Looking for a personal loan in the ICICI bank? Understanding the crucks of your EMI-Equated Monthly Instalment can lead you to handle your budget effectively. It is a fixed monthly payment including the loan balance and interest. The ICICI personal loan EMI calculator will help you to distribute your money effectively, so let’s understand the features of the EMI calculator and how it can play a vital role in your financial journey.
₹
%
Months
Amortisation Schedule:
Number of months | Interest | Principal | EMI | Balance |
1 | 17500 | 17402 | 34902 | 1482598 |
2 | 17297 | 17605 | 34902 | 1464992 |
3 | 17092 | 17811 | 34902 | 1447181 |
4 | 16884 | 18019 | 34902 | 1429163 |
5 | 16674 | 18229 | 34902 | 1410934 |
6 | 16461 | 18441 | 34902 | 1392493 |
7 | 16246 | 18657 | 34902 | 1373836 |
8 | 16028 | 1874 | 34902 | 1354962 |
9 | 15808 | 19094 | 34902 | 1335867 |
10 | 15585 | 19317 | 34902 | 1316550 |
11 | 15360 | 19543 | 34902 | 1297007 |
12 | 15132 | 19771 | 34902 | 1277237 |
13 | 14901 | 20001 | 34902 | 1257235 |
14 | 14668 | 20235 | 34902 | 1237001 |
15 | 14432 | 20471 | 34902 | 1216530 |
(Source: groww.in/calculators/icici-personal-loan-emi-calculator)
ICICI Bank Personal Loan Interest Rates 2024
In 2024, ICICI Bank would offer personal loans with annual interest rate ranging from 10.85% to 16.25%. The interest rates for people using the Flexicash overdraft facility connected to their salary accounts range from 12.35% to 14.10%. Non-resident Indians (NRIs) can obtain personal loans with an annual interest rate of 10.80%. Unlike some lenders, ICICI Bank does not publicly reveal their interest rate matrix, which frequently contains credit scores, monthly income, occupation, and employer information.
The repayment length varies from one to six years, providing for affordable monthly payments. Applicants should receive a minimum monthly salary of ₹30,000, and fulfil the eligibility. The processing cost is limited to 2% of the loan amount, and prepayment charges vary according to the borrower's classification.
Processing Fee: ICICI bank charges you with certain processing fees when you apply for a personal loan. Let’s have a look at them:
Processing Fee | Up to 2% of loan amount + GST |
Pre-payment Charges | For salaried customers- 3% plus applicable taxes on principal outstanding after payment of 1st EMI, Nil if 12 or more EMIs are paid. |
For MSE classified customers, charges are Nil after payment of the 1st EMI for loan amount of up to ₹50 lakh | |
Loan Cancellation Charges | ₹3,000 + GST |
EMI Bounce Charges | ₹400 per bounce + GST |
Repayment mode swap charges | ₹500 per transaction + GST |
Penal Interest | 24% p.a. |
(Source: Bank website)
No, you cannot get a personal loan from ICICI Bank if your credit score is lower than 700.
No, the EMI calculator is free for everyone.
The maximum loan tenure for a personal loan can be from 5 to 7 years.
You can use it as many times as you want, as there are no restrictions for using the calculator.