ICICI Bank offers personal loans up to Rs.20 lakh at interest rates between 10.99% and 16.25% 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.
|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|
Ex: You avail an ICICI Bank personal loan of Rs.3 lakh with a processing fee of 2.25% (of the loan amount) + GST. If we assume the interest rate charged is 11.25% then your EMI, processing fee and interest payable is mentioned in the table above.
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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