What is ICICI Personal Loan And How It Works?

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ICICI offers a personal loan for which the user does not have to provide any asset to the bank or NBFC. You can use the loan amount for marriage expenses, medical contingencies, foreign education, etc. User just need to pay the monthly EMIs of the loan with the applied interest rate. The ICICI Bank offers you an interest rate from 11.25% per annum to 17.99% per annum. There are different eligibility criteria for self-employed and salaried person. Let’s check out everything about ICICI Personal Loan in this article.

What are the benefits of ICICI personal loan?
When you apply for a personal loan you’ll get different types of benefits such as:
  • You can easily pay off the previous debts to improve your credit score. 
  • The low-interest-rate of personal loan makes it easier for the customer to pay the monthly EMIs of the loan.
  •  No security or guarantor is required for an ICICI personal loan. 
  • After completing the loan procedure the loan amount is disbursed in 3 seconds. 
  • You can pay off the loan amount in 12 to 60 months depending on the customer. 
  • The ICICI bank provides you a loan up to 20 lac. 
  • The interest rate will not increase during the loan tenure.
What makes you Eligible for ICICI personal loan?
One should be a minimum of 23 years and maximum of 58 years to apply for a personal loan. Your net income should be INR 25,000 because this is one of the major reasons that makes you eligible to apply for a personal loan. A minimum FOIR (Fixed obligation to income ratio) of 0.55 makes you eligible for the personal loan offered by ICICI bank. You can also compare and calculate your eligibility using ICICI bank personal loan calculator. The user can also add a co-applicant to become eligible for the personal loan. The co-applicant must have a good income and a well-maintained credit score. ICICI personal loan eligibility for a self-employed individual is different from the salaried individual. The applicant must have a turnover of INR 40 lakh with a current profit of INR 2 lakh. The formula to calculate eligibility for a personal loan is as follows.
Loan eligibility= (net income*FOIR)-all other obligation/per lakh EMI.
How to apply for ICICI personal loan
Visit the Nearby ICICI Bank and fill the personal loan application form and provide the necessary documents. Also, you can apply for a personal loan by visiting the official website of ICICI bank.
How to calculate the Personal loan EMI?
EMI or Equated Monthly installment is the amount the user has to pay during the loan tenure. The EMI depends on the 3 main factors -interest rate, loan amount and loan tenure. You can easily get the EMI by just mentioning these details. Suppose you have taken an ICICI personal loan of INR 1 lakh at an interest of 11.25% on a 5-year tenure. The resultant EMI would be INR 2,187. 

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