Effectively using the ICIC Personal Loan EMI Calculator

Loans extend financial freedom to many who are contemplating making an investment. While repayment of these loans can mean big commitment, splitting the payment into workable EMI installments is the best way to go about the payment of the loan. That said, knowing how much you have to pay each month will help you better prepare your finances and coordinate other purchases to make way for such essential payments.

icici bank personal loan

icici bank personal loan

ICICI bank which is the leading bank for offering personal loans in India makes it easy for borrowers to understand the scope of such a payment by giving them access to an ICICI Personal Loan EMI calculator. The EMI calculator is a handy tool that lets the borrower get in touch with information that is important in deciding whether or not to go ahead with a certain loan offer.

The EMI calculator is also a personalized tool as the components of the calculator can be used to modify inputs and get information.

In essence, an ICICI Personal Loan EMI calculator which can be accessed through the website of bank is a loan planning system that can help an individual get an understanding of whether or not he can afford a loan or a mortgage. It is also a budgeting device that lets the borrower account for the loan expenses to assist him in preparing his finances accordingly.

Now, that you know what ICICI personal loan EMI calculator is and what its purpose is, let us move on to understand the workings. In other words, let us discuss about the steps involved to use the calculator.

Now, that you know what ICICI personal loan EMI calculator is and what its purpose is, let us move on to understand the workings. In other words, let us discuss about the steps involved to use the calculator.

Step 1:

Get to the ‘Personal Loan’ page on the ICICI bank main website. The link to the EMI calculator can be accessed here by using the drop down list.

Step 2:

Once you follow this link and open the page, you will have the opportunity to input the loan amount, interest rate, and the term of the loan into the given spaces.

After you have entered the information, the calculator will proceed to calculate the EMI payment on your behalf and also, the total interest payable.

The graph adjacent to the table will give you an idea as to how the loan will balance out with time and the selected payment tenure.

Step 3:

If you are comfortable with the information you get in terms of the willingness to take on the commitment, you can move to the top right hand corner of the page and click on the ‘Apply Now’ tab.

Getting this information beforehand will help you manage other financial commitments better. This will also give you a fair idea of how you can manage the payment and, if you are in a position to apply for the loan.

The best part about using the ICICI personal loan EMI calculator is that you can always go back to alter the inputs and work out the loan repayments. Doing this will help you get a good grasp of the loan amount you can get that you will be able to honour when the time for repayment comes.

 

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How Personal Loans can help you to travel to your dream destination

Apply Personal loan for Vacation

Apply Personal loan for Vacation

Most of us love to visit Europe, US, Australia or South America with our family to soak in the sights of the place. However, we are seldom able to do so because of financial constraints. Not only are the tour packages expensive, but getting VISAs, tickets and other essentials for the trip too entail a lot of expenditure. However, with the availability of personal loans, you can take your family on their dream holiday destination.

Personal loans are usually unsecured loans, granted by banks at a short notice without the deposition of any collateral. The rates of interest, eligibility criteria, repayment options and other details vary from bank to bank. Nevertheless, here is a general idea about what happens when you take a personal loan.

1. Loanable Amount

The amount loanable varies from bank to bank. However, most banks grant you personal loans between Rs 50000 and Rs 5 lakhs. Certain private banks may lend you a sum of Rs 15 lakhs or even 25 lakhs if you qualify for it. Depending on the budget of your trip, you can apply for a loan with a suitable amount.

If you are planning to go away during the festival period of October-November, you can opt for festival personal loans as the rate of interest is competitive and you can borrow the amount from the bank without any collateral.

2. Approval of Loan

Usually banks take anything between 48 hours to 72 hours to approve loan applications made. Banks may even grant instant loan approvals within 5 minutes online.

3. Rate of Interest Payable and other charges

Usually the interest rate applicable on personal loans is between 13 and 22 percent, although it varies from bank to bank. You can opt for a floating or fixed rate of interest, depending on the time horizon of repayment.

Personal loans require a processing charge of 2 to 3 percent of the loan amount, which is deducted at the time of loan disbursement. Some festival personal loans require you to pay Rs 100 only for processing charges. However prepayment charges are applicable for personal loans.

4. Repayment of the Loan

Personal loans are generally payable through equated monthly instalments within a period of 12 to 60 months. Prepayment of the loan is possible in cases of some banks, although a few would levy charges. Most banks do not allow part prepayment of the loan. You can pay an amount which equals at least 3 to 6 EMIs payable.

Taking out a festival personal loan gives you access to many benefits such as lowered rates of interest and processing charges.

personal loan for vacation

personal loan for pairs tour

Though it is easy to secure a personal loan now a day, it is not advised to get into too much debt traps for impulsive expenses including vacationing . Remember , personal loans come with high interest rates compared to all other loans. However, taking a personal loan if once in your life you realise your dream to travel to any destinations in not a bad idea.

A brief summary about Personal Loans

Personal loan has emerged, all together, as a heavily demanded product in the market. Due to its instant approval feature, it serves as a major pathway for those who are looking for some urgent cash. It serves as a good destination if you are planning for a loud marriage, a vacation or a holiday with your family, urgent medical expenses, urgent educational expenses or any other type of contingency expenses that may hit you in near future.

Some of the Salient features of Personal Loans are

  • Solves instant cash requirements
  • Easy to process

    personal loan

    Personal Loans

  • Simple documentation
  • Instant e-approval
  • Simple eligibility criteria
  • Competitive interest rates
  • Less processing charges
  • Nil prepayment charges

Loan comparison sites offer you with the following facilities for getting a Personal Loan:

  • Provides you with updated quotes on interest rates and other charges offered by most of the Nationalised and PSU banks.
  • You can compare the interest rates, features and charges on a single window offered by different banks on personal loans.
  • You can calculate your EMI on personal loan by using personal loan EMI Calculator even before applying for a loan.
  • You can apply for the personal loan using bankbazaar’s website for the following banks:
  • HDFC Bank
  • ICICI Bank

    personal loans

    Apply for Personal loan

  • Bajaj Fin serve
  • Fullerton
  • Standard chartered Bank
  • Tata Capital
  • IndusInd Bank
  • You can fill up the required application form from bankbazaar’s website.

Go for it now!

Don’t worry for money pressure lying over your head. Take a personal loan and get relieved and have a peaceful life ahead!