ICICI Bank is one of the largest banks in India and, has provided exceptional service to its customers. ICICI Bank recently has added a feature of loan disbursal within three minutes of approval. This feature provides individuals to satisfy all kinds of emergency financial requirements instantaneously. It needs minimal documentation for loan approval which makes the process more convenient and accessible. The bank extends deposit accounts, schemes facilities, and gives financial aid in the form of loans to help meet various requirements. ICICI Bank also gives financial tools that as ICICI EMI Calculator to assist customers proficiently plan their investments. With the help EMI calculator, you can find out the following things very easily:
- Your Equated Monthly Instalment amount
- The total interest payable on your loan
- The total amount you have to repay (principal + interest), that is, the total cost of your loan
You can customize the loan tenure or change the loan amount to arrive at the EMI that you can manage. And, as interest rates affect EMIs, you can examine rates to find the one that good suits your needs.
What is ICICI Bank EMI Calculator?
ICICI Bank EMI Calculator is a personal finance tool that serves to plan both long-term and short-term investments in an easy manner. It is designed to make the process of calculating monthly installments convenient for users and also helps to eliminate errors that usually occur during manual calculations. The financial tool takes into the following account parameters –
- Loan amount
- Rate of interest applied to the loan
- Loan tenure
Types of EMI Calculators
There are three types of EMI Calculators:
- Home Loan EMI Calculator: It is used to calculate a home loan EMI.
- Personal Loan EMI Calculator: You can use it to find out your personal loan EMI.
- Car Loan EMI Calculator: This tool lets you manage your car loan EMI.
How to calculate EMI?
The ICICI Loan EMI Calculator applies the formula which is mention below to calculate the EMI needed to be paid against a loan. EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)] In the formula, ‘P’= Principal/Loan amount ‘R’= Monthly rate of interest ‘N’= Tenure
ICICI Personal Loan EMI Calculator
Calculate your EMI using this calculator to find the interest, monthly EMI and total amount payable at the end of the loan.
ICICI Personal Loan Calculator
ICICI Bank Personal Loan Eligibility
Eligible candidates can apply for a Personal Loan directly on the ICICI Bank website or at the nearest branch. ICICI Bank personal loans are available for both salaried and self-employed individuals. Some of the eligibility criteria to look out for while applying for a personal loan from ICICI Bank are mention below:
Eligibility Criteria for Personal Loans for Salaried Individuals
- Age Criteria: Candidates should be a minimum of 23 years old and not more than 58 years of age.
- Income Criteria: The candidate should earn a minimum salary of Rs. 30,000
- Work Experience: Candidates should have held a job for a minimum of 2 years.
- Address Proof: They should have been the citizens of the current address for at least the past year.
Eligibility Criteria for Personal Loans for Self Employed
- Age Criteria: Candidates should be a minimum of 28 years (for self-employed individuals) and 25 years (for doctors); the Maximum age – 65 years
- Income Criteria: The company should be making a minimum turnover of Rs. 40 lakhs for non-specialists, Rs. 15 lakhs for specialists, as per last audited statements.
- Profit: The business entity should give a profit of Rs. 2 lakhs (for Proprietorship Firm/Self-employed Individuals) and Rs. 1 lakh for non-professionals, as per audited financials.
- Age of Business: The business should have been in operation continuously for at least 5 years and doctors, their practice should be at least 3 years old.
Features & Benefits of ICICI Bank Personal Loan
- Maximum Loan Amount: Get the maximum loan amount up to 40 Lakhs.
- Attractive Interest Rate: The interest rate is the amount that is charged on the principal amount by the bank to a borrower for use.
- Processing Fees: 2% of the loan amount or Rs. 1999/- whichever is higher.
- Flexible Repayment: At ICICI Bank, Personal Loan borrowers enjoy flexible repayment to choose tenure and the amount of their choice. Loan tenure beginning from 1 year to 5 years.
- Minimum Documentation: Apply for ICICI Bank Personal Loan is a hassle-free process that requires minimal documentation for loan approval.
- No Security/ Collateral required: ICICI Bank provides Personal Loan to the borrower without any security (residential/commercial property as collateral) or collateral.
