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Calculate ICICI Bank Personal Loan EMI

1000002000000
119
15
Total Payments-

₹2,000,000

Total Interest-
₹0
Principal Amount-
₹2,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹2,000,000
  • 10.75%
  • ₹0
  • 5
Updated:

ICICI Personal Loan EMI Calculator

ICICI bank is one of the most popular private sector banks and is a pioneer in retail lending. The most popular retail loan product is the personal loan. The bank's personal loans are available at a 10.75% interest rate per annum, which is very competitive. The most attractive aspect is the pre-approved personal loan that can be availed within seconds of placing a request. However, estimation of the EMI using the ICICI bank personal loan EMI calculator is as much required to assess your repayment capacity before applying for a personal loan.

How to use the ICICI bank personal loan EMI calculator?

The ICICI bank personal loan EMI calculator helps you in the assessment of the interest cost and the overall cost of the loan even before applying for the loan. It is a very simple tool that can be easily used by even persons who are not comfortable with tech products. Follow the steps enunciated below to use the ICICI bank personal loan EMI calculator.

  • Access the official website of the bank
  • You will find the ‘Loans” option on the dashboard.
  • Under the ‘Loans’ option ‘Personal Loan EMI Calculator
  • There is a slider bar for the loan amount, tenure and rate of interest.
  • Choose an amount ranging from Rs. 50000/- to Rs. 25.00 lakhs by moving the tab on the slider bar.
  • Similarly, choose the rate of interest and the tenure.
  • When all the components required for calculating the EMI are entered, you will get the EMI value instantly along with the total interest payable.

You can calculate the EMI several times by varying the loan amount and tenure till you arrive at the EMI that you are comfortable with.

ICICI Bank Personal Loan Interest Calculator Formula

All the banks and NBFCs apply a common formula for the calculation of the EMI. The Personal Loan EMI Calculation can be of two types. One where the interest is calculated by the flat rate method wherein the interest is applied on the originally sanctioned loan amount. The other method is the interest in reducing balance, where the interest is applied to the outstanding principal balance. Generally, the method adopted is the interest in reducing balance. The formula for the ICICI Bank Personal Loan interest calculation is     

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where

P is the principal    
R is the rate of interest and    
N is the tenure in months.

The ICICI Personal Loan EMI calculator can be used for the calculation. The total interest that will be payable for a given tenure will also be calculated along with the EMI. The amortization schedule will give the details of monthly interest. You will observe from the chart that initially the there is not much change in the interest charged as there will not be a considerable reduction in the principal amount. But in the latter part of the tenure, when the apportionment for principal starts increasing, the interest will start reducing as the interest is applied to the outstanding principal.

Also Check: ICICI CIBIL Score

Benefits of ICICI Bank Personal Loan EMI Calculator

Personal loans are provided to meet financial requirements like education expenses, debt consolidation, wedding expenses, medical expenses, business operations expenses, etc. With a personal loan, the end-user is not defined, and it is versatile. That is the reason it is convenient to go for a personal loan where there is no hassle of proving the end-use. Having said this, it is equally essential to be aware of the repayment capacity before applying for the loan. ICICI Personal Loan EMI calculator helps you with this awareness. The various benefits of the ICICI Bank Personal Loan EMI calculator are:

  • Helps speedy calculation with accurate results.
  • You can arrive at the EMI that does not pinch your pocket by calculating the EMI several times by changing the value of the variables. You can either change the tenure to arrive at the EMI by keeping the loan amount constant. Or else, you can keep changing the loan amount till you arrive at the desired EMI.
  • If you are well equipped with the eligible loan amount and the probable EMI, you will make it that much easier for the bank to process the loan. This will enable quick processing, and the turnaround time for the approval and the disbursement of the loan will reduce considerably.
  • If the EMI calculation had to be done manually, it would take ages. Moreover, there is a scope for errors with manual calculation, and you will e not be sure if you can plan your finances based on the value arrived at with the manual calculation. But the online personal loan EMI calculator eliminates this scope for errors as it gives 100% accurate results.
  • With the evaluation of the EMI using the ICICI Bank Personal Loan EMI calculator, it becomes easy to plan your budget to fit in the new commitment.

Additional Info: Check ICICI Insta OD facility.

Why should you use ICICI Bank Personal Loan EMI Calculator?

The  ICICI Bank Personal Loan EMI calculator should be used before approaching the bank for a loan for the following reasons.

  • To arrive at the EMI before applying for a loan so that you can manage the finances accordingly.
  • To know the loan amount that you are eligible for in proportion to the affordable EMI.
  • To get accurate results in the quickest time.
  • To make the loan processing simple and fast.
  • To ascertain the tenure that will help in fixing the EMI at a level that is easy on your pocket.

