Travel Hassle Free with ICICI Bank Travel Loan

Travel Loan 5091 views

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:

ParticularsDetails
Interest Rates11.49% to 22.00%
Loan Amount20 Lakh- 40 Lakh
Repayment5 Years
Processing Fee2.50% of the loan amount
Prepayment Charges 5.00%
Late Payment Charges24% 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.

SalariedSelf-Employed
Age:23 years - 58 yearsAge: 25 years-65 years
Net Salary:Rs.17,500- Rs.25,000Minimum Turnover: Rs. 15 lac-Rs. 40 lakh
Total years in job/profession:2 YearsBusiness Stability: 3 years-5 years
Years in current residence:1 YearMinimum Profit After Tax: Rs. 1 lac-Rs. 2 lac
Existing relationship with ICICI BankMinimum 1 year liability relationship or Asset relationship in the last 36 months
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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.

SalariedSelf-Employed ProfessionalSelf- 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 numbeProof of identity: Passport / driving license / voters ID / PAN card /card issued by UIDAI containing the details of name, photograph, address and Aadhaar numberProof 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 formProof 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 formBusiness (Current Account) Bank Statements (latest 6 months bank statement/passbookBusiness (current account) bank statements (latest 6 months bank statement / passbook)
Proof of income: latest 3 months salary slip / salary certificate and latest Form 16Proof of qualification: Highest Professional DegreeLatest 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 CABusiness continuity proof: trade license / establishment / sales tax certificate)
Profession continuity proofAdditional 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
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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.

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Loan Amount (in Rs.)Interest Rate (in p.a.)Tenure (in Years)EMI (in Rs.)Interest (in Rs.)Total Amount Payable (in Rs.)
200000011.49%-22%11,77,221-1,87,1891,26,649-2,46,26521,26,649-22,46,265
200000011.49%-22%293,671-1,03,7562,48,112-4,90,15122,48,112-24,90,151
200000011.49%-22%365,943-76,3813,73,930-7,49,71323,73,930-27,49,713
200000011.49%-22%452,168-63,0125,04,076-10,24,58325,04,076-30,24,583
200000011.49%-22%543,975-55,2386,38,510-13,14,26926,38,510-33,14,269

Ammortization Table

Year Principal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
1314,101-246,758213,599-416,0981,685,899-1,753,242
2352,152-1,753,242175,548-355,9881,333,747-1,446,374
3394,815-381,620132,885-281,236938,932-1,064,754
4442,647-474,58185,053-188,275496,285-590,173
5496,702-591,16731,426-72,668