- Quick Processing Time: After the document is submitted then the loan approval process starts by the bank and verifies the document and also considers the borrower’s financial situation before the loan approval. It takes generally 3 to 5 working days.
Documents Required for ICICI Bank Personal Loan
If you are a salaried candidate, following documents you need to submit for a personal loan from ICICI Bank:
- ID Proof: Any one of voters ID, driving license, passport, or PAN card
- Residence Proof: Any one of recent utility bills, passport, or lease or rent agreement
- Salary slips for the last 3 months
- Bank statement for the last 3 months
- 2 passport size photographs
If you are a self-employed candidate, the following documents required for ICICI Bank personal loans from ICICI Bank:
- KYC Documents: proof of date of birth, residence proof, ID proof
- Proof of office or residence ownership
- Income Proof: Audited financial records for the last two years
- Proof of office address
- Bank statements for the last 6 months
- Proof of continuity of business
ICICI Bank Personal Loan Schemes
|Personal Loan Scheme||Best For||Interest Rate|
|Personal Loan||Receiving a quick loan||10.99% to 16.25% p.a.|
|Business Installment Loan||Receiving loans for non-salaried individuals with or without audited financials|
How to Apply for ICICI Personal Loan?
Getting a Personal loan from ICICI Bank is very quick, with an online application and approval process. Candidates can also apply for an ICICI Bank personal loan through offline mode.
Online Application Process
The step-by-step procedure to get a personal loan online from ICICI Bank is stated below:
- Visit the official website of ICICI Bank. You can also apply for an ICICI Bank personal loan through an online marketplace like MyLoanCare.
- Now, fill in professional, personal, and financial details as needed by the lender and submit the form.
- Once you have submitted the application form, ICICI Bank will examine your eligibility and give you information about the eligible amount you can avail.
- If you agree to process the application, then you would be asked to submit the required documents which can also be uploaded online.
- Lastly, your documents will be reviewed by ICICI Bank, and on successful approval of the loan, the funds will be paid to your ICICI Bank account instantly.
Offline Application Process
The step-by-step procedure to get a personal loan offline from ICICI Bank is stated below:
- Visit the nearest ICICI Bank branch and fill in the application form with the loan amount required, your personal details, your contact number, and occupation information.
- The bank agent will demonstrate the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment, and foreclosure clauses.
- After submitting the application form and required documents, you will get an application reference number. You can use the same number to trace the status of your application.
- On successful verification, the loan can get paid instantly after loan sanction and signing of the agreement.
Summing it up!
ICICI Bank is one of the popular private sector banks in India. The bank provides its customers with personal loans to make their dreams come true like renovation of the house, a dream wedding, a dream vacation, or purchasing any gadget from the wish list, and a lot more. The bank gives a fixed interest rate which is charged based on monthly reduction. The ICICI Bank Personal Loan has adjustable tenure which is up to 5 years. Avail of the advantages and much more by using the ICICI Bank EMI Calculator and manage your installments more systematically. The EMI calculator will not only assist you to become aware of the expected payouts but will assist you to distribute its burden over a comfortable tenure.
Frequently Asked Questions:
Q1. Can I check for multiple loan amounts in the ICICI Bank home loan EMI calculator?
Ans. Yes, you can check the EMI payable for multiple loan amounts with various interest rates and tenure. You can enter different loan amounts and home loan interest rates using our calculator.
Q2. What is the maximum tenure on the ICICI Bank EMI calculator?
Ans. The maximum tenure is 30 years for the ICICI home loan.
Q3. What is the starting interest rate value on the ICICI Bank EMI calculator?
Ans. The interest rate value starts from above 8% and the maximum interest rate value is 15%.
Q4. Is the ICICI Loan EMI Calculator free to use?
Ans. Yes, the ICICI Loan EMI calculator is free to use and can be used to calculate the EMIs against different loan options.
Q5. What are the different types of loans offered by ICICI Bank?
Ans. ICICI Banks extends several loan products like home loans, car loans, education loans, commercial business loans, personal loans, loans against securities, and gold loans.