ICICI Personal Loan Features
|ICICI Personal Loan Eligibility Criteria||Details|
|ICICI Personal Loan Interest Rate||9.75% p.a.|
|ICICI Personal Loan Lowest EMI per lakh||Rs 2112|
|ICICI Personal Loan Tenure||12 to 60 months|
|ICICI Personal Loan Processing Fee||1% to 2% of Loan Amount|
|ICICI Personal Loan Prepayment Charges||Allowed after 12 Months (2 – 4 %)|
|ICICI Personal Loan Part Payment Charges||Allowed after 12 Months (2 – 4 %)|
|ICICI Personal Loan Min Loan Amt||₹ 50,000|
|ICICI Personal Loan Max Loan Amt||₹ 75 Lakh|
About ICICI Personal Loan
ICICI Bank Ltd. is an Indian based financial services company and multinational banking, headquartered in Mumbai, Maharashtra. As per last year, in terms of assets and market capitalization, ICICI Bank is the second-largest private sector lender in India. It offers a wide variety of financial services and banking products for retail and corporate customers through various delivery channels. The bank has 4867 branches and 14367 ATMs all over India and has a presence in near about 17 countries including India. Avail the Best ICICI Bank Personal Loan on Lowest Interest Rates.
Personal Loan ICICI
ICICI Personal loan is an unsecured loan, which means that a person applying for the loan doesn’t have to mortgage any security with the banker to sanction the loan. It is a multipurpose loan so that an applicant can spend the loan amount on vacation, medical, travel education, and any other personal legitimate requirements. A personal loan offers the benefit of quick access to funds and zero need for collateral. Personal loans have emerged as a great way to finance purchases that otherwise would have been challenging with a regular paycheck.
WHY ICICI Personal Loan
- First of all, the documentation criteria in the personal loan are straightforward
- In the second place, an applicant applying for a personal loan can know his/her ability in just 1 minute, across all branches.
- In addition, the interest rates for personal loans are highly competitive.
- Besides, the interest rates are affordable and flexible
- As well as, the processing fee is very low, and there are no hidden charges.
- Furthermore, the loan amount gets disbursed within two days.
- Moreover, there are special interest rates for women.
- At last, personal loan gets approved very fast.
The Interest Rates of ICICI Personal Loan starts from 11.25% with lowest rates for salaried borrowers working with reputed companies. Personal Loan rates for self-employed are higher.
It is a vital step while sanctioning the personal loan. An applicant should be true to the information he/she provides to the banker otherwise the application can get rejected by the banker for providing the false documents.
- Identity proof: For verifying the identity, an applicant must require one of the following documents- Passport, ID card, Voter Card, Driving License, and Aadhar card.
- Residence proof: Following documents are required as a proof of residence- Ration Card, Aadhar Card, Driving License, Passport. And if the applicant is living in a rented apartment, then he has to submit his electricity bill and rental agreement, on his name and the address of the owner.
- Under, KYC formality: PAN card is an important document used for the applicant’s verification.
- Salaried applicant: The bank statements for the last six months and the salary slip of the last three months should be submitted by an applicant.
- Self-employed: The applicant should file ITR for the last three years, and the business should be registered for taking a personal loan.
- Two coloured passport size photos. (without wearing glasses)
Personal loan EMI calculation is a long and tedious calculation, which can be a complex one for most of us. For calculating the EMI, you need to know the personal loan amount, the tenure you want to borrow the amount for and the interest rate on personal loan that you will be charged. The tenure of the loan should be converted to months before substituting it in the following formula for calculating the personal loan EMI.
The EMI calculation for a personal loan is very long and tiresome. Meanwhile, it is very complicated for most of us. The personal loan amount, the tenure for which you want to borrow the amount, and the interest rate are used for the calculation of EMI. The tenure should be converted into the months for calculating personal loan EMI.
For calculating the personal loan EMI, following formula is used:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
In this formula, the letter stands for:
EMI is the equal to monthly installment
- R stands for the rate of interest that is levied on the loan amount
- P is the principal amount, i.e., the amount borrowed as a loan
- N is the tenure of the loan repayment or the number of monthly installments that you will pay