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ICICI Personal Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

The ICICI personal loan EMI calculator helps you determine the EMI amount so that you can comfortably borrow and pay at a pace that's easy for you. The calculator allows you to choose the tenure and decide whether you need to choose a long-term or a short-term repayment duration. You can also adjust the principal amount for affordability. Since the principal amount is directly proportional to the EMI amount, it would mean that if the principal amount increases, the EMI amount decreases, and vice versa.

Personal loans offer a quick and easy solution to all your urgent financial needs. A personal loan is an unsecured loan and it has many advantages over other forms of credit, like credit cards, and informal loans from friends, family members, or untrustworthy financiers. Individuals with a minimum age of 21 years can apply for a personal loan and they have to be gainfully employed or self-employed.

Equated Monthly Installment or EMI is the fixed amount a borrower pays every month towards the repayment of their loan. An EMI has two components - the principal and the interest. The EMI is usually paid on a fixed date every month.

How Does The ICICI Personal Loan EMI Calculator Work?

If you need to calculate the EMI of your personal loan, you need to use the below formula:

EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)

Where,

P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

You are planning to take a loan for ₹5.2 lakhs to finance your needs. The interest rate of your personal loan is 9% and the tenure of the loan is 4 years. Here’s how you can calculate the monthly EMI amount you need to pay toward your personal loan.

EMI = 5,20,000 x 0.09/12 x (1 + 0.09/12)^48 / [(1 + 0.09/12)^48 - 1]
EMI = 5,20,000 x 0.0075 x 1.43140 / (0.43140)
EMI = 5582.46 / 0.43140
EMI = ₹10,940

So, if you take a personal loan for ₹5.2 lakhs at an interest rate of 9% and the tenure of the loan is 4 years, you would have to pay an EMI of ₹10,940 every month.

How Should You Use The ICICI Personal Loan EMI Calculator?

The ICICI personal loan EMI calculator uses the data you enter to compute the EMI calculations. Here's how you can use the calculator:

  • Enter the personal loan amount you intend to borrow from the lender.
  • Type in the interest rate you are looking to avail of the personal loan.
  • Enter the loan tenure or duration of the personal loan.

When you give all the details, the calculator will use the information and compute the EMI amount you have to pay every month toward the loan.

Example:

Ms. Emily needs a personal loan to renovate her house. She needs a loan for ₹3.4 lakhs and the interest rate for the loan is 11%. The tenure of the loan is 3 years. Let’s calculate the EMI amount for Emily’s loan.

EMI = 3,40,000 x 0.11/12 x (1 + 0.11/12)^36 / [(1 + 0.11/12)^36 - 1]
EMI = 3,40,000 x 0.00916 x (1.38854) / (0.38854)
EMI = 4324.46898 / 0.38854
EMI = ₹11,130 (approximately).

So, if Emily takes a personal loan for ₹3.4 lakhs at an interest rate of 11% and a tenure of 3 years, she would have to pay an EMI of around ₹11,130 every month for three years.

Benefits Of Using The ICICI Personal Loan EMI Calculator

The ICICI personal loan EMI calculator offers several advantages to users. We have mentioned a few of them below.

  • A personal loan EMI calculator helps you plan your finances effectively and easily.
  • The calculator shows you the monthly amount you need to set aside to repay your personal loan over the prespecified period of time. This can help you in planning your finances.
  • The calculator is free of cost and can be used as many times as you want at your convenience.

ICICI Personal Loan Calculator - FAQs

How is personal loan eligibility calculated?
The eligibility to get a personal loan depends upon an individual's occupation, account relationship with our bank or the other bank, income, and CIBIL score. The eligibility is based on specific guidelines, including certain parameters such as repayment capacity, repayment period, and account relationship.
What happens when you partially prepay the loan?
You have the option of prepaying your loan account partially or fully. Even though repaying your loan early lowers your future EMI payments, banks may stipulate a time period before which the prepayment cannot be initiated and may even charge a prepayment penalty.
What happens if you skip your EMI?
If you default on your EMI, the bank will charge a late payment fee. Also, your EMIs may tend to be more in the future. On top of that, your credit score might also be affected. So, it is better to plan your finances properly.