EMI Calculator 2018 1723 views
- Calculate your home loan EMI with ICICI loan calculator.
- Check your EMIs before applying for a home loan.
ICICI Bank is one of the best options you have for home loans. You can use loan EMI calculator before applying for the loan so that EMIs are within your budget. Read this article to know how much can you save by using this magical tool. The calculator helps in knowing the following details:
- Monthly installment (EMI)
- Your repayment capacity
- Balance amount at the end of each year
- Suitable tenure, rate and loan amount
- Comparing different combinations before finalizing one
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Table of Contents
ICICI Home Loan Interest Rate May 2018
With the low-interest rate option, ICICI home loan is presently one of the best home loans in India. There is a concession for women applicants as well. Have a look at the rates below:
|Interest Rate||8.50%-8.95% per annum||8.50%-8.95% per annum||8.45%-8.90% per annum|
|Tenure||Up to 30 years||Up to 30 years||Up to 30 years|
|Processing Fees||0.50% - 1% of the loan amount plus GST||0.50% - 1% of the loan amount plus GST||0.50% - 1% of the loan amount plus GST|
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.
Here is an example:
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Once you have mentioned these details, you get your home loan EMI details 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.
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]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
ICICI Home Loan Customer Care
ICICI Bank is known for its customer service as it has always helped its customers in case of any query. So, if you have applied for a loan and want to check the status of your application or you just want to contact the bank and want to know whether or not you can get the loan, just contact the customer care department. You can dial 1800 200 3344 between 9 a.m. to 6 p.m. from Monday to Friday.
ICICI Home Loan Statement
The borrowers will get the loan statement every month on the registered email ID. It will include monthly installment amount and other details related to your loan repayment which can be reviewed by the customer.