EMI Calculator 20183286 views
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
An EMI calculator is one such magical tool which is used to calculate the Equated Monthly Installment (EMI). Talking about an EMI, it 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. An ICICI personal loan EMI calculator takes into account the below credentials:
- Loan Amount
- Rate of Interest
On the basis of these 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 the help of graphical representation available online.
Below is a table showing ICICI personal loan interest rate & tenure wise per lakh EMI calculation
|Tenure (in years)||Interest Rate (in p.a.)||Per Lakh EMI (in ₹)|
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Personal Loan EMI Calculator
To make you understand the concept of personal loan EMI calculator online here is an example. A person 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 10.99% per annum. Now, the below table showing 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)
ICICI Personal Loan Status
Knowing your personal loan status is not a hassle anymore as all you need is an ICICI account. Yes, by simply login to your account enter the details such as application number and few personal details and then click on track my application in order to know the real-time status. It is quick and easy to know your actual loan status online in a just few seconds with the help of this online facility.
ICICI Personal Loan Interest Rate
When it comes to availing a personal loan, there is no denying the fact that interest rate is one of the most vital factors that one should consider. Currently, the lender is offering the personal credit facility at an interest rate of 10.99%-18.49% per annum, which is also the lowest rate in the market. The rates are attractive which also helps in lowering your EMI and Interest burden in the future.
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 in order to enjoy a hassle-free loan journey.Talking about 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 the picture.
Here 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 flexible repayment that allows you to enjoy pocket-friendly EMIs and Interest Outgo.