How to Calculate ICICI Personal Loan EMI?

ICICI bank provides varied banking solutions to the customers, including home loan, auto loan, NRI loans, and personal loans, etc. Whatever be the reason, ICICI bank has a loan for all classes of people. Personal loans are those that can be obtained for any reason or requirement and the bank completely respects the individual’s situation.

ICICI Bank Personal loan is convenient and fast as the loan is approved and disbursed within 72 hours of document submission. The benefits of ICICI Bank personal loans are:

Ø  Fast and convenient

Ø  Instant e-approval

Ø  Attractive interest rates – ICICI Bank personal loan interest rates are as low as 13.49%, which may slightly vary till 18%, depending on the maximum loan amount.

Ø  Customized for salaried and self-employed individuals – The personal loan for salaried individual is Rs 15 Lakhs, Rs 30 Lakhs for self-employed and Rs 40 Lakh for doctors.

The ICICI Bank personal loan interest and the principal amount need to be repaid in terms of equated monthly instalments (EMIs). The ICICI Bank personal loan EMI calculator provides a clear idea of the rate of interest and the EMI amount. When the information such as the loan amount, rate of interest, loan tenure is filled in the respective ICICI Bank Personal Loan EMI calculator available in the bank’s website, it displays a graph of balance vs. months and also shows the EMI amount with the total interest payable. This ICICI Bank Personal Loan calculator is convenient to calculate the monthly EMI before applying for a personal loan as it helps in proper budgeting.

The eligibility criteria for ICICI Bank Personal Loan include:

ü  The age of the applicant should be 23 to 58 years for the salaried category, 28 to 65 years for self employed, whereas it is 25 years for the doctors.

ü  The income should be more than Rs. 17,500 for salaried and the minimum turnover for self employed is more than Rs. 15 Lakhs for professionals and Rs. 40 Lakhs for non-professional.

ü  Job history should be more than 2 years for salaried and at least 3-5 years of business stability for self employed and doctors.

ü  Residential Proof – One year of proof in the current residence.

ü  Bank relationship – Minimum 1 year liable relationship with ICICI bank for both salaried and self employed categories.

After considering all the necessary factors such as the loan amount, type of loan, EMI details, and eligibility criteria, you can apply for a personal loan either online or through the bank representatives at the bank outlet. The documents required for loan processing are proof of identity, proof of residence, date of birth proof, 3-6 months bank statements, salary slips of three months. In addition to these, proof of residence / office ownership, and proof of continuity of business along with the profit and loss statements are required for the self employed individuals.

Once all the adequate documents are submitted, ICICI bank runs an authenticity check and a credit check to disburse the personal loan. This takes 3-7 days, depending on the time involved in the verification. Hence, ICICI Bank simplifies the efforts by providing all the information and service under one roof.