How To Use ICICI Personal Loan EMI Calculator?

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An EMI is the equated monthly installment a user pays to the bank. The EMI of a personal loan depends on the loan tenure, that is the period of time the loan amount has to be paid. Any bank or NBFC decides the EMI of a personal loan by calculating the interest rate, loan amount and loan tenure. ICICI personal loan interest rate starts from 11.25% to 17.99%. The starting EMI of the personal loan is INR 2,187.
How the ICICI personal loan EMI calculator works?
You can easily calculate your loan EMI by using the ICICI personal loan EMI calculator.
  • Visit the official website of ICICI bank.
  • Go to the personal loans
  • On the left side there is an option of personal loan EMI calculator.
  • After that enter your desired loan amount, loan tenure and interest rate.
  • The calculated EMI shown on the screen with the total payable interest.
For example, if a person takes a personal loan of INR 1 lakh for wedding expenses or any other usage. The ICICI personal loan interest rate is 12.39% with a loan tenure of 33 months. The EMI of the loan would be INR 3,592 along with a total payable interest of INR 18,513.

What is the need for a personal loan?
Personal loan are taken from bank or NBFC to get an instant amount without giving any collateral to the lender. The taken amount can be used for any purpose like for wedding expenses, foreign education, medical contingencies, etc. The personal loan is a type of unsecured loan and delay or due payment of the loan EMI leads to more debts. The bank and NBFC provide personal loans to the individual who has a good credit score with no existing debts. The ICICI personal loan interest rate is low and provides you benefits in paying the EMI. If you are an existing account holder or loan customer of the ICICI bank then you get instant disbursement of the loan amount.
How to get the lowest ICICI personal loan interest rate?
The starting interest rate of the ICICI personal loan is 11.25% to 17.99%. The interest rate depends upon the loan amount the user has taken from the bank. The higher the loan amount higher will be your interest rate. So do not choose a loan amount you are not eligible for because then you have to pay high interest in EMIs.
Eligibility for personal loans
What makes a person eligible for personal loan, there are some factors on which the personal loan depends. The eligibility criteria vary from salaried to self-employed individuals.
Salaried:
  • Minimum age of 23 to 58 years
  • Net income of minimum INR 25,000
  • Good credit score with all payable debts
  • Total 2 years of job experience
  • 1 year in the current job position
  •  Current Residence proof 
Self-employed:
  • Minimum age required from 28 to 65 years
  • Turnover of INR 40 lakh for non-professionals businessman
  • For the professional like doctors the minimum turnover of INR 15 lakh
  • As per audit financials the minimum profit of 2 lakh for professionals
  • 1 lakh profit for non-professional
The above-mentioned criteria makes you eligible to apply for ICICI personal loan.

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