ICICI Bank offers personal loans with EMIs starting at just Rs.2,187 per lakh.
ICICI Bank offers personal loans of up to Rs.20 lakh at interest rates between 11.25% and 21% p.a. for tenures of up to 60 months. Use BankBazaar ICICI Personal Loan EMI Calculator to check your EMI beforehand to manage your finances conveniently.
As per a directive issued by the Reserve Bank of India (RBI), ICICI Bank is offering a moratorium for personal loans where you have the option of deferring the payment of your loan EMIs for the month of July 2020. You must however not that the bank will continue to charge interest on the outstanding amount which you will have to pay after the moratorium period is over.
The bank has however extended the moratorium for three months for personal loan EMIs due from 1 June 2020 to 31 August 2020 after the latest announcement on moratorium by RBI.
|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|
You can use the Personal Loan EMI Calculator by BankBazaar to determine the EMI you will have to pay depending on the loan amount you will avail, the repayment tenure, and the interest rate charged. Given below are the steps you will have to follow in order to use the Personal Loan EMI Calculator offered by BankBazaar:
Step 1: Under the ‘Loan Amount’, use the slider to select the loan amount you are looking to avail.
Step 2: In the next step, use the slider to determine the loan repayment tenure under ‘Loan Tenure’ section.
Step 3: Use the slider to determine the rate of interest or directly enter the value in the box provided.
Step 4: Enter the processing fee in the next step. The processing fee charged by the bank is 2.25% of the loan amount plus the GST.
Step 5: Once you have entered all the details, click on ‘Calculate’
You will then be able to get a detailed breakdown of the total payable amount and the EMI you will have to pay. An ammortisation table will also be provided which will help you view the detailed repayment schedule.
Yes, you will have to re-apply for a moratorium for the month of August 2020 by visiting the official website of ICICI Bank and notifying the bank for the same.
You must apply for a moratorium at least 5 days before your next EMI is due to be paid. In case you apply for a moratorium after the due date, the EMI will be debited from your account but will be refunded within 7 working days.
No, your credit score will not get affected if you apply for a moratorium.
No, you cannot avail a personal loan from ICICI Bank if your credit score is low. The bank maintains that the customer’s credit score must be at least 750 to be eligible for a personal loan the bank.
You can pay your EMIs using ECS (Electronic Clearing System) or NACH (National Automated Clearing House) or ACH (Automated Clearing House) where the payable amount will be automatically deducted from your ICICI bank account. You can also pay your EMIs offline through a demand draft, cheque, or by cash.
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