Planning to go on holiday to France? Thinking of renovating your home? Need a loan for your wedding? Whatever may be the situation, you can look up to ICICI Personal Loan for fulfilling your wishes. However there is no point of availing a loan without knowing anything about the interest rates.
It is very necessary for you to know about the interest rates since it plays a key role in deciding the amount of EMIs you will pay every month. Incase you don’t know much about ICICI Personal Loan Interest Rates, you need not worry because this article will solve all your queries.
Anybody who meets the eligibility criteria, be it a salaried employee or a self-employed can avail a personal loan from ICICI bank . ICICI Personal Loan Interest Rates lie between the range of 11.59 to 22%. You are also required to pay a processing fee, which is 2.25% of the loan amount you have taken.
Salaried employees and self-employed people can take a maximum personal loan of Rs. 20 Lakh and Rs. 40 Lakh respectively from ICICI Bank. You should keep in mind that you can avail the Personal Loan for a maximum tenure of five years.
It is very important for a loan applicant to carefully look at the current interest rates and then decide because he has to repay the loan amount as well. Many people without thinking twice directly go for availing the loan overlooking the interest rates. This proves detrimental in the long run. Let’s take the help of an example to throw light on this point-
Suppose Abhishek wants a personal loan for his elder sister’s wedding. He approaches ICICI Bank for the same and after checking if he is eligible or not the bank offers him a loan of Rs. 5 lakh. He requires the funds instantly and doesn’t care to check the interest rates. For Abhishek, ICICI Personal Loan Interest Rate is fixed at 16% for a tenure of four years i.e. 48 months.
Now let’s calculate the amount of EMI he has to pay every month. After calculation the monthly EMI turns out to be Rs. 14,171.
But what if he negotiates with ICICI to get same loan amount but at a lower rate of interest. The bank charges him an interest rate of 12% per annum for the same tenure. Now the situation will be quite different. Let’s calculate the monthly EMI which he has to pay under this scenario.
He will now have to shell out a monthly EMI of Rs. 13,167 which is Rs. 1004 less than the previous EMI amount which he had to pay. This means he will save Rs 1004 every month if he manages to avail the loan at a lower interest rate. So it proves the fact that knowing the interest rates is a very important point which must be kept in consideration while availing a loan.
So now that you are well-known about the ICICI Personal Loan Interest Rates you can confidently avail a loan from the bank.