Urban Money

ICICI Personal Loan Calculator

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

ICICI Personal Loan Calculator is a high-tech online tool that allows individuals to compute monthly EMIs towards the borrowed amount. You have to repay the borrowed amount for years. Thus, it becomes crucial to know about your monthly EMIs in advance.

To calculate the monthly payment amount and an interest component throughout the loan repayment tenure, the ICICI personal loan EMI calculator takes certain elements into account, including loan amount offered, interest rate, and repayment time frame. By analysing various loan amounts, returns on investment, and loan terms with this personal loan EMI calculator, you may choose the best loan for your financial situation.

Furthermore, you can clearly understand how the monthly EMIs get affected by a slight change in tenure or interest rate. The ICICI Bank Personal Loan EMI Calculator allows you to make informed financial decisions. 

Why Should You Use ICICI Personal Loan EMI Calculator? 

Opting for a personal loan should not be a burden on your finances. Using an ICICI personal loan EMI calculator can help you to choose the loan amount suitable according to your ability to repay the borrowed amount. The ICICI Personal loan EMI calculator has been primarily devised to assist potential buyers in calculating their monthly repayments without wasting too much time and energy researching other complicated options on the internet. It lets you understand monthly repayments more clearly and always makes you aware of what you can afford before you even start looking at loan offers.

You are simply required to enter the loan amount, interest rate, and tenure. Using this information, the calculator will compute the interest and EMI payable every month. Additionally, the ICICI EMI calculator will display an amortisation schedule showing a detailed breakdown of the repayments. As a result, the calculator will assist you in determining whether the loan is a good fit for you according to your budgetary constraints.

ICICI Bank Personal Loan EMI Calculator Formula & Example

ICICI Bank personal loan EMI Calculator aims to make monthly repayments easy. With access to this handy tool, you can manage your finances in a better way. Additionally, it eliminates the manual computation of personal loan EMIs. The ICICI bank personal loan calculator is programmed through artificial intelligence and performs computation through a mathematical formula. The computation is precisely carried forward through the following mathematical formula:

EMI= [P*R*(1+R)^N] / [ (1+R)^N-1],

Where,

  • EMI is the monthly instalment, 
  • P is the principal loan amount, 
  • R is the interest rate, 
  • and, N is the repayment tenure.

Let’s understand the formulas working through a quick example: If X takes out a personal loan of Rupees 10,00,000 from the ICICI bank at a 10.5% interest rate for ten years, what EMI will she have to pay to repay the borrowed amount in ten years?

For the given case scenario, the values for the specifics will be

N = ten years, i.e. 120 months.

R will be 10.5%, and P will be 10,00,000. 

Putting these values in the EMI computation formula, 

Equated Monthly Instalments = 10,00,000 × 10.5 × (1 + 10.5)^120 / ((1 + 10.5)^120 – 1) 

EMI: 13,493 rupees.

X will have to pay a monthly EMI of 13,493 rupees for ten years to repay the borrowed amount.

Benefits of Using ICICI Personal Loan EMI Calculator  

When you rely on the ICICI Personal Loan EMI Calculator to manage your finances and repayment, you get numerous other benefits too. Having access to this automated tool eliminates manual computation.

Additionally, you get the required numbers in a fraction of a second. The following benefits are available while utilising the ICICI bank personal loan EMI calculator:

Easily Accessible Round the Clock

ICICI bank personal loan EMI calculator is accessible round the clock. You can easily use this handy tool from a mobile or laptop.

Additionally, a personal loan EMI calculator is free to use and provides unlimited computations. You don't need to visit the bank branch to understand what your monthly EMIs will look like. A few clicks, and there you go. 

Accurate Results

When you stick to manual computations, you must make multiple calculations to reach the final value. To compare various scenarios, you will have to compute values repeatedly. It can be daunting and time-consuming.

Additionally, there will always be scope for errors. You get accurate results at lightning-fast speed when you compute values through the ICICI bank personal loan calculator.

Elimination of Composite Calculations

There is no need to stick to mathematical formulas and long time-consuming calculations. Carrying forward those composite calculations and ending up with appropriate values can be a headache. But, those days are bygones with ICICI bank personal loan EMI calculator. You must enter some values in the dedicated fields, and the advanced calculator will take care of the rest.

