For your convenience, ICICI Bank provides you access to the EMI calculator using which you can find out your EMI amount. The calculator works on the formula of EMI = P × r × (1 + r)n/((1 + r)n – 1). So, it will require your loan details to compute the EMI. To use the ICICI personal loan EMI calculator, you need to enter your loan amount, interest rate and tenure. The ICICI personal loan interest rate starts from 10.50% per annum and helps you ease your repayment burden. But how to use the ICICI personal loan calculator and how it can help you plan your repayment? Let’s check out!
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Instructions for Using the ICICI Personal Loan EMI Calculator
Follow these instructions carefully when using the calculator online –
- Visit the official website of ICICI Bank
- Select ‘Personal Loan’ from the Loan dropdown menu
- On the page, click on the ‘EMI Calculator’ present on the top bar
- Now, you’ll be redirected to the calculator page
- Enter loan amount, interest rate and tenure
- Your EMI and total payable interest will be displayed on the screen with the graphical representation of your repayment schedule.
How Does the EMI Result Help in Repayment?
Using the EMI calculator you can know the payable amount, and accordingly, you can make adjustments in your budget. So your daily expenses won’t get affected by the monthly loan payment.
And if you’re not sure about the tenure, using the calculator, you can find whether the tenure you prefer will be able to provide you with an affordable EMI. Because it is better to be sure rather than not having any clue on the repayment schedule.
What if I Don’t Use the ICICI Bank Personal Loan EMI Calculator?
It is voluntary to use the ICICI personal loan EMI calculator. The bank won’t force you to use this tool. You can use the calculator at your convenience. ICICI Bank provides access to this tool so that you can understand the repayment better. Because many customers find it difficult to repay the loan EMIs. And to avoid this misconception about the EMI payment, this online calculator is introduced. So, the borrower can find his EMI by himself using the loan details.
Let’s check out the below example and see how ICICI personal loan calculator can be helpful in repayment.
Asim needs a loan for renovating his home and one of his friends told him to apply for an ICICI personal loan. At first, he hesitated because of the myth of high-interest rates on personal loans. But when Asim saw his loan eligibility and found that the interest rate is 11.00% on his loan, he proceeded further with his loan application. But before confirming the loan, he uses the ICICI personal loan EMI calculator by entering the below details –
- Loan amount – INR 10 Lakh
- Interest rate – 11.00% per annum
- Tenure – 54 months
As per the calculations of the personal loan calculator, Asim’s EMI will be INR 24,553 with a total payable interest of INR 3.25 Lakh.
So, you can see the importance of the ICICI Personal Loan EMI Calculator in choosing the right tenure. Remember, your loan should help you meet your needs and not become a burden for you. And that’s where the calculator comes to your rescue.
How to Get an ICICI Personal Loan?
There are two ways to apply for an ICICI personal loan. For customers who prefer online services, the bank provides the application services on its official website. To avail of the online services, visit the bank’s website and click on the ‘Apply Now’ button. Now, provide your details such as name, mobile, email, etc, and submit the application form along with the required documents. After checking your loan request, the bank will communicate its decision via call, SMS or email.
If you trust the human contact, visit the ICICI Bank branch and ask for a personal loan from the bank representative.