ICICI Bank offers personal loans with EMIs starting at just Rs.2,187 per lakh.
ICICI Bank offers personal loans up to Rs.20 lakh at interest rates between 11.25% and 22% p.a. The flexible repayment tenures can go up to 60 months. Penal interest charged by the bank for late payment of EMI is 24% p.a. You can visit the official website of BankBazaar and use the Personal Loan EMI Calculator by entering the loan amount you wish to avail, rate of interest, and tenure in order to check the EMI payable.
Following the directive issued by the Reserve Bank of India (RBI), ICICI Bank extended the moratorium period for the customers for whom the EMI pay date is due on 1 June 2020. The customers can apply for a moratorium before June 24, 2020 in order to extend the EMI payment date. They will have to re-apply for the month of July and August if they want to further extend the moratorium. Customers who availed loans from 1 March 2020 to 31 May 2020 are not eligible for this facility.
|Rs. 3 Lakh @ 11.25% p.a.||2 Years||3 Years||5 Years|
|Monthly Instalment (EMI)||Rs.14,017||Rs.9,857||Rs.6,560|
|Total Interest Payable||Rs.36,413||Rs.54,858||Rs.93,612|
EMI is the more known abbreviation for Equated Monthly Instalment and this is quite a convenient option for those who want to borrow a large amount. This is the money you have to pay out every month until the end of the loan tenure you have opted.
EMI Calculation is done on the basis of the below parameters:
i. Determining the loan sum: On the ICICI Personal Loan page, you can see a slider. You can choose the amount you are looking for using this. For instance, if you wish to borrow INR 1,50,000, slide to that amount.
ii. Rate of interest: ICICI Bank offers you a Personal Loan at the rate of 11.25 %, which is certainly a competitive rate comparatively. It is not required to change this rate to gauge your EMI (amount to be repaid every month). The bank’s personal loan EMI calculator is automated and virtual and will give you your EMI options in seconds.
iii. Tenure of Loan: Using the same slider, you can also choose a term to repay the loan as per the EMI figured out. If you opt for a longer tenure, EMI will be less and vice versa. The lender can even waive off pre-closure charges at its discretion.
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