjoy after the Australian trip is over. Back in India, you would have to repay the loan for as long as 5 years, the maximum time given by the bank for the same. Therefore, the need of the hour is to analyze ICICI Personal Loan Interest Rates in detail.

How Much Would Down Under Cost You?

Even though Australia has a number of places to visit, most would still vote for Sydney, won’t they? Studded with the world’s most iconic structures like Harbour Bridge, Opera House, Sydney captures the imagination of the travellers around the globe. The flight costs from Delhi and other top cities of India to Sydney can be anywhere between 35,000-2,00,000 per individual on a one-way trip (economy class). Taking that into consideration, the 2-way cost can be 70,000-4,00,000.

How Would ICICI Bank Fit into Your Australian Trip?

ICICI Bank can offer a personal loan of up to 20 lakhs, which is much more than you would need for the trip. As was pointed out earlier that the maximum loan tenure can be up to 5 years, the next point that grabs the attention is the interest rate. Let me disclose the secret by saying ICICI Bank charges 10.99%-20% per annum to let you live your Australian dream. Anything closer to the lower limit of the interest rate should be your focus. You can get the rates lowered or say negotiate for the same if you boast of a solid income, strong repayment potential and a greater credit score.

Of these three factors, the latest one should generate more interest. Not only a higher credit score can lead to a lower rate but also enable a smooth approval to your application. A credit score results from the way you service the debt, if availing or have availed in the past. If you are servicing a loan or credit card debt, make sure to repay on time and avoid a default. This will help score move up and make an attractive interest rate deal an outright possibility. The credit score ranges from 300-900 in India.

ICICI Bank Personal Loan EMI Calculator

Having a keen on interest rates will also help you take stock of the EMI or equated monthly installment that would be a normal thing after you come back from Australia. It will continue for the time you would like to service the debt. So, the calculator depends on the loan amount, the rate of interest and the tenure. All three in place and the calculation is made. You can even go online and do so. Just put these three in the calculator and see the figures of indicative EMI and interest.

Suppose you need a loan of 3.5 lakh to make a trip down under and your credit score stands at about 820. You can fetch an attractive deal with ICICI Bank. Based on your healthy credit score, ICICI offers you the loan at 12% interest rate, then what would be the EMI you would be paying to the private lender over the course of 4 years? Well, the answer can be found using the EMI Calculator. And if I use it, the figures of EMI and interest would come as ₹9,217 and ₹92,408, respectively.

So, what holds promise for your Australian expedition is the attractive personal loan interest rates and the planning you need to make it financially-friendly. You can even use savings, if any, to cut down on the loan and the interest repayment that follows.


Vikas Das is one of those expert writers in finance who has enlightened the readers about various banking and investment products like personal loan, home loan, car loan, mutual fund, fixed deposit and others.

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