ICICI Bank Personal Loan: Money has a strange way of surprising us. One day everything is smooth, and the next day you suddenly need funds maybe for your sister’s wedding, maybe to cover medical bills, or just to manage some urgent personal expense. In such moments, a personal loan feels like a quick lifeline. And ICICI Bank is often the first choice for many people because of its speed and trust factor. But the main question is simple if you take a ₹2 lakh loan from ICICI Bank, how much EMI will you have to pay every month? Let’s break it down in the easiest way.
EMI Based on Loan Tenure
ICICI Bank generally offers personal loans at interest rates between 10.5% to 16% per year, depending on your credit score and profile. For our calculation, let’s assume an 11% interest rate. Here’s how the EMI looks
Read more: CIBIL Score: What You Need for a ₹6 Lakh Personal Loan
| Loan Amount | Tenure | Interest Rate | EMI per Month | Total Interest | Total Payment |
| ₹2,00,000 | 3 Years (36 months) | 11% | ₹6,548 | ₹35,728 | ₹2,35,728 |
| ₹2,00,000 | 5 Years (60 months) | 11% | ₹4,348 | ₹60,880 | ₹2,60,880 |
So if you finish the loan in 3 years, you’ll pay a heavier EMI of ₹6,548 but save a lot on interest. If you stretch it to 5 years, your EMI drops to just ₹4,348, but you end up paying almost double the interest.
Processing Fee
Along with EMI, ICICI Bank also charges a one-time processing fee of about 2.5% of the loan amount. For ₹2 lakh, this comes to around ₹5,000 plus GST. This fee is deducted when the loan is given, so the actual money credited to your account will be slightly less than ₹2 lakh.
A Real Example
Take the case of Neha, a young IT professional in Pune. She needed ₹2 lakh for her brother’s higher studies. Her salary was decent, but she didn’t want to feel the monthly pressure of a big EMI. So she went for the 5-year option. Her EMI was just ₹4,348 easy to manage along with rent and daily expenses. Yes, she will pay more interest in the long run, but the comfort of having a lighter EMI every month gave her peace of mind. And sometimes, peace matters more than saving a few thousand rupees.
Conclusion
If you borrow ₹2 lakh from ICICI Bank, your EMI will be around ₹6,548 for 3 years or ₹4,348 for 5 years, depending on the tenure you choose. The processing fee will be roughly ₹5,000 plus GST. Choosing a shorter tenure saves you interest but requires higher monthly payments, while a longer tenure keeps EMIs easy but costs you more overall.
Disclaimer
This article is only for educational and general knowledge purposes. Loan rates, EMIs, and processing charges can change depending on ICICI Bank’s current policies and your personal profile. Always confirm the exact details with the bank before applying.
