ICICI Personal Loan EMI Calculator

Check the EMI for your ICICI Personal Loan by providing the Loan Amount, Interest rate (per annum), and loan tenure (in months) details.

How Does ICICI Personal Loan Calculator Work?

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.

Advantage and Features of The Buddy Loan EMI Calculator

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.

Factors Affecting ICICI Personal Loan EMI

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.

Tips to Plan Your Loan With ICICI EMI Calculator

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.