ICICI Personal Loan EMI Calculator

Want to avail a personal loan but don’t know the exact calculation of your monthly installments? Well, all your confusions will come to an end with the ICICI Personal Loan EMI Calculator. Yes, this smart online tool helps you in taking a calculative decision by giving you a quick access to your future EMIs. Know more about this magical device below.

How to Use the Wishfin ICICI Personal Loan Calculator?

Wishfin EMI calculator calculates the Equated Monthly Installment (EMI) in a few easy steps. Talking about an EMI, it is a fixed payment amount that one is liable to pay to the lender every month. EMIs are used to pay off both the interest and principal amount each month. The ICICI personal loan EMI calculator by Wishfin takes into account the below credentials:

• Loan Amount
• Tenure
• Rate of Interest

Based on details, the calculator will give you the result of EMI, total interest outgo and total amount. It is easy to understand the exact calculation with a graphical representation available online.

Example of ICICI Bank Personal Loan EMI Calculation

Below is a table showing ICICI personal loan interest rate & tenure wise per lakh EMI calculation

Formula to Calculate Your ICICI Bank Personal Loan EMI

To calculate your EMI, you need to use the below formula:

E= P x R (1+r)^n/((1+r)^n – 1)
In this:

• E=EMI
• P=Principal Loan Amount
• r=Monthly Interest Rate
• n=Monthly Loan Tenure

If the principal amount is ₹ 1 lakh with a rate of interest at 10% and tenure of 5 years, the EMI will be as given below:

• Principal Amount (P): ₹1,00,000
• Interest Rate (R): 10% per annum (which is 10/12/100 = 0.0083 per month)
• Loan Tenure (n): 5 years, or 60 months

Here’s how you will get the EMIs:

[1,00,000 x 0.0083 x (1 + 0.0083) ^ 60]/[(1+0.0083) ^60 -1] = 2,124.

The EMIs you will be required to pay is ₹ 2,124.

ICICI Bank Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

ICICI Personal Loan EMI Calculator Details

In the below tables, you can look at the EMI amount for different loan amounts at the end of different periods at an ICICI Bank personal loan interest rate of 10.99% to 18.49% per annum.

ICICI Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 10.99% per annum

You can look at the EMI amounts for a period of 2, 3, 4 and 5 years respectively for a loan amount ranging from 1 lakh to 15 lakh at an interest rate of 10.99% per annum.

ICICI Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 18.49% per annum

You can look at the EMI amounts for a period of 2, 3, 4 and 5 years respectively for a loan amount ranging from 1 lakh to 15 lakh at an interest rate of 18.49% per annum.

What is the EMI of a 7 Lakh Personal Loan in ICICI?

In the table given below, you can see the EMI on a personal loan of INR 7 Lakhs including EMIs for INR 6 Lakhs, INR 5 Lakhs, and INR 4 Lakhs personal loan at the minimum and maximum rate of interest for 3 years and 5 years.

What is the Monthly EMI for a 10 lakh ICICI Bank Personal Loan?

The monthly EMI for an INR 10 lakhs ICICI Bank personal loan are as follows at a different rate of interest and different tenures:-

What is the Lowest EMI Offered by ICICI on Personal loans?

The lowest EMI on different ICICI personal loans at the maximum and minimum rate of interest for 5 years are as follows:-

Main Benefits of Utilizing ICICI Personal Loan EMI Calculator

Using the ICICI Personal Loan EMI Calculator offers several significant advantages for prospective borrowers. Here are the main benefits:

• Quick and Accurate Results: The ICICI Personal Loan EMI Calculator provides instant and precise calculations of the monthly EMI, total interest payable, and total amount payable. This eliminates the need for complex manual calculations and reduces the risk of errors.
  

• Ease of Use: The calculator is user-friendly and can be accessed online from anywhere at any time. Users simply need to input the loan amount, interest rate, and loan tenure to get the results. This convenience makes it easy for anyone to use without requiring any special skills or knowledge.
  
