ICICI Personal Loan EMI Calculator

Today with rapidly changing lifestyles and digitization of the world followed by a massive rise in human population, everybody is getting obsessed with the lavish lifestyle and to help people achieve all the extravagant expenses in life such as any domestic or foreign vacation trip, wedding ceremony planning, children’s education, home interior and renovation etc., ICICI bank offers their customers personal loan to enjoy their life as per their wishes in very easy steps as a personal loan requires no collateral or security for its approval and can be obtained with minimal documentation. A maximum of 50 lakhs personal loan can be taken from the ICICI bank at an interest rate as low as 10.50%. Here we are going to look at how one can use the ICICI Bank personal loan calculator and what is the process to apply for a personal loan in ICICI Bank.

What is the ICICI Personal Loan Calculator?

ICICI bank offers its customers an ICICI personal loan calculator and an EMI calculator that can help them determine their loan amount, interest rate, and tenure to get the desired result of the monthly EMI (Equated Monthly Instalment) amount that is to be paid by the loan borrower to the bank. The standard formula used in calculating loan amounts by ICICI Bank aligned with the market is:

The payment terms are quite flexible in case of HDFC personal loan where one can choose their tenure or period of loan as per their suitable needs. The tenure offered by HDFC bank generally ranges from 12 to 60 months for a loan amount of up to 40 lakhs, with EMI (Equated Monthly Installment) as low as rupees 1878 per lakh.

E = [P x R x (1+R) ^N] / [(1+R) ^N-1]

where
“E” stands for EMI (Equated Monthly Instalment) amount.
“P” stands for Principal amount.
“R” stands for Rate of interest.

How to apply online for ICICI Personal Loan?

ICICI Bank offers its customers a hassle-free online process on their website to apply for personal loans easily at their convenience. The following are the steps to apply for a personal loan through ICICI Bank’s website:

• Navigate through the ICICI bank website and search for the “Loans” section.
• Select the “Personal Loan” option from all the different lists of loans that are being displayed under it.
• After the personal loan page is displayed, click on the “Apply for Personal Loan Now”.
• The customer then needs to enter the desired loan amount which he or she wishes to have as per his or her needs. (Note: Make sure the amount should be entered in the multiples of 1000).
• Select the comfortable tenure for the disbursement of the personal loan taken. The desired tenure may range from 12 months to 72 months as per suitable guidelines and rules.
• Enter the desired contact number, email address, and PAN number to fill out the necessary details.
• After filling out the details check on the agreement box to proceed further with another next step.
• Finally, the verification process is done to get the disbursement kit of the personal loan.

Required criteria to be fulfilled while taking up a Personal Loan:

The personal loan granted by ICICI Bank can be availed by both salaried people as well as self-employed people.
Let’s glance into the personal loan criteria of two different categories of people in a more detailed form.

For salaried people:

• Latest 3 months of bank statement (where salary/income is credited).
• Salary slips of the last 3 months.
• Proof of residence whether temporary or permanent such as electricity bill, rent agreement paper, water bill, utility bill, etc. (should be latest by at least 3 months old).
• Proof of identity such as PAN, Passport, Driving License, Voter ID etc. (anyone would work).

For self-employed people:

• Income proof (audited financials for the last 2 years).
• Office address proof.
• Proof of office ownership.
• Latest 6 months of bank statement (where salary/income is credited).
• Proof of continuity of the business.
• Proof of residence whether temporary or permanent such as electricity bill, water bill, utility bill, etc. (should not be more than 3 months old).

What is a Business Instalment Loan (BIL)?

A special personal loan offer was provided by ICICI Bank. BIL is a great choice to go for when one needs the facility to repay the loan amount in equal instalments at fixed intervals. Whether it’s working capital, small equipment purchase, or any other business expansion plan, ICICI Bank understands the financial needs catering to highly cost-effective and well-designed business loans that suit the desired business requirements.

Factors responsible for Business Loan Approval:

The approval of a business loan from an ICICI bank depends on the following factors listed below:

• The self-employed individual must have audited financials.
• The self-employed individual must have a banking relationship with ICICI Bank or other banks.
• The self-employed individual should have a record of goods and services tax filed.
• The self-employed individual should have a record of income tax filed.

Who can be funded under a Business instalment loan?

The following types of business can be funded under a Business Instalment loan by ICICI Business Loan:

• Partnership firm/LLP & Private Limited Company.
• Unlisted Public Limited Company.
• Proprietorship firm/ Self-employed non-professionals.
• Self-employed professionals and doctors.

What advantages of a Business Instalment Loan?

Whether self-employed professionals or self-employed non-professionals both crave taking up a Business Instalment Loan from ICICI bank due to its following advantageous features:

• It’s an unsecured loan and no collateral is required.
• It has a maximum tenure of about 60 months for the repayment of the loan.
• It has a quick and simple process of loan disbursement.
• It requires minimum documentation to apply for a business loan.
• It gives attractive interest rates on the taken business loans.
• The repayment options of the business loan are quite convenient.
• It provides the best after-sales service and support.

Conclusion:

In today's rapidly evolving world and with a massive increase in the population worldwide, there has been a huge increase in the needs of people all around to fulfil and satisfy this need. ICICI bank offers them personal loans of up to 50 lakhs at a low-interest rate of 10.50%. Now, customers can also use a personal loan EMI calculator for ICICI bank at Credtify by simply visiting the website- https://credtify.com/ and easily determine their loan amount, interest rate, and tenure of EMI.