Total EMI


Total Interest


Total Payments


Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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ICICI Bank Personal Loan EMI Calculator

During the course of life, there are multiple instances when a person needs a large sum of money available. Such events may be marriages, funding a child's education, buying a car or an appliance, emergency medical treatment, and so on. During such needs, Personal Loans help the individual to borrow the required amount of money and then pay back the loan along with interest over the tenure.

Personal Loans can be paid back in the form of Equated Monthly Instalment (EMI). The EMI is the fixed amount that a borrower pays a lender each month during the tenure of the loan. The EMI consists of two components - the principal component and the interest component. On timely payment of the monthly EMI on the specified date for the tenure of the loan, the loan is said to be paid off completely.

The EMI calculator is the easiest way to compute the EMI for a loan by feeding the loan amount, the tenure and the interest rate. The EMI helps an individual plan monthly finances and cash flows so as to service the loan without too much burden.

ICICI Bank Personal Loan EMI

  • ICICI Bank offers convenient and affordable Personal Loans to you. After securing a loan, you need to pay a monthly fixed amount towards repayment of the loan. This fixed amount is called a Personal Loan EMI (or equated monthly instalment). This fixed amount needs to be paid to the bank on a fixed day of each month till your loan is fully paid back.
  • ICICI Bank offers multiple options for convenient and affordable Personal Loans to select from based on your preference and cash flow availability. The bank provides Personal Loans with EMIs as low as 2,187 per Lakh for a 60-month tenure with attractive interest rates of 11.25%.
  • ICICI Bank allows you to choose the tenure of the loan based on your ability to service the loan. The EMIs for longer loan tenure shall be lower than that for a loan for the same amount for a shorter tenure.
  • Each EMI consists of two components - interest and the principal. Even though the EMI value remains constant, there is a change in the ratio of interest component and the principal component for every month. During the tenure of the loan, as you keep paying the EMIs the principal repayment component increases while the interest component reduces.

Factors Affecting ICICI Bank Personal Loan EMI

A Personal Loan EMI is dependent on three parameters - Loan Amount, Interest Rate, and the Loan Tenure.

  • Loan amount - This total amount is provided by ICICI to the borrower for a fixed interest rate and tenure. If you want a higher loan amount, you have to pay a higher EMI than that for a lower loan amount. For e.g. - EMI for a 1-year loan of 1,00,000 shall be higher than that for an 50,000 loan. ICICI Bank offers Personal Loans for a minimum loan amount of 50,000 which can go up to an amount of 40 Lakhs.
  • Interest rate - Interest rate is the cost of borrowing for your Personal Loan. Higher the interest rate on a Personal Loan, the more expensive is the loan and higher is the total interest paid during the course of repaying the loan. Higher interest rate increases your loan EMI as well as the total cost of the loan. At present, the lowest interest rate offered by ICICI Bank is 11.25%. However, it is advisable to do complete market research and compare rates online before you apply for a loan. ICICI bank offers better and attractive terms for their existing customers holding salary accounts.
  • Loan tenure - Loan tenure refers to the time during which the ICICI bank Personal Loan has to be repaid in monthly instalments during each month of the loan tenure. Longer the loan tenure lower is the loan EMI. Generally, ICICI Bank offers Personal Loans for a maximum tenure of 5 years.

Change in the Interest Rate During the Loan Tenure

Interest Rates are subject to market conditions. The Reserve Bank of India (RBI) regulates the interest rates and depending on the standard repo rates declared by the RBI, the interest rates vary.

ICICI bank offers Personal Loans at fixed, floating or hybrid interest rates.

  • For fixed interest rates, you need not worry about the RBI interest rates. Your interest rate is fixed for the entire loan tenure.
  • For a floating interest rate, the interest rates change depending on the RBI policy rates and the bank.
  • For hybrid interest rate loans, a combination of fixed and floating rate is taken.

Typically, during the initial period of the loan, the interest rates are fixed and subsequently, the interest rates are switched to floating.

