ICICI Home Loan EMI Calculator

EMI Calculator 146 views

ICICI Bank home loan is one of the best options you have in the banking sector today. With the facility of different home loan schemes, ICICI Bank makes it easier for a person to make a choice. The interest calculator or the EMI calculator of ICICI Bank is another helping hand for the customers who are either planning to take a loan or are already a loan borrower. There is a special home loan EMI calculator with tells you the monthly installments and the maturity value.

EMI Calculator for Home Loan
Loan Amount (₹)
Interest Rate (%)
Tenure(year)
Results
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Year Principal Interest Balance Amount

Home Loan Calculator

EMI Calculator is also popular as an interest calculator. This tool functions online so as to make it convenient for you to know the EMI payments anytime anywhere. The home loan EMI calculator, like other loan calculators, takes into account the basic details of your loan: the loan amount, the interest rate, and the tenure. Once you have mentioned these details, you will get the response in the form of pie-chart. Since the interest offered to you by ICICI Bank is the annual rate, the calculating tool converts the annual rate into the monthly rate and then gives the result. Here is the formula used for the calculation.

ICICI Bank Home Loan EMI Calculation Formula

The calculation in the EMI calculator is done through the below-given formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments

Have a look at the example below to see how much you will have to pay for your loan if you take a home loan from ICICI Bank with the loan amount ₹25,00,000 at the interest rate of 8.40% per annum for the tenure of 10 years:

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount

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