Weddings are a big life decision and preparing for them can be expensive. So if you are lacking funds for this, consider ICICI Personal Loan. This will prove to be the best wedding assistance. By using it you can borrow a lump sum amount without putting any asset in danger. So only based on your income of yours the bank will provide you a loan limit. Get the amount you need for the wedding and later pay the money back in monthly installments. For more details, keep on reading!
What is the Amount I Can Borrow?
You can borrow any amount from INR 25,000 to INR 50 Lakhs. So whether your need is small or big for the money for the wedding, the same can be met by this loan product. To apply for this you need a minimum salary of INR 30,000 per month. The more your loan amount, the more will be the bank’s income requirement. So keep that in mind while approaching the bank for a personal loan. Emirates Loan provides you with the suitable interest rates for the high amounts and the desired finance tenures of Personal Loan in Dubai
Because if your income doesn’t meet the bank’s requirements, your loan application will be rejected. So avoid that by keeping the eligibility criteria details with you.
How Much Interest Rate Does the ICICI Bank Charge?
For a personal loan, the ICICI charges a maximum rate of 19.00% per annum. And this would happen in case the applicant’s income barely meets the loan requirement. Such a high-interest rate could be difficult to manage. But with the help of an EMI calculator, you can put it under your budget. How? Let’s see the example below.
Karan needs INR 6 Lakh for his wedding and approached ICICI Bank for the same. Due to his poor credit record, his application process takes longer than usual. And finally, he got the loan approved. But the interest rate is 18.00% per annum. Now to manage its repayment Karan takes assistance from the EMI calculator.
He inserts the below information in this tool –
Loan Amount – INR 6 Lakh
Interest Rate – 18.00% per annum
Tenure – 36 months
As you know a longer tenure attracts more interest, so Karan opts for a tenure of 3 years which is not too long and too short. Let’s see what his EMI will be according to the ICICI Personal Loan EMI Calculator.
EMI – INR 21,691
Interest – INR 1.8 Lakh
As you can see the interest payment is not too much as Karan chooses a tenure that provides him both a lower EMI and interest amount. So select this tenure and apply for the loan.
Should I Use the ICICI Personal Loan EMI Calculator?
Yes, you should as you have seen in the above example how it helped Karan get an affordable repayment despite having a high-interest rate. So if you find yourself in a situation like this then this calculator will come in handy.
To use this calculator, just follow these steps –
- Visit the ICICI Bank’s official website
- Go to the personal loan page by clicking the same from the ‘Loans’ drop-down
- There you will see the ‘EMI Calculator’ option, click on it
- Now you will be on a new page where is the calculator
- Start inserting the loan details of your choice
- Once you are done with the same, you can see the outcome
- If the outcome is not as per your expectations, re-enter the values unless you get the desired EMI amount.
Now that you know about this calculator, apply for a loan. You can do the same online without any branch visits. Fill in an online application form, upload the documents and wait for the bank’s response after submitting the same. So do use the ICICI Personal Loan EMI Calculator. By using it you can have the desired loan amount and flexible repayment which won’t be much expensive.