• Financial Planning and Budgeting: By using the EMI calculator, borrowers can plan their finances more effectively. It helps them understand the monthly outgo on the EMI, ensuring that it fits within their budget. This aids in avoiding financial stress and maintaining a good credit score by ensuring timely payments.
  
• Comparison of Loan Options: The calculator allows users to experiment with different combinations of loan amounts, interest rates, and tenures to find the most affordable EMI. This feature is particularly useful for comparing loan offers from different banks and choosing the best option.

• Prepayment and Repayment Strategy: Some EMI calculators also illustrate how prepayments can affect the loan. This enables users to plan for early loan closure and reduce overall interest expenses. This insight helps in crafting a comprehensive repayment strategy.

ICICI Personal Loan Status

Now, it is no more a hassle for you to know the real-time status of your ICICI personal loan . All you need to do is just login to the account using your credentials. Visit the website and enter your loan application number and click on the submit button. The moment you enter these credentials online, you can easily see the actual status, whether its approved, pending or rejected. Knowing all this and more is now at your fingertips because everything is easy and hassle-free with this online tool.

ICICI Personal Loan Interest Rate

When it comes to availing a personal loan, the interest rate remains one of the most vital factors to consider. Currently, the lender is offering the personal credit facility at an interest rate of 10.80% - 16.15% per annum, which is also the lowest rate in the market. The rates are attractive and helps in lowering your EMI and Interest burden. This is the reason that why people are always curious to know about the rates as they play an influential role in the overall loan journey.

ICICI Personal Loan Eligibility

If you want to apply for a personal loan in ICICI, it is important for you to know that without meeting the eligibility norms it won’t be possible. That’s Right! Different banks have their own eligibility norms and it is important for a borrower to fulfill the same to enjoy a hassle-free loan journey. Talking about the eligibility, the bank offers loan to both salaried as well as self-employed individuals. But plenty of other factors such as age, income, credit score, job stability, work experience and employment type also come into play. After judging an applicant on these parameters, ICICI offers this unsecured credit facility to fulfill their varied needs.

Parameters on which Personal Loan EMI is Calculated

Here are the parameters based on which the personal loan EMI is calculated:

Loan Amount : The loan amount plays a crucial role in calculating your EMI. How much loan amount you are willing to take will give its share in your monthly EMI.

Interest Rate : The rate offered to you at the time of application is the annual interest rate but the EMI is calculated based on the monthly interest rate. Thus, the calculator will divide the annual interest rate by 12 and then do the calculations.

Tenure : The longer the tenure, the easier it is for the debtor to repay the fund. At ICICI Bank, the tenure is up to 5 years. Thus, it gives you the option to choose the flexible repayment and enjoy pocket-friendly EMIs.

Fees and Charges Related to ICICI Bank Personal Loan EMI

Let’s dive into the various fees and charges associated with ICICI Bank personal loan:

Limitations of Using ICICI Personal Loan Calculator

Here are some limitations of using the ICICI Bank personal loan EMI calculator:

• Estimation Accuracy : The EMI calculator provides estimates based on the input values for loan amount, term, and interest rate. Actual EMIs may vary if additional fees or variable interest rates are applied.
  
• Exclusion of Fees and Charges : The calculator might not include all possible fees and charges like processing fees, late payment penalties, and other applicable charges, which can affect the total repayment amount.
  
• Interest Rate Assumptions : It assumes a fixed interest rate for calculations. If the loan has a variable rate, the actual EMI can differ from the calculated one as interest rates change.
  
• Credit Score Ignorance : It does not consider the borrower's credit score, which can influence the interest rate offered by the bank. A lower credit score can lead to higher interest rates than the rate used in the calculator.
  
• Lack of Comprehensive Financial Advice : While the calculator gives a snapshot of potential EMIs, it does not provide comprehensive financial advice or a detailed analysis of the borrower's financial situation.

ICICI Personal Loan Contact Number

To get in touch with the customer care executives of ICICI, just dial 1800 1080 either from your mobile or landline. You can call on this number from Monday to Friday between 9 a.m. to 6 p.m. These professionals will listen to all your problems and give you the best solutions for a hassle-free journey.