ICICI Bank gives you personal loans for meeting your financial needs. Well, it is not necessary that you can borrow a loan for an emergency only. You can also get yourself an enjoyable summer vacation with the help of ICICI Personal Loan. As you know vacations are expensive there are hotel bookings, flight bookings, sightseeing, etc. So, it might be a little tight to pay for those under your monthly budget. This is where ICICI Personal Loan comes into play and helps you with lump sum money. And later you can pay the loan in equated monthly installments. So, with a slight adjustment in your budget, you can get an affordable yet best summer vacation. Keep reading this page for more details on the loan offer of ICICI Bank.
Advantages of Borrowing ICICI Personal Loan for Vacations
Below is the list of advantages of getting an ICICI Personal Loan for Travel –
High Loan Limit
ICICI Bank offers a personal loan up to INR 50 Lakh. This is quite a high amount and could be enough for a luxurious vacation. You can borrow this much loan from ICICI Bank if you show great repayment abilities like – a good record of EMI payment, high income, etc.
Don’t worry about the interest rates as the ICICI Bank applies the same from 10.25% onwards. This is the lowest rate in the private lending sector for a personal loan. To get this rate on your loan, you have to convince the bank that you’re capable of repaying the loan. How to do that?
It is easy to show your credit records, savings per month from your regular income, current obligations list, etc. If the lender is satisfied with you, the lowest rate will be granted to you. What benefits does a lower rate have? This will help you get a lower EMI amount. It means the installments won’t be that hard to pay. And the interest payout wouldn’t be much high.
Longer Repayment Period
Unlike other lenders, ICICI Bank has a tenure option of up to six years. So, you have a lengthy period of repayment. And a longer tenure brings a small portion of EMIs. It means you can manage the payment by choosing the tenure of your choice. To do the same, take help from the online tool of ICICI Bank called EMI calculator.
Enter the loan amount, interest rate and tenure. Afterward, the EMI will display and so is the whole repayment chart in a graphical format giving insight into the payment. If you understand the chart and choose a tenure wisely, you won’t feel much of an EMI burden on your monthly income.
What is ICICI Personal Loan EMI Calculator & How to Use it?
The tool generates your EMI amount as you insert the loan amount and other details. Using a formula of –
EMI = P × R × (1 + R)N/((1 + R)N – 1)
Here, in the formula you see capital letters, well these are the symbols of your loan such as P is the loan amount, R rate of interest and N tenure.
Check out the below example for understanding the ICICI Personal Loan EMI Calculator working :
Kashish needs a lump sum of money for her next vacation to the Maldives as she has been lacking INR 3 Lakh in the budget. So, she decides to fill the void with ICICI Personal Loan. She is eligible for up to INR 5 Lakh, so it won’t be that hard to get a lump sum of INR 3 Lakh. The bank charges an interest rate of 14.00% on her loan amount.
To find how the interest rate will impact her EMI she uses the ICICI Personal Loan EMI Calculator. Using this she found that her EMI is INR 6,980 for 60 months. And the total interest payment is INR 1,18,829.
So pack your bags and get ready for vacation with ICICI Personal Loan.