Personal Loan Tips

The facility of borrowing money has become so easier because of the ever-growing technology around us. Nowadays, you can opt for a personal loan without putting a step outside your home. Just open your laptop or mobile, fill in a few details, upload documents, and your loan amount will be disbursed to your account on being eligible. But a lot of people don’t know about the concept of EMI with which you repay the amount. Do you know that with the help of ICICI Personal Loan EMI Calculator , you can have an estimate about the EMI amount before choosing the personal loan.    An EMI amount is nothing but a fixed amount that a person needs to pay every month on a fixed date to clear off the outstanding personal loan within a fixed period. In the case of a personal loan, this period can be a maximum of 60 months. So, if you choose a 48 months tenure, you will need to pay 60 monthly installments towards the loan repayment. EMI amount consists of a portion of principal amount and interest amou

When we talk about an ICICI personal loan, which is one of the most popular loan options among the customers, the most common question asked by people is about the ICICI Personal Loan Interest rates . The reason: Personal Loan is a fully unsecured loan which means a customer doesn’t need to pledge any kind of collateral against the loan amount he or she would get. So, take an example for yourself. If you are lending money to someone without any security, the trust amount in this transaction must be quite high. Similarly, during a personal loan, a lender checks the creditworthiness of an individual by his or her credit score.  A credit score is a 3-digit number ranging from 300 to 900 which defines an individual’s creditworthiness. There are several benefits of a good credit score (750 or above) such as lower interest rates, quick approval & disbursal, higher loan amount, etc. But the most important aspect is that your credit score defines the Rate of Interest which ultimately affec

When you borrow a personal loan from ICICI Bank always calculate the EMI. It makes it easy for the borrower to pay the loan quickly if they know the EMI amount before the loan sanction. How does it help? Gives you time to plan the repayment, you can choose the tenure as per your repayment plan and reduce the interest payment by knowing the total amount you pay for an ICICI personal loan. To get all these benefits, you just have to use a simple calculator tool which is an ICICI personal loan EMI calculator . In this article, you know how to use the EMI tool and what are its working features. Know functioning of the ICICI Personal loan EMI calculator! The online calculator tool works in a mathematical expression of P × r × (1 + r)n/((1 + r)n - 1), where P is the amount you borrow, r is the ICICI personal loan interest rates and n is the repayment period. In the same manner you are required to insert the ICICI personal loan details in the EMI calculator. See the example below to know how