Make Wedding Plans With ICICI Personal Loan

In this wedding season, if you are planning to get married, the question is – have you saved for this special day? If not, an ICICI personal loan is there for you! With the loan, you can manage all your expenses for the wedding. Read this post and know how the ICICI personal loan helps you in wedding preparations.

High Loan Amount for Instant Needs!

From ICICI Bank you can borrow a personal loan up to INR 40 lakh, and this might be enough for you to plan a decent Indian wedding. Under the ICICI Personal Loan limit all your expenses will be covered such as catering, decoration attires, etc. 

Attractive Rate of Interest

The reason you should choose ICICI personal loan compared to any other is because of its lowest interest rate, yes ICICI Bank charges an interest rate from 10.75-17.50%. And the rate of interest will remain the same throughout the repayment period. So you don’t have to worry about the repayment as it is consistent.

Nominal Fee for ICICI Personal Loan

For the ICICI Personal Loan, the bank will charge a processing fee from the customer that will be deducted from his sanctioned loan amount. The processing fee for the personal loan ranges from INR 1,999 to 2.25% of the loan amount. Also the applicable GST will be applied to your processing charge. 

For instance, you have borrowed an ICICI personal loan of INR 20 lakh, and the bank charges a processing fee of 1.50% of your loan amount. The disbursed loan amount would be INR 19,70,000.

Repayment Period for your ICICI Personal Loan

You have the time limit of maximum 5 year to repay the borrowed amount with the applied interest. And to get help in this, you can use the ICICI personal loan calculator, a tool which enables you to know your loan EMI. Check out the example below and understand it better. 

Example – Ravi borrows INR 25 lakh from ICICI Bank at an interest rate of 11.25% per annum. And now to choose the perfect tenure for his ICICI personal loan repayment, he uses the EMI calculator which gave him the following result as mentioned in the table below –

Tenure Loan Amount Interest Rate EMI Total Payable Interest  Total Payable Amount 
1 25,00,000 11.25% 2,21,246 1,54,949 26,54,949
2 25,00,000 11.25% 1,16,810 3,03,440 28,03,440
3 25,00,000 11.25% 82,143 4,57,151 29,57,151
4 25,00,000 11.25% 64,918 6,16,052 31,16,052
5 25,00,000 11.25% 54,668 7,80,096 32,80,096

So what are you waiting for, go and apply for ICICI personal loan, if you need any financial help during the wedding. Because it is a new beginning of your life and you want it to be special. Not only weddings but you can use the ICICI personal loan for many other purposes such as vacation, education, or medical emergency. 

Note – There is no collateral requirement in ICICI personal loan, the loan will be dependent on the borrower income and credit history.