ICICI Bank fulfills all your wishes through an extensive portfolio of lending products. And if you’re looking for a personal loan, it gives you a great deal. You can borrow a loan from ICICI Bank at an interest rate starting from 10.50% per annum. We all face financial challenges, and if you’re in an urgent need of a lump sum amount, all you need to do is apply for ICICI Bank Personal Loan. Using the loan, you can fulfill your requirements and can repay the amount to the bank in easy installments. Well, ICICI Bank allows you the flexibility to choose your own tenure. The options for repayment period range from 12 to 60 months. If you don’t know how to decide on ICICI Bank Personal Loan Tenure, use the online calculator. With the help of this tool, one can find out the possible monthly installment. Read this article below and know more about the ICICI Bank repayment options for personal loans.
When Are You Supposed to Repay ICICI Bank Personal Loan?
You can start repaying the personal loan post-disbursal of the amount. The bank will assign you the due date of the repayment. So, from that date, your EMIs will begin. If you’re an ICICI customer, use the auto-debit facility. In this, your due ICICI Bank Personal Loan EMI amount will be automatically debited from your bank account. And if you’re not an existing ICICI customer, with NACH, you can do the automatic EMI payments.
You can also pay EMI using a cheque. It is an old repayment method for loans. In this, the borrower makes a check in favor of the bank. And as on the scheduled date of EMI, the bank will use those cheques. For a cheque bounce, the bank will charge a penalty of INR 400+GST.
ICICI Personal Loan Calculator & its Utilities
An EMI calculator is accessible to customers, so they can compute their ICICI Bank Personal Loan repayment. It helps them make a final decision. To use the calculator, you need to insert the following –
- Loan amount
- Interest rate
Once you insert the required details, the calculator will show your EMI amount. For more understanding, check out the example below.
Parth is looking for a loan for his next summer vacation. And an ICICI Bank Personal Loan could help him do so. So, he uses the online calculator to see what his EMI would be. He enters the below details inside the calculator –
- INR 5 Lakh loan amount
- 11.25% per annum interest rate
- 24 months tenure
The calculator generates an EMI of INR 23,362. And being not satisfied with the EMI, Parth re-enters the details and changes the tenure this time. Now, his repayment tenure is 48 months. So, according to the calculations, Parth’s EMI is now INR 12,984.
Now, this is the EMI he can afford with his income. So, he proceeds with the same tenure and pays the EMI without any trouble.
Can I Avail of ICICI Bank Personal Loan Benefit if I Have an Existing Loan?
Yes, you can! All you have to do is transfer your existing loan to ICICI Bank personal loan interest rate. If you do so, the bank will close your existing loan. Now, you will be paying the EMI for ICICI Bank Personal Loan instead of the one to your old lender. And because this is a new lender, the lower personal loan interest rate will apply to your remaining loan amount. So, the personal loan EMI will decrease and help you repay without any trouble.
Note– You will need to get a no-objection certificate (NOC) from your current loan provider to initiate the personal loan balance transfer process.
Your payments become easier with this option. ICICI Bank allows you to repay the loan balance in a lump sum. And if you do so, you need to pay a charge of 5% on the loan balance. For MSME classified borrowers, no such charge applies to prepayment.