ICICI Bank Personal Loan Interest Rate Calculator

ICICI Bank Personal Loan Interest Rate Calculator– ICICI Bank is one of the largest private sector banks in India. ICICI Bank is one of the pioneers in technological innovation in its banking services offered to customers. ICICI bank offers personal loan to applicants in a complete digital manner with very low paperwork involved. ICICI Banks is known for its fast and transparent loan approval process. In this article, we would looking into various features of a ICICI Bank personal loan.

ICICI Bank Personal Loan Interest Rate Calculator Details

ICICI Bank Personal Loan Interest Rate Calculatorpersonal loan early. However, that may come with a cost depending on your lender. While most personal loan lenders don’t charge you to pay off your loan early, some may charge a prepayment penalty if you pay off your loan ahead of schedule.

ICICI Bank Personal Loan Interest Rate Calculator

Let us look at the various key features of a personal loan from ICICI Bank-

  • Interest rates offered on this loans start from 9.5% onwards and is one of the lowest rates offered for a personal loan in India
  • Eligible individuals can get a loan amount up to 25 Lakhs from ICICI Bank. However, minimum loan amount offered is Rs 50 thousand
  • ICICI Bank offers flexible loan tenure options to its customers ranging form 12 months to 72 months
  • ICICI Bank asks for a no collateral for its personal loan. You would not be required to submit any property papers with ICICI Bank to avail this loan
  • ICICI Bank offers a total digital process from loan login to loan disbursal. Applicant doesn’t need to upload any paper documents and moreover agreement signing is also digital
  • Quick loan disbursal is offered to applicant and one can expect disbursal in account within 6 hours of completion of whole loan process
  • Eligible existing customers can also avail benefit of pre approved offers form ICICI Bank. Under pre approved offers, ICICI Bank offers personal loan to selected customers at a lower interest rates and higher loan amount.
  • ICICI Bank doesn’t ask for a end use of personal loan and users are free to use ICICI Bank loan for any use he or she may find suitable
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ICICI Bank personal loan interest rates

Interest Rate10.50% -19.00%p.a.
For NRIs15.49% p.a. onwards
Flexicash (Overdraft facility to salary account holders)12%-14% p.a.
ICICI Bank Personal Loan Interest Rate Calculator
ICICI Bank personal loan
ICICI Bank Personal Loan Interest Rate Calculator

ICICI Bank personal loan eligibility

ICICI Bank Personal Loan Interest Rate Calculator– For a salaried person, eligibility criteria is as follows-

  • Age of applicant should be between 23 years and 58 years
  • Net salary of minimum 30 thousand per month credited in bank account
  • Total years in job should be at least 2 years
  • Years in current residence address should be at least 1 year

ICICI Bank Personal Loan Interest Rate Calculator– For self employed individual, eligibility criteria is as follows-

  • Age should be between 28 years and 65 years. However, for doctors age is relaxed to minimum 25 years.
  • Minimum turnover should be at least 40 lakhs for non professionals and for professionals such as doctors, CAs minimum turnover should be 15 lakhs in audited financials
  • Minimum net profit should be at least 2 Lakhs in audited financials
  • Minimum business stability at current business should be at least 5 years and it is relaxed to 3 years for doctors

ICICI Bank personal loan fee and charges

  • Loan processing fee and Loan origination charges at 2.5% of loan amount plus GST
  • Prepayment charges of 5% of principal outstanding along with GST
  • Late interest charges of 24% per annum
  • EMI bounce charges of 400 plus GST
  • Auto debit bounce charges of 50 plus GST

ICICI Bank personal loan EMI Calculator

ICICI Bank Personal Loan Interest Rate Calculator– You can calculate your personal loan EMI by using a EMI Loan calculator available online.

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Business Loan EMI calculator foundation

Business Loan EMI Calculator
ICICI Bank Personal Loan Interest Rate Calculator

where

E is EMI

P is Principal Loan Amount

r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)

n is loan term / tenure / duration in number of months

Personal Loan Documents

For Salaried
Proof of IdentityPassport / Driving License / Voters ID / PAN Card (any one)
Proof of AddressPassport / Driving License / Voter ID / Utility Bill
Latest 3 months bank statement
Salary slip of last 3 months
2 passport size photographs
ICICI Bank Personal Loan Interest Rate Calculator
For Self Employed
Proof of IdentityPassport / Driving License / Voters ID / PAN Card (any one)
Proof of AddressPassport / Driving License / Voter ID / Utility Bill
Income ProofAudited financials of last 2 years
Bank StatementLatest 6 months Bank statement
Office address proof, Business registration proof
ICICI Bank Personal Loan Interest Rate Calculator

Personal Loan Application form

ICICI Bank personal loan
ICICI Bank Personal Loan Interest Rate Calculator

ICICI Bank Personal Loan Interest Rate Calculator– You can complete application for a personal loan from here. You need to enter basic details such as your name, address, name of employer, PAN and other ID details. Post completion of application form, you would get a pre approved offer from ICICI Bank. If you like the offer then you need to submit relevant documents and accept the terms and conditions for the loan. Post acceptance, Loan amount would be disbursed in your account after deducting charges like processing fees etc.

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