Prepayment of the Loan Amount

It is possible that you have a sudden cash flow from a gift received or a bonus from your employer. During such times, it is prudent to prepay the loan so that your total borrowing comes down. ICICI Bank allows prepayment of the loan amount by making lump sum payments after a specific time based on the terms and conditions. Usually, there are some prepayment charges that are deducted from the amount you prepay as penalty charges. These charges are levied on the outstanding principal amount. Typically, this is up to 5% per annum of the outstanding amount plus GST. Sometimes, the bank can also waive this prepayment fee subject to certain terms and conditions.

Change in Loan Tenure

ICICI Bank provides a facility to change the Loan Tenure of your Personal Loan. However, this change in Loan Tenure can drastically change your EMIs and hence one has to consider your budgets and future cash flows before opting for a change in loan tenure. An increase in loan tenure shall reduce your EMI. However, for such a change there are penalty charges as well.

Loans with Flexible Repayment Options

ICICI Bank offers Personal Loans with flexible repayment options so that you can adjust your EMIs based on your future cash flows. For example, a Step-up Personal Loan has a lower EMI during the initial stages of the loan and the EMI increases as you progress during the tenure of the loan. Similarly, there are Step-down loans that have higher EMIs at the beginning and lower EMIs at the end.

You should decide the EMI that you can afford based on your monthly cash flows and comfort with which you can make monthly payments. Personal Loan EMI calculator helps you evaluate multiple options before you take a final call of taking up the loan.

ICICI Bank Personal Loan Calculator Formula

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

Here is an illustration of how ICICI Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount. This can range from 50,000 to 30 Lakh

r = Rate of interest per month. The current rate is 11.25%. So, r = 11.25/12 % monthly

n = tenure in month. For ICICI Bank personal loan, the maximum n can be 60 months

Tips to Decide the Right Amount of EMI

Decide the amount you need to borrow: Before approaching the bank for a Personal Loan, you have to decide the amount that you need to borrow. Since a Personal Loan is an unsecured loan, the interest rates that you lay on such loans are quite high. Hence, it is advisable to borrow according to your need and keep the borrowing to a minimum so that you can easily service the loan amount.

Decide on the tenure: You need to choose the right tenure of loan that you can comfortably service. If you can service higher EMIs, you must opt for lower loan tenures. Having a higher tenure of the loan will lead to you having a higher interest outgo.

Review your current obligations: You must review all your monthly expenses and cash inflows and outflows before opting to take a Personal Loan. You must also take into account any of your current loans and Credit Card payments before deciding to take up a Personal Loan. This assessment shall help you understand how much monthly EMI you can afford for the loan. This will help decide your loan tenure.

Calculate your ICICI Bank Personal Loan eligibility: Repayment capacity, monthly income, and expenses, your credit history are some of the key determinants of your ICICI Bank Personal Loan eligibility.

Calculation of the Loan Eligibility: ICICI Bank will calculate your loan amount eligibility based on the two methods given below. The sanctioned loan amount shall be the lower of the two values:

Multiplier based loan amount eligibility: In case you are a salaried individual opting for ICICI Bank Personal loan, the bank calculates your loan amount eligibility by applying a multiplier to your net take home salary.

ICICI Bank uses a formula to calculate the loan amount:

Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18).

The multiplier is a factor that is based on a bank's internal categorization of your employer, its reputation, stability, size and growth in turnover.

FOIR based loan amount eligibility: As a part of the internal calculation in deciding the loan eligibility, ICICI Bank estimates your Fixed Income to Obligations Ratio (FOIR). The FOIR shall help the bank ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank calculates the total amount that a typical borrower is able to save out of his salary based on the typical monthly expenses in the area of his residence and his current EMIs if any. In this way, the bank will calculate your fixed obligations monthly and then the FOIR is calculated. ICICI Bank lends up to a maximum FOIR of 0.45. The FOIR gives the maximum amount of EMI that you can service based on your current income. This will help estimate the loan eligibility. To improve your loan eligibility, you may consider paying other current loans if possible.

A Quick Guide on ICICI Bank Personal Loan

Purpose of Loan: ICICI Bank offers Personal Loans in case of emergency or important occasions. ICICI Bank Personal Loan can be taken for funding medical emergency treatments, funding children education, paying additional debts, marriage expenses, and other short-term finance requirements.