Additional Info: Also Check ICICI Bank Balance Check Number service.

ICICI Bank Personal Loan EMI Calculator To Estimate The EMI That Fits Your Budget

Estimation of the EMI to fit your budget will save you from the hurdle of EMI miss outs. Even a single instance of EMI missouts can scar your reputation. You will be listed as a defaulting borrower, and the lenders will become sceptical about providing you further financial assistance when in need. Besides the loss of reputation, there will also be a dip in your credit history that can negate any future chances of financial assistance from any lender as the credit score is the main yardstick to measure the applicant’s integrity and creditworthiness. So the primary requirement will be to arrive at an EMI that fits your budget using the ICICI Bank Personal Loan EMI calculator before applying for a loan in order to borrow within your means and make the whole loan journey a peaceful one.

Factors Affecting ICICI Bank Personal Loan EMI

Owing to the growing need of an average consumer, the demand for a personal loan is about to reach an all-time high. Easy access with flexible repayment and attractive interest rates as well as the multiple utility aspects makes the personal loan most sought after and widely accepted.

Though the personal loans are luring, you should consider certain factors that affect the EMI of the loan. If you ignore these factors and avail of the loan, you will end up in financial stress as you will not be able to manage the EMI promptly month after month. The factors that majorly affect the EMI are:

Loan amount: The loan amount that you have applied for will directly affect the EMI. The EMI will be higher if the loan amount is higher. So it is necessary to consolidate all your existing commitments and arrive at the surplus funds that will be available to service the EMI of the proposed loan. The loan amount should be adjusted in such a way that the EMI will be within the available surplus funds.

Tenure: The tenure is the period for which the repayment of the loan will be scheduled. The tenure should be adjusted in such a way that the EMI arrived at should be within your budget. The longer the tenure, the lower will be the EMI. You will have the option of making periodical repayments if you intend to lower the tenure in order to reduce the cost of the loan.

Interest: The rate of interest is the major factor that affects the cost of the loan. If the interest rate is higher, then the EMI will be higher, and so will be the cost of the loan. Before applying for a personal loan, it is advisable to compare the prevailing interest rates and the corresponding EMI of other top banks and then settle for a deal that best suits your financial arrangement.

Also Check: CIBIL Score Required for Personal Loan

What the personal loan EMI calculator cannot tell you?

The EMI calculator is the best tool that aids you in calculating the affordable EMI and gives you an idea of the overall cost of the loan for a given tenure and rate of interest. You will also be informed about the periodical outstanding principal balance. But what the Personal Loan EMI Calculator cannot tell you is about the following charges associated with the availing of the personal loan.

Processing charges: Processing charges to the extent of 0.50% to 2% of the loan amount will be charged at the time of application or while disbursing the loan amount.

Prepayment charges: Charges to the extent of 2% to 4% of the loan outstanding will be collected if the loan is pre-closed.

Penalty for delayed EMI: For every delayed EMI penalty at the rate of 2% of the outstanding EMI will be collected for the period it remained overdue.

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

ICICI Personal Loan EMI Calculator FAQs

Is it easy to use the EMI calculator?

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The EMI calculator is designed in such a way that even individuals who are not tech-savvy can do the EMI calculations easily by simply entering the loan amount, tenure and rate of interest.

Can prepayment charges be calculated with the EMI calculator?

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Though the EMI calculator can give an idea of the overall interest to be paid, the break up of the interest and the principal apportionment etc., it is not designed to calculate the prepayment charges. There is a limitation with reference to the other charges like the processing charges and various penalties collected for violations. 

What are the factors that affect the personal loan EMI?

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The three major factors that affect the personal loan EMI are the loan amount, tenure and the rate of interest. However, there are other factors that indirectly affect the personal loan EMI are the income, employment status, debt to income ratio, credit score and relationship with the lender. All these factors impact the loan amount and the rate of interest, which in turn will affect the EMI.

What is the interest application method adopted by ICICI Bank for the personal loan, and how is the EMI calculated?

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The interest is calculated on the reducing balance for personal loans provided by ICICI Bank. The formula for calculation of EMI when the method of interest calculation is the reducing balance method is 
EMI = [P x (R/100) x {1+(R/100)}^N]/[{1+(R/100)}^(N-1)] where
P is the principal
R is the rate of interest and
N is the tenure.

How to use the ICICI Bank Personal Loan EMI calculator?

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To use the ICICI Bank Personal Loan EMI calculator, you will have to access the official website of the bank. On the dashboard of the home page, you will find the ‘Calculators’ option. Under this option, choose the ‘Personal Loan EMI Calculator’ option. Enter the loan amount, rate of interest and tenure, and the EMI will be calculated instantly.