# Can ICICI Personal Loan Interest Rate Lower The Monthly Installments?

If you want to borrow a loan amount from ICICI Bank then apply for a personal loan. Because the ICICI personal loan is collateral free and you can borrow up to INR 20 lakh. The bank provides the desired loan amount to customers at an attractive rate of interest. Read this article and know about ICICI personal loan interest rate and its benefits on your equated monthly installments.

## How ICICI personal loan interest rate lower your EMIs?

ICICI Bank provides personal loans to customers at a starting interest rate of 11.25% per annum. The interest rate on your borrowed amount is lower in comparison to other lenders. Also, the ICICI personal loan interest rate depends on the individual payment capacity and income. If your income is INR 18,000 and above then you can get ICICI personal loan at a competitive rate of interest. On the other hand, if your income is low then the loan application gets rejected. The user must meet the loan eligibility criteria before applying for a loan from ICICI Bank.

### By what ways one can get a lower ICICI personal loan interest rate?

When the user income is not up to the loan eligibility criteria then they can use the below-mentioned steps to get an affordable interest rate.

Help of co-applicant: You can meet the loan income criteria by adding an earning co-applicant. The co-applicant can be your spouse and it helps in reducing the ICICI personal loan interest rate

Securing ICICI personal loan: Also, you can borrow the desired loan against a collateral by securing your ICICI personal loan. This could help in reducing your loan interest rate and make your EMI affordable.

#### Calculate EMI using ICICI personal loan EMI calculator

The bank provides loan to the customers at a rate of interest range between 11.25% to 17.99% per annum. And, to calculate the EMI and payable rate of interest you can use ICICI personal loan EMI calculator. Using this online calculator device an approx EMI is calculated, it calculates the user EMI using the formula [P x R x (1+R)^N]/[(1+R)^N-1].

For example, if your loan amount is 13 lakh and interest rate is 12.43% then EMI would be INR 29,202. And the payable interest rate will be INR 4 lakh for 5 years according to the EMI calculator calculation.

##### Apply for ICICI personal loan using offline and online application process

To get a personal loan from ICICI Bank, you just need to visit the bank branch or its website. Because the user can apply for the loan using two different methods one is the online process and another is an offline process. Visit the ICICI bank branch fill up the loan application form and submit the documents and pay the 2% processing fee. Or you can do the same by visiting the ICICI Bank official website.

You can pay the loan interest and principal amount in EMI using payment methods like Electronic Clearing Service (ECS) and auto-debit. So, get the ICICI personal loan and pay an affordable interest rate in EMI with instant loan disbursement in 48 hours.