ICICI Personal Loan is an unsecured and multipurpose loan that can be availed online. Any money requirements like educational expenses, medical emergencies, wedding expenditure, cash for home redesign, etc, can be fulfilled by ICICI Personal Loan. There are several options for a varied segment of the borrowers. ICICI Personal Loan comes at a competitive rate of interest. An applicant can conveniently choose any type of the ICICI Personal Loan as per his/her requirements.
ICICI personal loan offers a maximum loan up to Rs.20 Lakhs. The ICICI personal loan interest rate ranges from 11.25% to 22.00% p.a. A borrower can acquire ICICI personal loan for a loan tenure ranging from 12 months to 60 months. ICICI personal loan comes along with the ease of loan prepayment. If an applicant has any plans to repay the loan, he can consider ICICI personal loan.
ICICI Personal Loan EMI Calculator
Before applying for ICICI personal loan, it is important to check the EMI calculator for the EMI payment. ICICI personal loan EMI calculator is available for all and you can choose to use them to plan the loan outgo and monthly budget. EMI stands for Equated Monthly Instalment which is the amount payable every month for the personal loan taken for an allotted period.
To calculate the EMI on ICICI personal loan, you can simply visit the official website of the bank. There you will find the option for ‘Personal Loan EMI Calculator’. It will require few basic details like loan amount, rate of interest and repayment tenure. After entering the necessary details, the calculator automatically calculates the loan EMI amount to be paid and delivers the result on the same page. It takes less than a minute to check the EMI amount against the personal loan to be taken.
Advantages of using a Personal Loan EMI Calculator
- Calculating the personal loan EMI manually is a time-consuming task. But using the EMI calculator will generate the result in a few seconds. This helps you get the details of the amount to be paid as per the tenure and the loan amount. After having all the information, you will be able to take a well-informed credit decision on your own. Moreover, it helps in negotiating with the personal loan lender and settle for a better rate of interest.
- The manual EMI calculation carries a risk of mistakes, but the result provided from the online EMI calculator is free from human error so it is quick and accurate. You can also play with the figures while using an EMI calculator like the loan amount, repayment tenure and rate of interest and you will get the results accordingly.
Tips to manage the Personal Loan EMI
While availing a personal loan, it is equally important to manage the EMIs well. At times, it gets difficult to manage the EMI’s which may adversely affect the credit score. Here are some tips which may help you in managing the personal loan EMI:
- Manage personal expenses: If you have an existing loan, and applying for another personal loan, you should first check the amount you would require to pay as EMIs for all the loans. The sum of the total requires amount should not be more than 50 % of your monthly income. And also look for another source of income. As then only you can manage your expenses for daily necessities and other personal expenses smoothly.
- Know the repayment capability: You should always acquire only that much personal loan as much you can afford the paying off every month. An online personal loan EMI calculator helps to calculate the personal loan EMIs better. By doing this you would know in advance about the EMI and you can make a better and informed decision.
- Never miss on an EMI: The regular payment of the EMI can help you to have a good credit score. As this would lead to getting personal loans at comparatively lower interest rates. Therefore, always try to maintain a good credit score by paying off all debts like credit card bills, existing loans, etc. on time so that you can get a good personal loan deal. Timely payment of the EMIs is important.
- Go for a longer loan repayment tenure: Your loan repayment tenure has a direct impact on the EMI amount of your loan. Opting for a longer repayment tenure will enable you to repay the total amount over a longer time, which will reduce the EMI amount.
Benefits of ICICI Personal Loan
- Suitable for any Emergency Loan
Many times, borrowers require Personal Loans for emergencies, where time plays a major part. During such emergencies, visiting the branch, applying for a loan, and then waiting for the loan disbursal might not be the practical option.
ICICI Personal Loan can be acquired through online application which saves a lot of time and the borrower gets access to the funds much sooner.
- User-Friendly Online Portals
ICICI Personal Loan process is so efficiently designed that even the first-time applicant can have the experience of utmost convenience. In case, if a borrower still has any queries, can contact the customer support team.
- Minimal Documentation
Documentation is one of the major hassles in the loan approval process. But online ICICI Loan application has considerably reduced this inconvenience as well. It requires only some of the documents like the ID proof, proof of residency, and income proof. This can easily be uploaded from anywhere and anytime instantly.
- Fast Loan Disbursal
Those days are gone when a borrower had to wait for several days to get the loan approved. The constant efforts of ICICI to reduce the turnaround-time have been successful. ICICI Personal Loan for Home Renovation comes with quick processing and disbursal. Money gets credited into the borrower’s account in 2- 3 days (t&c apply).
- Unsecured Loan
One of the most important benefits of ICICI Personal is that it is unsecured. This means a borrower is not required to provide any collateral or guarantor against the loan.
- Fast Processing
ICICI Personal Loans are fast, and online loan application saves much more time of the borrowers.
- High Loan Amount
ICICI Personal Loan for Home Renovation can be availed up to Rs. 20 lakhs at competitive rates.
- Customized Options
ICICI Personal Loan for Home Renovation is customized as per the borrower’s needs. A loan for the home renovation can be used for any type of renovation in a home.
- Competitive Interest Rate
ICICI Personal Loan comes at a competitive interest rate starting from 11.25% (t&c apply).