As you all must know that a personal loan is an unsecured credit that means it does not require any security or collateral to get credit. But you may not be aware that there are two main concepts play major role in a personal loan processing and that are EMI and eligibility criteria. To have a good understanding of these two continue to read.
Features of ICICI Personal Loan:
- Provide hassle-free loan processing with minimal documentation.
- A borrower can apply online also for the loan.
- ICICI Personal Loan service can be availed with few clicks.
- Up to Rs. 20 Lakhs can avail under ICICI Personal Loan.
- A borrower can apply for ICICI Personal Loan online as well.
- ICICI Personal Loan interest rate starts at 11.25% to 22.00% per annum (varies on the segment, asset category, and location).
- An applicant can get ICICI Personal Loan at the lowest interest rates.
- Tenure of ICICI Personal Loan starts from 1 year to 5 years.
- ICICI Personal Loan comes with a fixed interest rate which means that market fluctuations will not bother the interest rate.
Importance of ICICI Bank EMI Calculator
Here are the most important aspects of using the ICICI Bank personal loan EMI calculator before availing a loan amount.
- EMIs
This aspect is the obvious one i.e. EMI. Knowing what amount, you have to pay to repay the loan amount can be beneficial for you in various ways. This will not only help you in choosing the loan amount but also in making your monthly budget as you will know how much you can use for other expenses from your income.
- Loan Repayment Tenure
Apart from the EMI on a personal loan an EMI calculator also helps you in knowing and choosing the best personal loan tenure. As you can play with the figures on an EMI calculator. Usually, the longer loan tenure attracts the low-interest rate as it is payable for a longer time than the shorter loan period.
- Rate of Interest
The rate of interest is not an important aspect of an EMI calculator but also a personal loan. This is one key thing that decides on how you have to pay every month in the subject to repay the loan amount. Since you can alter the figures in an EMI calculator so you can easily know your best-suited rate of interest on a personal loan.
- Eligibility for Loan Amount
An EMI calculator tells you that for how much amount you are eligible not only as of the lender’s policy but also as your pocket ability to repay the loan amount.
- Customizable
It helps you in availing of the perfect loan amount for you with the best possible values.
Advantages of ICICI Bank Personal Loan EMI Calculator
Following are the key benefits of an ICICI Bank personal loan EMI calculator:
- Personal loan EMI calculator makes EMI calculation hassle-free:
The Personal loan EMI calculator facilitates the user to get the correct amount of EMI which needs to be paid each month, by just filling a few details of the loan.
- This EMI calculator helps to plan finances well
When the user fills-in the EMI calculator form, it displays the monthly EMI and rate of interest; which helps in predicting and planning the finance for a longer period.
- Personal loan EMI calculator can also be used for comparison
Users can fill the details in the EMI calculator form as per different options and can compare & find out which lender is providing the best offers to them.
ICICI Bank Personal Loan Eligibility Calculator
Several factors can influence personal loan eligibility. They include the credit score, previous loans, monthly income, continuity of the income, etc. One of the most influential factors is the repayment capacity of a borrower. If the bank finds that a borrower is financially stable, and holds a good credit score, then he/she considered as eligible for the high loan amount. An existing customer of ICICI bank may select for the pre-approved loan, which allows the borrower to get a personal loan without or minimum documentation.
It is always important to check the personal loan eligibility before applying for it. The eligibility criteria for the personal loan depend on some parameters on which a borrower requires to fulfill. These eligibility parameters vary based on the loan amount, the type of availed loan, and others.
The offered loan amount can largely be impacted by eligibility and EMI. ICICI Bank personal loan eligibility calculator works based on various factors like interest rate, repayment tenure, nature of borrower’s employment, and others. A borrower can easily check his/her eligibility with online available free of cost HDFC personal loan eligibility calculator. It takes a few minutes to show whether one is eligible for the personal loan or not.
Eligibility for availing ICICI Personal Loan services
- The eligibility criteria for the ICICI Personal Loan vary based on category, salary, and many others, but here are the generic criteria mention below:
- The applicant’s age should be 23 years to 58 years.
- An applicant living in the city Delhi & Mumbai should have a minimum monthly salary of Rs.17, 500.
- If an applicant lives in the cities Chennai, Hyderabad, Bangalore, Pune & Kolkata then the minimum monthly income criteria rise to Rs. 26, 000.
- An applicant should have 2 years of working experience in the current organization.
Required Documents
Following are the list of documents required for availing ICICI Bank Personal Loan:
- PAN Card: It is required to check the credit information of an applicant.
- Proof of Identity: A borrower needs to submit proof of identity such as PAN card, Aadhaar card, passport, etc.
- Address Proof: An applicant is required to submit the address proof.
