|Interest rate||10.75% to 22.00%|
|Loan Tenure||12 months to 60 months|
|Loan Amount||Rs. 50,000 to Rs. 30 lac|
|Processing Fee||Up to 2.25% of the loan amount|
|Part Prepayment Charges||Not allowed|
ICICI Bank Personal Loan Interest Rate is between 10.75% and 22.00%. You can borrow from Rs. 50,000 and Rs. 30 lac. This loan is available to both salaried and self-employed professionals. Borrowers of 23 years of age to 58 years old can avail this loan. You can use the amount for any personal expenditure such as wedding, travel, home renovation, medical emergency, big-ticket purchase, and a lot more.
In the below-given post, we will discuss about the features of ICICI Bank Personal Loan Interest Rate, its details, factors that influence the rate of interest, other charges, loan cost illustration, EMI calculation, interest calculation, and frequently asked questions.
Below given are the features of personal loan interest rate ICICI Bank:
Apart from the interest rate, there are other charges applicable on your personal loan that you need to check.
ICICI Bank provides the best interest rate after assessing your monthly income, loan amount, tenure, financial liabilities, employment history, and a lot more. The below given are factors that impact the decision of the bank about the applicable rate of interest:
Here is an example of personal loan ICICI Bank total cost:
|Annual Percentage Rate (APR)||10.75% to 22.00%|
|Example of total loan cost and applicable charges/fees||
Illustration of personal loan cost ICICI Bank:
EMI or equated monthly instalment is what you have to pay every month on a fixed date. This amount goes towards the repayment of the loan. The EMI contains both the interest and principal component. The personal loan ICICI Bank EMI depends upon the loan tenure, amount, interest rate, employment profile, monthly income, and a lot more. Here is an example of EMI amount for different loan amounts over different tenures at 10.75%.
|Loan Amount||5 Years Loan||3 Years Loan||1 Year Loan|
|Rs. 3 lac||Rs. 6,485||Rs. 9,786||Rs. 26,480|
|Rs. 6 lac||Rs. 12,971||Rs. 19,572||Rs. 52,959|
|Rs. 12 lac||Rs. 25,942||Rs. 39,145||Rs. 1,05,918|
Below is an example of EMI calculation for different tenures and loan amounts at 10.75% rate.
|Loan Amount (Rs.)||5 Years||3 Years||2 Years|
|Rs. 1 lac||Rs. 2,162||Rs. 3,262||Rs. 4,649|
|Rs. 3 lac||Rs. 6,485||Rs. 9,786||Rs. 13,948|
|Rs. 10 lac||Rs. 21,618||Rs. 32,620||Rs. 46,492|
Here is a brief example of interest calculation and EMI for Rs. 1 lac loan amount at different tenures and 10.75% rate.
|ICICI Personal Loan||5 Years||3 Years||2 Years|
|ICICI Bank EMI at 10.75% for Rs. 1 lac||Rs. 2,162||Rs. 3,262||Rs. 4,649|
|Total amount to repay including principal and interest||Rs. 1.30 lac||Rs. 1.17 Lakh||Rs. .12 lac|
|Total interest payout on entire tenure||Rs. 29,720||Rs. 17,432||Rs. 11,576S|
Below-mentioned are the frequently asked questions about personal loan interest rates and schemes by ICICI Bank:
To get the lowest rate of interest on the loan, make sure you have at least 750 as CIBIL Score. Maintain a regular flow of monthly income and sufficient disposable income. Reduce your financial liabilities so that you have enough cashflow to pay the EMIs. Also, a good relationship with the bank may get you a desirable offer and rate.
You have the option to foreclose the loan. Here, you repay the entire outstanding amount before the tenure ends. ICICI Bank allows preclosure after payment of 6 EMIs. But you have to pay 5% charge on the outstanding loan amount. Foreclosure will help reduce the interest outgo and total cost of the loan, significantly
Apart from repaying the principal amount, you also have to repay the interest amount. Depending on the interest rate, the interest amount will differ. The other factors that will impact the loan cost are loan amount and tenure. Lower the rate, lower will be the interest payout, and vice-versa.
CIBIL Score depicts your repayment capacity. It contains details about your repayment record towards loan and credit card bills. If you have had made regular payments, then your credit score/CIIBIL Score will be good, and vice-versa. For a personal loan, there is no need to submit collateral. Thus, the bank has strict criteria for assessing a borrower’s profile before sanctioning the loan amount. One of the criteria is CIBIL Score. Thus, a strong CIBIL score will help to secure a personal loan easily.
Here is the formula to calculate the EMI:
P*r* (1+r) ^n/([(1+r) ^n]-1)
In the above-given formula:
P = This signifies the loan amount. The loan amount is between Rs. 50,000 and Rs. 30 lac.
r = This signifies the monthly interest rate. The lowest rate is 10.75%.
n = This signifies tenure in months. The ICICI personal loan tenure is 12 months to 60 months.