ICICI Bank Personal Loan

ICICI Bank is a well known private sector bank in India. The bank provides its customers with personal loan to make their dreams come true like renovation of the house, dream wedding, dream vacation or purchasing any gadget from the wish list. The bank offers a fixed interest rate which is charged on the basis of monthly reduction. There is a flexible tenure which is up to five years. Any collateral or security is not required to avail the loan. You can check out ICICI bank personal loan eligibility and ICICI bank EMI calculator at loanbaba.com.

The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS. The advantage of this loan is its same interest throughout the duration. Simple documentation is needed and the personal loan in ICICI bank then gets processed faster.

Loanbaba.com provides all the information about ICICI Bank Personal Loan.

Factors

Individuals Working on  Salary Basis

Individuals Who are Self Employed

 Personal loans interest rates in ICICI bank

11.59 to 22 %  Annually

11.59 to 22 %  Annually

Amount of the Loan

Fifty Thousand Minimum

Twenty Lakh Maximum

.

Fifty Thousand Minimum

Twenty Lakh Maximum

Duration of the Loan

One Year Minimum

Five Years Maximum

One Year Minimum

Five Years Maximum

Minimum Installment

1,102 INR  (This is calculated at the lowest amount of the loan taken and for maximum tenure of the loan)

1,102 INR  (This is calculated at the lowest amount of the loan taken and for maximum tenure of the loan)

Processing Charges

Up to 2.25 %  annual of the amount of the loan + GST

Up to 2.25 %  annual of the amount of the loan + GST

Applicant’s Age

23 to 58 years

28 years minimum (For doctors : 25 years)

65 years maximum

Charges for Prepayment

5 % annual of the amount of principal outstanding loan + GST

5 % annual of the amount of principal outstanding loan + GST

Fee for Foreclosure

  -

 -

 The interest and the principal amount for personal loan ICICI bank are divided by the duration in which the customer needs to repay the loan. He/she needs to pay the amount on monthly basis.

Below is given the formula for calculating the EMI –

Principal amount × monthly interest rate × (1+ monthly interest rate) to the power of duration of loan divided by [(1+ monthly interest rate) to the power of duration of loan - 1]

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