Check the EMI for your ICICI Personal Loan by providing the Loan Amount, Interest rate (per annum), and loan tenure (in months) details.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
Availing an ICICI personal loan comes with a financial commitment that you must fulfil every month in the form of an Equated Monthly Instalment (EMI). The EMI is a fixed sum of money that is an important part of your personal loan repayment plan which comprises both the principal amount and interest gathered over a specific tenure. Whether you take a personal loan for wedding, travel, education or home renovation purposes, calculating your EMI is important to ensure that you can afford the loan.
Calculating your EMI can be done in two ways, by using a online personal loan EMI calculator or by using the EMI formula.
To calculate your EMI without an ICICI personal loan calculator you can use the formula:
E =[P x R x (1+R)^N]/[(1+R)^N-1]
E = monthly instalment.
P = principal amount.
R = rate of interest.
N = tenure in months.
Let’s imagine the principal amount (P) to be ₹5,00,000
Rate of interest (R) is 10%
Teure (N) is 5 years
Rate of interest (per month) = 10/ 12 / 100
Tenure (in months) = 5 years (60 months)
Using the formula:
EMI = ₹5,00,000 x 0.833 x (1+ 0.833)^60 / [ (1+0.833)^60 - 1]
Therefore, the EMI you need to repay every month will be ₹10,624
The ICICI bank personal loan calculator is easy and convenient to use. You can quickly and efficiently get your EMI amount for your personal loan in minutes, just follow these simple steps to understand how it works:
Step 1: Visit the EMI calculator webpage.
Step 2: Enter the required information like your loan amount, tenure and interest rate.
Step 3: Your EMI amount will be displayed within seconds along with the interest payable for the loan.
The Buddy Loan EMI calculator has many features that you can benefit from. It is available on the website or you can also download the Buddy Loan App from Google Play Store or the Apple Store. The calculator will provide you with an accurate estimate of your EMI amount and along with it, there will be a pie chart, a table and a graph.
Pie chart: Provides you with a breakdown of the total loan payment which includes the principal and interest rate in percentage. It will also display the total loan payable which includes the total principal + interest.
Table: Displays a year-wise & month-wise breakdown of your loan payment. The breakdown will include your principal amount, interest, total payable amount (principal + interest), balance and an up-to-date percentage of the paid loan.
The major advantage of the Buddy Loan calculator is that it provides you with a clear overview of what your loan repayment will look like throughout your loan tenure. This clear demonstration will help you plan your finances better for a hassle-free repayment period.
An EMI for a personal loan can be influenced by various factors. The key factors that will affect your ICICI personal loan EMI are:
Loan amount: Your loan amount will influence your EMI amount, the higher the loan amount the bigger the EMI will be.
Interest rate: A high interest rate will lead to a higher EMI amount. However, a low interest rate will lead to a lower EMI amount.
Loan tenure: A long tenure will lead to a lower EMI. However, this will lead to you paying more interest.
Fixed or floating rate: The type of interest rate will also affect your EMI. A fixed interest rate will remain the same throughout the loan tenure, while a floating rate will fluctuate depending on the market and economic conditions.
Processing fee: A high processing fee will result in a slight increase in your EMI. This is because some lenders will add the processing fee to the EMI.
Prepayment and foreclosure: Prepayment or foreclosure of a loan will impact your EMI. This is because a large payment will significantly reduce your loan balance.
Credit score: An excellent or good credit score will get you a low interest rate which will result in a lower EMI amount.
Insurance premiums: If you take a loan insurance, the premium might be included in your loan EMI.
Loan terms and conditions: Different lenders will set different terms and conditions which can affect the EMI.
Planning your loan with an ICICI bank loan calculator will help you manage your finances in a well informed manner. Here are some helpful tips on how to effectively use the ICICI EMI calculator:
Understanding your financial capability: Using a calculator will help you assess your monthly income, expenses and savings. It will help you create a budget to allocate towards your monthly repayments.
Accurate loan amount and interest rate: You can determine how much loan amount you will take depending on your affordability at particular interest rates.
Select the right loan tenure: Using the EMI calculator, you can check out which loan tenure will be comfortable for you. A longer tenure will result in a lower EMI and a shorter tenure will lead to a higher EMI.
Prepayment option: You can plan for prepayment by using the calculator as well. You can use the calculator to see how making additional payments will reduce your overall interest.
Unexpected challenges: By knowing how much EMI you need to pay, you can also plan for unexpected changes in income or any unforeseen expenses. This is to ensure that you have a financial cushion to land on when unexpected costs arise.
Check other Banks EMI Calculator from below:
|HDFC Personal Loan EMI Calculator||SBI Bank Personal Loan EMI Calculator|
|Kotak Personal Loan EMI Calculator||Axis Bank Personal Loan EMI Calculator|
|Bank of Baroda Personal Loan EMI Calculator||PNB Personal Loan EMI Calculator|
|Canara Bank Personal Loan EMI Calculator||IDFC First Bank Personal Loan EMI Calculator|
|Yes Bank Personal Loan EMI Calculator||Bank of India Personal Loan EMI Calculator|
|IndusInd Bank Personal Loan EMI Calculator||Indian Bank Personal Loan EMI Calculator|
|Standard Chartered Loan EMI Calculator||IOB Personal Loan EMI Calculator|
|UCO Bank Personal Loan EMI Calculator||Citi Bank Personal Loan EMI Calculator|
|Central Bank Personal Loan EMI Calculator||Federal Bank Personal Loan EMI Calculator|
|Bandhan Bank Personal Loan EMI Calculator||RBL Bank Personal Loan EMI Calculator|
Ready to take next step ?
The ICICI personal loan EMI can be calculated by using the EMI calculator given above or by using the calculating formula E=[PxRx (1+R)^N]/[(1+R)^N-1]
You can pay your ICICI personal loan EMI via internet banking, mobile app, auto-debit or SI, cash or Cheque deposit, NEFT/RTGS, ATM funds transfer, cheque drop box, mobile wallets/ UPI or online payment services.
No, using an EMI calculator is free of cost.
You can use the ICICI bank loan EMI calculator any number of times. There is no restriction.
Yes, the Buddy Loan EMI calculator can be used for free anytime you want.
The interest rate for ICICI bank personal loans is 10.50% - 16.00% p.a.
Yes, it is important to use an EMI calculator as it shows if you can afford a loan, it helps you plan and also manage your finances better.
You can use this formula: E= [P x R x (1+R)^N]/[(1+R)^N-1] to calculate your EMI.
Using an EMI calculator is easy, all you need to do is input your loan amount, interest rate and tenure. Click ‘Apply Now’, and you will get your estimated amount.
If your application has been rejected, you must first understand the reason for the rejection, review your credit report, strengthen your financial profile, consider other lenders like Buddy Loan or seek professional advice.
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