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ICICI Bank Personal Loan EMI Calculator

Calculate EMI instantly with the personal loan EMI calculator by ICICI Bank and plan your repayments smoothly.

The ICICI Bank Personal Loan EMI Calculator allows you to quickly estimate your monthly instalments. By entering the loan terms, you can determine your EMI instantly and plan your finances effectively. Using an EMI calculator promotes transparency, saves time, and enables you to compare different loan options before applying.
Your Personal Loan EMI
₹ 85,929
Total Interest Amount

₹ 15,572

Principal Amount

₹ 5,00,000

Total Payable Amount

₹ 5,15,572

Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months arrow-down-img
  • Years
- +
Min value reached
Max value reached

When you input the loan amount, interest rate, and tenure, the calculator immediately displays your monthly instalments. This helps with better financial planning by giving you an advance estimate of the EMIs. 

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Calculation of the EMI Amounts of an ICICI Bank Personal Loan

When applying for a personal loan, it is essential to know your monthly EMI obligations. This helps you choose the most suitable loan amount and tenure. It also helps you understand the impact of the interest rate on your EMIs. 

You can calculate your ICICI Bank Personal Loan EMI manually using the formula or use the Personal Loan EMI Calculator available on Bajaj Markets. By entering the loan amount, tenure, and interest rate, you can view your repayment schedule and plan your finances efficiently.

The standard formula to calculate EMIs is:

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

Where:
P = Principal Loan Amount
R = Monthly Interest Rate (Annual Rate of Interest/12/100)
N = Loan Tenure (in months)

Example

Say you take a personal loan of ₹5 Lakhs from ICICI Bank at an interest rate of 10.60% p.a. for a tenure of 6 months:

  • Principal Amount: ₹5,00,000
  • Interest Rate: 10.60% p.a.
  • Loan Duration: 6 months

With these terms, your EMI is approximately ₹85,929, including both interest and principal components. The following table provides a detailed breakdown of both components throughout the loan tenure:
Loan Amount Tenure (Months) Interest Rate Principal Amount Payable Interest Amount Payable

₹5 Lakhs

1

10.60% p.a.

₹81,512

₹4,417

₹5 Lakhs

2

10.60% p.a.

₹82,232

₹3,697

₹5 Lakhs

3

10.60% p.a.

₹82,958

₹2,970

₹5 Lakhs

4

10.60% p.a.

₹83,691

₹2,237

₹5 Lakhs

5

10.60% p.a.

₹84,430

₹1,498

₹5 Lakhs

6

10.60% p.a.

₹85,176

₹752

Disclaimer: The EMI calculations are for illustration purposes only. Actual figures may vary depending on the loan terms.

Benefits of Using an ICICI Bank Personal Loan EMI Calculator

This personal loan EMI calculator delivers precise results, saves time, and is simple to use. Key advantages of using this tool include:

  • Real-time Comparison

By entering your desired loan terms, you can quickly compare different options or plans, if available. Comparing EMIs and total repayment costs allows you to select the option that best fits your financial requirements.

  • Accurate Calculations

The calculator automates EMI computation, reducing the risk of manual calculation errors. This ensures your EMI and interest estimates are reliable and accurate.

  • Time-saving

Manual calculations can be tedious and prone to mistakes. The calculator provides instant and accurate results, helping you save time and plan efficiently.

  • Free Calculations

You can test different loan amounts, interest rates, and tenures at no cost. This makes it easy to evaluate multiple scenarios and choose the most suitable repayment plan.

  • Easy to Use

The interface is clear and intuitive, making it simple to understand EMIs, total interest payable, and amortisation details. Even first-time users can navigate the tool effortlessly.

  • Amortisation Schedule

You can track how your EMIs gradually help repay your loan over time. This understanding helps you plan prepayments, foreclosures, or balance transfers more effectively.

  • Convenient and Accessible

The calculator is available online and can be accessed anytime and from anywhere. This flexibility allows you to plan your finances at your convenience.

Factors Affecting the ICICI Bank Personal Loan EMIs

Your ICICI Bank Personal Loan EMI is influenced by several factors that determine both the monthly repayment and the total interest payable. Understanding these elements can help you plan your loan more effectively.

  • Loan Amount

A higher loan amount increases the EMI, as a larger sum needs to be repaid in monthly instalments. Borrowing an amount within your repayment capacity ensures manageable EMIs.

  • Loan Tenure

Extending the loan tenure reduces the monthly EMI but increases the total interest paid over the loan period. Conversely, a shorter tenure raises the EMI but lowers the overall interest cost.

  • Interest Rate

The interest rate directly impacts your EMI. Higher rates result in bigger monthly instalments, while lower rates make the EMIs more affordable.

  • CIBIL Score

A higher CIBIL score can help you secure a lower interest rate, reducing your EMI. On the other hand, a lower score may lead to higher EMIs due to increased interest charges.

  • Existing Liabilities

Your debt-to-income ratio affects your EMI and loan eligibility. Lower existing liabilities indicate better repayment capacity, potentially allowing you to access lower interest rates and more manageable EMIs.

Check Other Lenders Providing Personal Loan EMI Calculators on Bajaj Markets

Frequently Asked Questions

How accurate is the EMI calculated by ICICI Bank’s Personal Loan EMI Calculator?

The EMI shown is an estimate based on your inputs. It provides a close approximation of your monthly instalments. The actual EMI amounts may differ due to exact loan terms.

The ICICI Bank Personal Loan EMI Calculator shows how different loan amounts impact your monthly payments. It helps you select a loan that comfortably fits your budget and repayment ability.

The calculator handles one loan at a time. To plan for multiple loans, you can calculate EMIs for each separately and then combine them to understand your total monthly repayment.

The EMI for a personal loan of ₹10 Lakhs from ICICI Bank depends on the loan tenure and interest rate. For instance, with an interest rate of 10.60% per annum and a tenure of 60 months, the monthly EMI is approximately ₹21,543. On the other hand, with a tenure of 12 months, the EMI will be ₹88,195.

You can reduce your ICICI Bank Personal Loan EMI by making a part-prepayment, which lowers the outstanding principal and reduces your EMI. Choosing a step-down EMI plan, if available, or negotiating better terms based on an improved credit score can also help lower your monthly payments. You can also choose a longer tenure to reduce the EMI amount.

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