ICICI is a name that almost every Indian citizen recognizes. As it has given its customers an important position in the monetary market through its reliable and professional budgetary administrations. It provides a broad range of financial products, and from which one of the most preferred is personal loans. The immense interest in ICICI Bank Personal Loans is focused on various goals, such as a multipurpose loan. We should take a look at a portion of the essential clarifications behind the equivalent:
- User-Friendly Online Portals: The online portal of ICICI Bank is built and developed so efficiently and easily that it can also be used without any inconvenience and difficulty at any time by website users.
- Minimal Paperwork: One of the big issues in the process of loan approval is documentation. This includes only some of the papers, such as proof of identity, proof of citizenship, and proof of income. You can easily do this from anywhere at any time.
- Quick Loan Disbursal: Digitalization has also spread its wings in the financial sector, like every other industry.
Importance ICICI Bank EMI Calculator
Before using a loan number, here are the most important aspects of using the
ICICI Bank personal loan EMI calculator.
- EMIs: This element is the simple one. This would not only allow you to select the sum of the loan but will also help you to make your monthly budget since you will know how much you will use from your income for other expenses.
- Tenure for Loan Repayment: In addition to the EMI on a personal loan, an ICICI Bank personal loan EMI calculator also allows you to know and select the best tenure for personal loans. As on an EMI calculator, you can play with the numbers. Typically, since it is due for a longer-term than the shorter loan duration, the longer loan tenure enjoys a low-interest rate.
- Interest Rate: In an EMI calculator, the rate of interest plays a crucial role. Since the figures in an EMI calculator are changeable, it is simple for you to check the best-fit interest rate for a personal loan.
- Customizable: This provides you with the best possible qualities to take advantage of the right loan sum for you.
Advantages of ICICI Personal Loan
- Processing ICICI loans is a hassle-free operation with minimal paperwork.
- The ICICI Personal Loan will benefit from a high loan amount of up to Rs. 20 Lakhs.
- The interest rate for ICICI Personal Loan typically begins at 11.25% to 22.00% per annum.
- At a low-interest rate, a borrower may get an ICICI personal loan.
- ICICI personal loan term starts from 1 year to 5 years.
- The ICICI Bank personal loan is paid at a fixed interest rate.
ICICI Bank Personal Loan Eligibility Calculator
Many aspects can affect personal loan eligibility. Eligibility is influenced by many variables, including credit score, prior loans, monthly revenue, income continuity, and others. Repayment potential is one of the most significant requirements for being eligible for a personal loan.
If the lender considers that an applicant is financially secure and has a decent credit score, he/she is very likely to be eligible for a high amount of credit. If you are a current ICICI bank customer, you can receive a pre-approved loan that allows you to obtain a personal loan without or with limited paperwork.
Often try to verify the eligibility for the personal loan before applying for the same. The eligibility requirements for the ICICI personal loan vary depending on different factors, such as the size of the loan, the type of loan available, and others. The amount of the loan offered may have a big effect on the eligibility of personal loans. The ICICI Bank Personal Loan Eligibility Calculator based on several criteria, such as interest rate, repayment tenure, job essence of the borrower, and others. With the free ICICI personal loan eligibility calculator available online, a borrower can easily verify his/her eligibility. It takes a couple of minutes to explain whether or not one is eligible for a personal loan.
Generic eligibility requirements for ICICI Personal Loan availability
The eligibility conditions for a personal loan from ICICI Bank vary depending on different factors and the eligibility of the borrower. The following are the standard conditions for the same benefit:
- The applicant should be between 23 years and 58 years of age.
- In the present company, the applicant should have at least 2 years of working experience.
Required Documents for ICICI Bank Personal Loan
- Properly completed loan application form
- New passport-sized picture.
Proof of identity (any of the following)
- PAN Card
- Passport Aadhaar
- Copy of Passport
- Driving License
- Voter ID Card
Address Proof (any of the following)
- Copy of Passport
- Agreement for Leasing
- Driving License
- Bank Declaration or Passbook
- Bill for energy
- Ration Card
- Telephone Bill
Age Proof (any of the following)
- Copy of Passport
- PAN Card
- Any other certificate from a statutory body received
Conclusion:
It is convenient, fast, and affordable to obtain a personal loan from ICICI Bank. It is also, however, advisable to confirm your loan eligibility before applying for it to prevent rejection of the loan application.
