A financial emergency comes uninvited and poses a certain amount of challenge for one to surmount. When that does strike, many eyes are set on personal loans that have in them to let one get through such testing times. You must know that a personal loan is offered by several lenders of which ICICI Bank emerges as the most popular of all.
ICICI Personal Loan Interest Rates are affordable and thus enhance the scope for a smooth repayment experience. But the question remains, whether ICICI Bank offers the lowest interest rates in the market? Well, to know the answer, you first need to check the rates of its competitors. The article has the much-needed comparison, so read it carefully.
ICICI Personal Loan Interest Rates
The private biggie offers a personal loan to salaried and self-employed at an interest rate of 10.99%-22% per annum. In addition, the bank charges a processing fee calculated at 2.25% of the loan amount plus GST.
SBI Personal Loan Interest Rates
SBI, arguably the largest lender in India’s credit information space, offers a personal loan to salaried at 11.15%-15.10% p.a. Besides, the processing fee levied by the bank equals to 1% of the loan amount plus applicable GST.
What About HDFC Personal Loan Interest Rates?
HDFC Bank offers a personal loan to salaried professionals at an interest rate starting from 15%-20.99% per annum. The processing fee charged can range from 1.50%-2.50% of the loan amount plus GST.
How Much Interest Rates Does Axis Bank Charge on Personal Loans?
When it comes to Axis Bank, the rates can range from 15.50%-24% per annum. The private bank can debit a processing fee at 1.50%-2% of the loan amount plus GST.
On comparing, ICICI Personal Loan Interest rates can be said the lowest among its competitors when you talk about the lower limit of the rates, which stands at 10.99%. However, the top limit goes much more than its competitors to 22%. On a whole, it can be said that ICICI Bank is a good choice for a personal loan. Let’s check more on the EMI and interest repayment front with ICICI Bank Personal Loan.
ICICI Bank Personal Loan EMI Calculator
Knowing the EMI beforehand is critical to enjoying a smooth repayment of a loan. You can know that with the help of Personal Loan EMI Calculator that takes into account the loan amount, rate of interest and tenure to compute the installments.
The installments, as you would know, combine a portion of interest and principal amount payable towards a loan. So, the calculator also tells you about the interest you are going to pay to ICICI Bank over the course of a debt. The fact that you can access the calculator online makes it easy to calculate. With the calculation in place, you can take a call on a personal loan offer.
ICICI Personal Loan Amortization
You can even get to see an amortization schedule while checking the results of EMI calculator. The schedule tells it specifically the repayment in terms of principal and interest every year. Besides the schedule also shows the outstanding loan balance at the end of every year. This will help plan your finances better.
How to Apply for ICICI Bank Personal Loan Online?
You can apply for a personal loan online by visiting the bank’s website or at its nearest branch. It’s completely your call as to which mode of application you would like to opt for. When online, you need to enter your personal and professional details correctly before clicking on ‘Submit’ button. The bank will see to it whether the details entered are correct. Those who want to apply at the branch can choose the nearest one to visit.
The moment you are at the branch, you can ask for a personal loan application form, fill the details correctly, affix the signature at the prescribed space before giving it to the concerned official who will then process your application to the next stage. In either of the two modes, the application will get approved only when the details are verified successfully.