ICICI Personal Loan for Zero Tax Liable Individuals In the Union budget 2020, Finance Minister Nirmala sitharaman cleared it out that individuals with an annual income of INR 2.5 to 5 lakh don’t have to pay any tax. And this offers a huge benefit to the employers and salaried class. If you need funds during the low financial situations then ICICI Bank provides personal loans for you. Read this article to know about ICICI personal loan and its benefits. What is ICICI personal loan eligibility criteria for applicants? ICICI Bank provides loans to those individuals who come under the age group of 23 to 58 years. And the minimum monthly income of the applicant should be INR 17,500 and above. The loan amount will be sanctioned instantly and disbursed in 3 seconds to your account. A maximum of INR 20 lakh can be borrowed from ICICI Bank at a starting interest rate of 11.25% per annum. And the repayment period for the loan amount is 5 years, you can calculate the equated monthly installment of your loan using the ICICI personal loan calculator. You can take advantage of the new tax regime of the union budget 2020 and save from your monthly income and borrow a loan from the ICICI bank. The bank applies the interest on your loan amount checking your income and liabilities. And the tax slabs put nil tax on an annual salary up to INR 5 lakh. How is the EMI calculator used? To use the ICICI personal loan calculator, you need to visit the ICICI bank official website. Just insert the details of your loan to generate the future EMI. With the help of the EMI calculator, the borrower can select a suitable tenure and pay the loan interest and principal amount. For example, if your loan amount is INR 8 lakh and interest is 12.00% for 5 years. Then you can know your EMI using ICICI personal loan calculator that would be INR 17,796. And the total payable interest on your loan will be INR 2 lakh. Get ICICI personal loan via Netbanking You can apply for a personal loan from ICICI Bank using its net banking services. Visit the ICICI bank website and choose “personal loan” from the product section. Click on the “Apply Now” button then fill up the loan application form. Upload the required documents like KYC proof and income documents to complete the loan procedure. After that, you need to pay a processing fee for ICICI personal loan that can be 1% to 2.25% of the loan amount. The borrowed amount and the applied interest you can pay through payment methods like Electronic clearing services (ECS), post-dated cheques (PDCs) or auto-debit. The timely payments are necessary to avoid the late payment fee on the loan EMIs. So, if you want funds
to manage high-end expenses for the wedding, medical emergencies, education, etc. then apply for ICICI Bank personal loans. You can reduce the EMI and loan tenure of the loan by making a prepayment. Just pay 5% of the outstanding balance as a prepayment fee to the bank and pay the amount to reduce your loan principal amount.