EMI Calculator 231 views
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
An EMI calculator is the tool used to calculate the Equated Monthly Installment (EMI). EMI is a fixed payment amount that a person is liable to pay to the lender every month. Equated monthly installments are used to pay off both the sum of the interest and principal each month. In ICICI personal loan EMI calculator, the below are details are mandatory to be filled:
- Loan Amount
- Rate of Interest
On the basis of the above details, the calculator will give you the result of EMI, total interest outgo and total amount appear. Also, you can see the graphical representation of the payments you will make throughout the tenure which makes it even easier to understand its functioning.
Table of Contents
Personal Loan EMI Calculator
Here is an example of a person who is looking for a personal loan for ₹5 lakhs and has chosen the repayment period of 5 years, ICICI bank offered him the loan amount at an interest of 11% per annum. Now, the below table shows how much is this person going to pay to the bank in the form of EMI and the total interest outgo for the loan amount he has taken.
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)
Her are the parameters on the basis of which the personal loan EMI is calculated.
Parameters on which Personal Loan EMI is calculated
Here are the parameters based on which personal loan EMI is calculated:
Loan Amount: The first and most important thing to know when it comes to calculating EMIs is the loan amount. EMI is directly dependent on the loan amount which varies from applicant to another on the basis of the personal loan eligibility. For a better financial planning, the EMIs should not exceed more than 50% of the savings.
Interest Rate: Be it any loan, the interest rate that a person will be offered on the money borrowed. The rate offered to you at the time of application is the annual interest rate but the EMI is calculated on the basis of 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 which gives you the option to choose the tenure within the range.