Know the EMI Before Availing the Personal Loan

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Know the EMI Before Availing the Personal Loan
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ICICI Personal Loan is an unsecured and
multipurpose loan that can be availed online. Any
money requirements like educational expenses,
medical emergencies, wedding expenditure, cash
for home redesign, etc, can be fulfilled by ICICI
Personal Loan. There are several options for a
varied segment of the borrowers. ICICI Personal
Loan comes at a competitive rate of interest. An
applicant can conveniently choose any type of the
ICICI Personal Loan as per his/her requirements.
ICICI personal loan offers a maximum loan up to
Rs.20 Lakhs. The ICICI personal loan interest
rate ranges from 11.25 to 22.00 p.a. A borrower
can acquire ICICI personal loan for a loan tenure
ranging from 12 months to 60 months. ICICI
personal loan comes along with the ease of loan
prepayment. If an applicant has any plans to
repay the loan, he can consider ICICI personal
loan.
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ICICI Personal Loan EMI Calculator
Before applying for ICICI personal loan, it is
important to check the EMI calculator for the EMI
payment. ICICI personal loan EMI calculator is
available for all and you can choose to use them
to plan the loan outgo and monthly budget. EMI
stands for Equated Monthly Instalment which is
the amount payable every month for the personal
loan taken for an allotted period. To calculate
the EMI on ICICI personal loan, you can simply
visit the official website of the bank. There you
will find the option for Personal Loan EMI
Calculator. It will require few basic details
like loan amount, rate of interest and repayment
tenure. After entering the necessary details, the
calculator automatically calculates the loan EMI
amount to be paid and delivers the result on the
same page. It takes less than a minute to check
the EMI amount against the personal loan to be
taken.
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Advantages of using a Personal Loan EMI Calculator
Calculating the personal loan EMI manually is a
time-consuming task. But using the EMI calculator
will generate the result in a few seconds. This
helps you get the details of the amount to be
paid as per the tenure and the loan amount. After
having all the information, you will be able to
take a well-informed credit decision on your own.
Moreover, it helps in negotiating with the
personal loan lender and settle for a better rate
of interest. The manual EMI calculation carries
a risk of mistakes, but the result provided from
the online EMI calculator is free from human
error so it is quick and accurate. You can also
play with the figures while using an EMI
calculator like the loan amount, repayment tenure
and rate of interest and you will get the results
accordingly.
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Tips to manage the Personal Loan EMI
Here are some tips which may help you in managing
the personal loan EMI
Manage personal expenses If you have an existing
loan, and applying for another personal loan, you
should first check the amount you would require
to pay as EMIs for all the loans. The sum of the
total requires amount should not be more than 50
of your monthly income. And also look for
another source of income. As then only you can
manage your expenses for daily necessities and
other personal expenses smoothly. Know the
repayment capability You should always acquire
only that much personal loan as much you can
afford the paying off every month. An online
personal loan EMI calculator helps to calculate
the personal loan EMIs better. By doing this you
would know in advance about the EMI and you can
make a better and informed decision. Never miss
on an EMI The regular payment of the EMI can
help you to have a good credit score. As this
would lead to getting personal loans at
comparatively lower interest rates. Therefore,
always try to maintain a good credit score by
paying off all debts like credit card bills,
existing loans, etc. on time so that you can get
a good personal loan deal. Timely payment of the
EMIs is important. Go for a longer loan repayment
tenure Your loan repayment tenure has a direct
impact on the EMI amount of your loan. Opting for
a longer repayment tenure will enable you to
repay the total amount over a longer time, which
will reduce the EMI amount.
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Benefits of ICICI Personal Loan
Suitable for any Emergency Loan Many times,
borrowers require Personal Loans for emergencies,
where time plays a major part. During such
emergencies, visiting the branch, applying for a
loan, and then waiting for the loan disbursal
might not be the practical option. ICICI Personal
Loan can be acquired through online application
which saves a lot of time and the borrower gets
access to the funds much sooner. User-Friendly
Online Portals ICICI Personal Loan process is so
efficiently designed that even the first-time
applicant can have the experience of utmost
convenience. In case, if a borrower still has any
queries, can contact the customer support
team. Minimal Documentation Documentation is one
of the major hassles in the loan approval
process. But online ICICI Loan application has
considerably reduced this inconvenience as well.
It requires only some of the documents like the
ID proof, proof of residency, and income proof.
This can easily be uploaded from anywhere and
anytime instantly. Fast Loan Disbursal Those days
are gone when a borrower had to wait for several
days to get the loan approved. The constant
efforts of ICICI to reduce the turnaround-time
have been successful. ICICI Personal Loan for
Home Renovation comes with quick processing and
disbursal. Money gets credited into the
borrowers account in 2- 3 days (tc
apply). Unsecured Loan One of the most important
benefits of ICICI Personal is that it is
unsecured. This means a borrower is not required
to provide any collateral or guarantor against
the loan. 
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Thank You