ICICI Bank is one of the largest private sector banks in India with a wide range of products and customer-friendly services. ICICI Bank also facilitates personal loans for self-employed as well as salaried individuals. Any individual who is looking for an immediate finance and needs huge loan amount, ICICI personal loan is the best option that he/she can get. The bank gives personal loans with maximum loan amount up to ₹40 lakhs which is one of the highest loan amount available in the market today.
ICICI personal loans can be taken by both salaried as well as self-employed individuals and working professionals. With the flexible repayment option up to 60 months and low-interest rates starting from 11.59% p.a.and higher loan amount facility, a personal loan from ICICI bank is all that a personal loan seeker would want in a personal loan scheme. ICICI Bank Personal Loan scheme is here for times when there is an urgent need of money, be it a personal or professional one, like the business extension, family function, abroad travelling, foreign education, etc.
To know more about the lucrative scheme of the ICICI personal loan, read here:
|Interest Rate (Monthly reducing balance)||11.59%-22.00%|
|Loan Amount||For Salaried: Up to ₹ 20 lakhs. For Self-employed: Up to ₹ 30 lakhs For Doctors: Up to ₹ 40 lakhs|
|Processing Fees||Up to 2.25% of loan amount plus service tax|
|Prepayment Charges||₹ 100/- per schedule plus service tax|
A personal loan can be taken for any purpose be it a personal or a professional loan. However, it is very important to know the uniqueness of the personal loan offer. So, here are some of the main factors that make ICICI personal loan a unique one.
For personal loans, ICICI bank has set an eligibility criterion and the loan seekers who cover all these parameters can only eligible for a personal loan from the bank. For instance, the bank has different criteria for a salaried person and a different for a self-employed person. So, the eligibility criteria for ICICI personal loan is as follows:
|Salaried Individuals||Self-employed Individuals and Working Professionals|
A person who is looking for a personal loan from ICICI bank must have the below essentials:
|For Salaried Applicants||For Self-employed Applicants|
The process to apply for ICICI Bank personal loan is easy and quick with minimal documentation. Here are the steps to follow:
An EMI calculator is the tool which tells the monthly installment that a loan borrower is liable to pay to the corresponding loan provider institution. EMI is a fixed payment amount that a person is liable to pay to the lender every month. Equated monthly installments are used to pay off bot the sum of the interest and principal each month. In an EMI calculator, the below are details are mandatory to be filled:
Once the above details are mentioned in the calculator, a table showing the monthly installments, total interest outgo and total amount appears, similar to the example given below.
For eg., if a person is looking for a personal loan for ₹2 lakhs and has chosen the repayment period of 5 years, ICICI bank offered him at 11.59%-22.00% interest rate. Now, the below table shows how much is this person going to pay to the bank in the form of EMI and the total interest outgo for the loan amount he has taken.
Table for EMI per month, Total Interest Outgo and Total Amount
|Loan Amount (in ₹)||Interest Rate (p.a)||Tenure (in Years)||EMI (in ₹)||Total Interest Outgo (in ₹)||Total Amount (Principal + Interest) (in ₹)|
|2,00,000||11.59% - 22.00%||1||17731 - 18719||12777 - 24627||2,12,777 - 2,24,627|
|2,00,000||11.59% - 22.00%||2||9376 - 10376||25035 - 49015||2,25,035 - 2,49,015|
|2,00,000||11.59% - 22.00%||3||6604 - 7638||37736 - 74971||2,37,736 - 2,74,971|
|2,00,000||11.59% - 22.00%||4||5227 - 6301||50877 - 1,02,458||2,50,877 - 3,02,458|
|2,00,000||11.59% - 22.00%||5||4408 - 5524||64454 - 1,31,427||2,64,454 - 3,31,427|
|Year||Principal (in ₹)||Interest Outgo (in ₹)||Balance Amount (in ₹)|
|1||31344 - 24676||21552 - 41612||168656 - 175324|
|2||35177 - 30690||17719 - 35598||133479 - 144634|
|3||39479 - 38167||13417 - 28121||94000 - 106467|
|4||44305 - 47463||8591 - 18825||49695 - 59004|
|5||49737 - 59103||3175 - 7263||0 - 0|
The above table is the amortization table which shows the principal, interest outgo and balance amount for the last year of the tenure.
ICICI Bank calculates the final interest rate on the basis of MCLR and Base Rate. Presently, the present 1 Year MCLR rate of ICICI Bank is 8.95%. ICICI Personal Loan Interest Rates are one of the lowest personal loan interest rates in India with the rates from 11.59% per annum onwards.
Personal loans are unsecured loans i.e., there is no collateral required. The loan amount that is offered can be used for any legitimate purpose. Having such privileges makes a personal loan the most opted and beneficial one. ICICI Bank offers customized personal loans for self-employed as well as salaried keeping in mind the requirement of the customer.
Here are some of the features and benefits of taking a personal loan from ICICI Bank:
ICICI Bank has a support helpline and a person with any loan related query can contact on this 24X7 helpline number: 1800 102 4242.