Key Features

  • Loan available for both salaried individuals and self-employed.
  • Borrowers within the age group of 23 and 58 years.
  • Loan amount of minimum 50,000 to 40 Lakhs.
  • Loan Tenure 1 to 5 years.
  • Interest rates in the range of 11.25% to 22.00%.
  • Lowest EMI of 2,187 per Lakh.

Processing Fee: Up to 2.25% of the loan amount plus GST. This is to be paid at the time of loan application.

Special Schemes: ICICI Bank offers special customised Personal Loan interest rates and special schemes for borrowers working in reputed companies, banks or government depending on the relationship with the banks.

Personal Loan EMI Calculator ICICI Bank - How it Works?

ICICI Bank Personal Loan EMI calculator uses three parameters to compute the EMI - Loan Amount, Interest Rate and Loan Tenure.

Please note that ICICI Bank EMI calculator considers "reducing balance basis" method to calculate the EMI. This means that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance. In other words, the interest for the month is due at the end of the month.

Personal Loan EMI changes in case of prepayment: In case you opt to prepay your Personal Loan, the total outstanding balance on your loan reduces. After deduction of certain prepayment charges, ICICI Bank gives you two options post prepayment:

  1. Reduce your loan tenure and keep EMI on your loan unchanged:Using this option, you can close your loan earlier and also save on the total interest outgo. This option is suitable for borrowers can continue servicing the same level of EMIs.
  2. Reduce the amount of EMI and keep your loan tenure same:Using this option, your EMI shall reduce while having to service the loan for the entire loan tenure. This helps you increase the availability of monthly surplus which you can use or invest for other purposes. If you are anticipating an increase in monthly personal expenses and want to reduce monthly EMI obligations, you can use this option.

How to Use MyMoneyMantra's Loan EMI Calculator?

MyMoneyMantra has developed a user-friendly and easy to use EMI calculator to calculate EMI. You have to follow the simple steps mentioned below to get EMI:

  1. Log on to the MyMoneyMantra's EMI calculator page listed under the financial tools tab of the website.
  2. Enter the three loan parameters for computing EMI - amount, interest rate, and tenure.

As soon as you the loan parameters, you instantly get your monthly payable EMI amount.

You can try various combinations of principal and tenures to arrive at an EMI that suits your monthly cash flow profile.

FAQs on ICICI Bank Personal Loan EMI Calculator

Why should I calculate ICICI Personal Loan EMI before taking a loan?

Knowing your monthly EMI before taking a loan is advisable so as to:

  • Decide whether your monthly income and expenses allow you to service the EMI regularly in a comfortable manner.
  • Plan your monthly expenses and spends according to the EMI.
  • Compute EMI amount in case you opt for prepayment of Personal Loan in the future.

What is the lowest EMI per lakh offered by ICICI Bank on a Personal Loan?

For a new applicant, currently, ICICI Bank offers personal loans at 11.25% interest rate. Based on this interest rate, the lowest EMI per Lakh of the loan amount works out to be 2,187. ICICI Bank, however, can offer special rates to salary account holders or existing customers and hence the EMI per Lakh for such customers shall be different. Please contact the bank for more information.

What are the prepayment charges on ICICI Bank?

ICICI Bank allows prepayment of the personal loan after 6 months at a fee of up to 5% of outstanding loan amount plus GST.

Is there any processing charge on a Personal Loan from ICICI Bank?

Yes, Personal Loans from ICICI Bank have a processing fee of up to 2.25% of the sanctioned loan amount plus GST.

How does a Personal Loan repayment happen?

Personal Loan repayments are made in the form of equated monthly instalments (EMIs) from the bank account of the applicant. Typically, at the time of loan disbursement, the customer has to provide a few post-dated cheques and submit the ECS mandate allowing the banks to auto-debit the EMI directly from the bank account of the customer at pre-specified dates.

Can I apply for a Personal Loan with ICICI with a co-applicant?

Yes, you can opt for a co-applicant to take a Personal Loan from ICICI Bank. Doing so can increase your Personal Loan eligibility as the loan eligibility calculation will consider the income of the co-applicant as well.