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Features and benefits
Enjoy these features and benefits with a Rs. 20 lakh loan at ICICI Bank:
No end-usage restrictions
Ample loan amount of up to Rs. 50 lakh to cover various expenses
Repayment tenure ranges from 12 to 72 months
Minimal documentation requirements
Eligibility Criteria and Documents required
Rs. 20 lakh loan EMI plan
When you borrow a Rs. 20 lakh loan, your Rs. 20 lakh Personal Loan EMIwill largely depend on your interest rate and repayment tenure. At ICICI Bank, the Personal Loan interest rate ranges from 10.85% to 16.65% per annum and you can choose a repayment tenure of 12 to 72 months. Based on your loan plan, your EMIs will be as follows for a loan at 16.00% interest rate:
| Repayment Tenure | EMI Amount | Interest Payable |
|---|---|---|
| 12 months | Rs. 1,81,462 | Rs. 1,77,541 |
| 24 months | Rs. 97,926 | Rs. 3,50,229 |
| 36 months | Rs. 70,314 | Rs. 5,31,306 |
| 48 months | Rs. 56,681 | Rs. 7,20,667 |
| 60 months | Rs. 48,636 | Rs. 9,18,167 |
| 72 months | Rs. 43,384 | Rs. 11,23,625 |
| 84 months | Rs. 39,724 | Rs. 13,36,827 |
Choosing an appropriate Personal Loan repayment tenure
As per the above EMI plan, if you opt for a longer repayment tenure, the monthly payable EMI amount decreases, but the total interest payable amount increases. Therefore, choosing the shortest possible repayment tenure with EMIs you can easily afford is key. A Personal Loan calculator helps with these calculations instantly. Enter your loan amount, interest rate and loan term in the online tool for instant results. You can evaluate your budget and expenses to choose an appropriate EMI plan and repayment tenure.
Steps to apply for a Personal Loan at ICICI Bank
Are you looking for a Rs 20 lakh loan at ICICI Bank? Follow these steps to apply:
- 01.Select your loan amount and tenure
- 02.Provide your personal and work related details
- 03.Review your loan amount and tenure
- 04.Confirm the details of your loan application
- 05.Get the loan disbursed
A financial emergency can emerge and exhaust your savings without warning. It may affect your finances significantly, leaving you in a crunch for a long time. The best way to cover such expenses without disrupting your emergency funds is to borrow a Personal Loan from ICICI Bank. With a Rs. 20 lakh loan, you can cover various expenses and safeguard your savings at the same time.
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