Tools for Managing ICICI Personal Loan Payment

icici personal loan

In a personal loan, the interest payment is the biggest concern of the borrower. He tries to find a way to reduce the interest payment. Well, if you borrow a personal loan from the ICICI Bank, you get an interest rate of 10.25% onwards. If you compare, you’ll see that ICICI offers the lowest personal loan interest rate in the market among the private lenders. So, if you’re in a financial hassle and have no way out, apply for an ICICI Personal Loan. Continue reading this page to find which tools will help you pay the borrowed amount.

Payment Method for ICICI Personal Loan

You can pay the ICICI Personal Loan by choosing any of the following methods –

Offline Payment

Visit the bank branch and submit a post-dated cheque (the date on which your EMI is due) in favor of your loan account. Upon clearing of those cheques, your EMI is paid and this way, the repayment will go throughout the tenure as opted by you.

In case any of your cheques bounce due to the unavailability of funds in the account or any other reason, you need to pay a penalty fee. So, be careful while writing cheques for ICICI Personal Loan EMI. 

Online Mode Of Payment

Pay your loan EMIs using the available payment options –

Standing Instructions

ICICI customers can pay their EMIs online using savings or a current account. Link your account with the loan account, so as the due date arrives the EMI is automatically debited from your account. To activate this feature, log in to your account and request the same by filling out a form. 


Use any of your UPI-enabled mobile apps and pay your loan EMI as the due date arrives. This facility is handy and as you use UPI on your day-to-day payments, so it won’t be hard to understand. Enter your loan account, and EMI amount and click on ‘Pay Now’.

Upon successful payment, you will get a notification on your mobile or email.

Which tool to Use Before Applying for an ICICI Personal Loan?

An ICICI Personal Loan EMI Calculator is available on the bank website. Using this you can find which tenure is suitable for you. You can slide the bar and change the loan, interest and repayment period values according to your preference. Once you are fixed on a tenure, interest and loan, click on ‘Calculate’.

Now, you can see the possible EMI of your ICICI Personal Loan. You should know your actual EMI won’t be as exact as the tool result. There may be a slight difference. This is because the interest may change at the time of loan booking.

Shorter tenure helps you get lower interest payments and longer tenure provides low EMIs. Well, make a calculative decision with the ICICI Personal Loan Tool for a smooth repayment during the tenure. 

Check out this example below to understand the tools working –

Asmeen is a 36 year old MNC employee who has been struggling to pay his debt. To get rid of the same, she thought of borrowing a personal loan. During her search for the loan, she came across the ICICI Bank and came to know about its exciting loan offer.

Before proceeding with the online application Asmeen uses ICICI Loan EMI Calculator. Inside the tool, she inserts the following –

  • Loan amount – INR 3 Lakh
  • Interest rate – 13.00% per annum
  • Tenure – 24 months

The EMI generated from the calculator is INR 14,263. It is not under Asmeen’s budget. So she changed the tenure to 48 months. Now, her EMI result is INR 8,048. This is much less than the previous result, so she goes with that.

So, from the above illustration of the ICICI Personal Loan EMI Calculator, you have learned how you can manage the payment of the borrowed amount. If you want to borrow a loan from ICICI Bank, use this trick. 

By Admin

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