Travel Hassle Free with ICICI Bank Travel Loan
Last Updated : Aug. 11, 2017, 12:06 p.m.
Want to travel to your favorite destination, but don’t have enough funds? Don’t worry as ICICI Bank Travel Loan is here to help. Yes, the bank with its best of travel loan product is catering the needs of those who are in urgent need of funds. This product comes with many privileges and perks, thus giving you a memorable travel experience. However, when it comes to buying the product from the lender, you can blindly trust the name as it has already created its niche in the same space.
Be it family vacation, solo trip or exploring a favorite destination with close pals, you can easily avail a travel loan from ICICI for any of the purposes. However, when it comes to availing the same, you can get it without much of a hassle as bank offers you travel loan with less documentation, flexible tenures and minimum charges. So, whenever, you are in need of instant funds for marriage, you know whom to reach.
ICICI Bank Travel Loan Details:
| Particulars | Details |
|---|---|
| Interest Rates | 11.49% to 22.00% |
| Loan Amount | 20 Lakh- 40 Lakh |
| Repayment | 5 Years |
| Processing Fee | 2.50% of the loan amount |
| Prepayment Charges | 5.00% |
| Late Payment Charges | 24% per annum |
Eligibility Criteria for ICICI Bank Travel Loan
If you want to avail the loan from ICICI Bank, kindly take a look below at the eligibility criteria.
| Salaried | Self-Employed |
|---|---|
| Age:23 years - 58 years | Age: 25 years-65 years |
| Net Salary:Rs.17,500- Rs.25,000 | Minimum Turnover: Rs. 15 lac-Rs. 40 lakh |
| Total years in job/profession:2 Years | Business Stability: 3 years-5 years |
| Years in current residence:1 Year | Minimum Profit After Tax: Rs. 1 lac-Rs. 2 lac |
| Existing relationship with ICICI Bank | Minimum 1 year liability relationship or Asset relationship in the last 36 months |
Documents Required for ICICI Bank Travel Loan
Documentation is also a crucial thing, which needs your attention helping you availing a loan without any hassle.
| Salaried | Self-Employed Professional | Self- employed Individual |
|---|---|---|
| Proof of identity: passport / driving license / voters id / pan card / card issued by UIDAI containing the details of name, photograph, address and aadhaar numbe | Proof of identity: Passport / driving license / voters ID / PAN card /card issued by UIDAI containing the details of name, photograph, address and Aadhaar number | Proof of identity: passport / driving license / voters id / pan card / card issued by UIDAI containing the details of name, photograph, address and aadhaar number |
| Proof of residence: leave and license agreement / ration card / utility bill (not more than 3 months old) | Proof of residence: Leave and License Agreement / ration card / utility bill (not more than 3 months old) / trade license / establishment / sales tax certificate / valid Passport - provided the passport address is present address mentioned in application form | Proof of residence: leave and license agreement / ration card / utility bill (not more than 3 months old) / trade license / establishment / sales tax certificate/Valid passport – provided the passport address is present address mentioned in application form |
| Valid passport – provided the passport address is present address mentioned in application form | Business (Current Account) Bank Statements (latest 6 months bank statement/passbook | Business (current account) bank statements (latest 6 months bank statement / passbook) |
| Proof of income: latest 3 months salary slip / salary certificate and latest Form 16 | Proof of qualification: Highest Professional Degree | Latest 2 years ITR along with computation of income, b/s, p&l a/c with all schedules certified by a CA |
| Bank statements: latest 3 months bank statement (where salary is credited) | Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a CA | Business continuity proof: trade license / establishment / sales tax certificate) |
| Profession continuity proof | Additional mandatory documents: sole proprietorship declaration / certified copy of partnership deed / certified copy of moa, aoa & board resolution. In case of income derived from a partnership firm, latest 2 years partnership firm’s B/S, p&l a/c with all schedules certified by a CA |
Features and Benefits of ICICI Bank Travel Loan
- Loans for Multiple Needs
- Competitive Interest Rates
- Flexible Loan Tenures
- No Collateral Needed
- Repayment via Auto-debit / ECS / PDC
- Easy Documentation
- Quick Process
- Fund Transfer Facility
ICICI Bank Travel Loan EMI Calculator
The moment you avail travel loan, the next thing is to know the EMI for the same. Yes, it is absolutely important to know the EMI i.e. the amount that you pay each month in order to repay your travel loan. It would be a smart move, if you know the exact amount in advance as it gives you an insight of the amount that you need to give from your pocket each month so as to repay your loan in the future. And, this can only be possible with one effective and smart tool i.e. EMI Calculator as it does all the calculations and lets you know the EMI in few minutes.
All you need to do is just enter few important details like interest rate, tenure and loan amount in the calculator fields, and it will start calculating the EMIs for you. To give you more clarity on the same, we have an example below.
Rakesh Mishra, a Senior Manager, working in a renowned company wants to travel Malaysia with his family. However, though he can manage a lot of travelling expenses by his own savings, but he still needs a travel loan for the same. Thus, he approached ICICI Bank to avail a loan of Rs.20 Lakh for a tenure of 5 years at an interest of 11.49%-22%p.a. Now, what would be his EMIs at different tenures? To know the answer of the same, let’s take a look at the table below.
| Loan Amount (in Rs.) | Interest Rate (in p.a.) | Tenure (in Years) | EMI (in Rs.) | Interest (in Rs.) | Total Amount Payable (in Rs.) |
|---|---|---|---|---|---|
| 2000000 | 11.49%-22% | 1 | 1,77,221-1,87,189 | 1,26,649-2,46,265 | 21,26,649-22,46,265 |
| 2000000 | 11.49%-22% | 2 | 93,671-1,03,756 | 2,48,112-4,90,151 | 22,48,112-24,90,151 |
| 2000000 | 11.49%-22% | 3 | 65,943-76,381 | 3,73,930-7,49,713 | 23,73,930-27,49,713 |
| 2000000 | 11.49%-22% | 4 | 52,168-63,012 | 5,04,076-10,24,583 | 25,04,076-30,24,583 |
| 2000000 | 11.49%-22% | 5 | 43,975-55,238 | 6,38,510-13,14,269 | 26,38,510-33,14,269 |
Ammortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 314,101-246,758 | 213,599-416,098 | 1,685,899-1,753,242 |
| 2 | 352,152-1,753,242 | 175,548-355,988 | 1,333,747-1,446,374 |
| 3 | 394,815-381,620 | 132,885-281,236 | 938,932-1,064,754 |
| 4 | 442,647-474,581 | 85,053-188,275 | 496,285-590,173 |
| 5 | 496,702-591,167 | 31,426-72,668 | 0 |