Regarded as one of the largest lenders of our country, ICICI Bank provides a range of amazing banking products to customers of which personal loan is one of the most preferred products to the customers. If you are wondering about what is the factor that makes it so opted for among all the customers, then let me tell you that ICICI Bank personal loan interest rate is one of the most affordable options in the current market.
And if you do not know then know this, that interest rate is one of the most important factor in deciding your EMI amount.
Talking about EMI amount, have you ever thought about a tool that can help you in calculating your monthly installment amount in a hassle-free manner? Be ready for your thought turning into reality with the help of an ICICI personal loan EMI calculator. In this article, we will be telling you about the details you need to use it and other things related to it. So, keep reading on!
Why it is important to have an assessment of the EMI amount beforehand?
Personal needs can come from anywhere uninformed. They don’t tell you before arising. It can be for your sudden desire for buying the new iPhone or funding your travel trip abroad or anything else. And when you opt for any personal loan, you will have to repay the monthly installment. This will a definite amount that you will have to set aside every month and without having any estimate about it, you may find it difficult to manage your monthly budget.
When you will have a certain estimate about it with the help of ICICI personal loan EMI Calculator, you will be able to manage your finances in a better way and have control over your spendings too. There is the section, where the EMI calculator helps you.
What are the details that you will need to use the EMI calculator?
ICICI personal loan EMI calculator needs only a few basic details and you will get the exact EMI amount within a flash of a second. We have mentioned all these details in a detailed way below.
Loan Amount: This is the first thing that you will need to feed into it. One must choose this amount according to his or her repayment capability otherwise the situation can lead up to being a default. ICICI Bank lets you opt for a minimum of INR 50,000 to a maximum of INR 50,00,000. Fill the required amount according to your needs.
Rate of Interest: As we told before, this is the most important thing to be filled in the calculator. ICICI personal loan interest rate ranges from 11.25% to 22% per annum which also depends on a range of factors of which CIBIL score is the most important one.
Tenure: It is the number of months that you will need to repay the loan. You can choose a minimum of 12 months to a maximum of 60 months according to your monthly income. Fill the desired number of months in the calculator.
After filling the details, hit the calculate button and you will get the monthly EMI amount and also the total interest payable over your loan period. After that, you can choose the loan amount accordingly. ‘