Better Financial Planning

When you calculate your personal loan EMIs in advance, you get a clear idea about the amount you will have to pay toward the borrowed amount. Having this value by your side, you can decide whether the loan will be affordable for you or not. If yes, will you be able to manage the rest of the financial obligations? In general, it allows you to manage your finances more systematically.

Compare Different Financial Products

Possibilities: You want to compare how your monthly EMIs will alter with different tenure and interest rates. With such a basic comparison, you can figure out what interest rate will be best for you and what your repayment tenure should be. By comparing different case scenarios at a place, you will come up with the best possible match in terms of rate and tenure for yourself. All you have to do is either change the values through the scroll bar or enter them manually.

Factors Affecting ICICI Bank Personal Loan EMI

ICICI Bank sanctions loans based on applicants' financial stability and credit worthiness. Apart from these two vital factors, numerous other factors affect the monthly instalment you must pay towards the borrowed amount. These factors are the offered interest rate, repayment tenure, and borrowed amount.

Here’s how these factors affect the ICICI bank personal loan EMI:

Personal Loan Interest Rate

The interest rate plays the foremost role in determining the monthly EMIs. Based upon the borrower’s credit score and financial stability, the bank determines at what interest rate the loan can be offered. A borrower with a high credit score can unlock a lower interest rate, while a borrower with a lower credit score will, unfortunately, unlock a much higher interest rate. Monthly EMI comprises two components, i.e. interest and a principal component. If you secure a personal loan at a lower interest rate, your monthly EMIs will be more affordable.

Personal Loan Repayment Tenure

ICICI bank offers personal loans with flexible repayment tenures. You can choose your repayment tenure as per your financial circumstances. When you count on a prolonged repayment tenure, the amount gets spread, which results in lower EMIs. At the same time, if you decide to replay the amount in a lesser period, your monthly EMIs will be higher. However, one thing you should not skip is that the longer the repayment tenure, the more the interest component will be. You will pay a huge interest if you keep stretching the loan tenure.

Borrowed Amount

The principal amount is the loan amount that the bank approves. This is the amount you will have to repay to the bank in a specified tenure. So, the higher the principal amount, the higher the EMIs. It is advised to take out a loan of the required amount. Don’t go for a higher amount just because the bank is approving for the same. 

Comparison of ICICI Bank Personal Loan EMI with other Banks  

To understand how ICICI personal loan EMI compares with other available lenders, refer to the table below, which pertains to the interest rates offered by other such institutions:

Bank Name Offered Interest Rate
State Bank of India 9.6%
Axis Bank 12 - 21%
HDFC Bank 10.5  21.5%
Kotak Mahindra 10.75%
Indusind Bank 10.49%
ICICI Bank 10.5%
Tata Capital 10.99%

ICICI Bank Personal Loan Amortisation Calculator

The process of repaying a loan is described in a schedule of amortisation. It consistently shows how the loan's principal component and interest element splits into EMIs. To ensure that the loan's interest and principal are paid off simultaneously, each loan EMI is split into two portions. However, the amount paid towards the principal amount varies, i.e. lower at initial repayment tenure and higher in the last months. The balance amount goes towards the interest component. At the start of the loan term, most of each EMI is utilised to pay the loan's interest component. However, as the final repayment term reaches, a larger portion of the EMI is allocated to the principal component.

The spread can be requested from your finance provider if necessary. Although an ICICI bank personal loan EMI calculator can only provide approximations of calculations when constructing an amortisation schedule. Hence, this schedule is more helpful to borrowers in helping them decide better whether to prepay the loan or refinance it. It also includes information about the interest you can use to qualify for tax deductions.

Let's understand how the amortisation schedule works through a 25 lakh personal loan amount calculation.

You have borrowed Rupees 25,00,000 from ICICI bank for ten years at an 8% interest rate. For this specific case scenario, your amortisation schedule will be:

Payment Month Payment Number Interest Component Paid Principal Component Paid Total Payment Outstanding Balance
June, 2022 1 INR 16,666.67 INR 13,665.23 INR 30,331.90 INR 2,486,334.77
July, 2022 2 INR 16,575.57 INR 13,756.33 INR 30,331.90 INR 2,472,578.43
August, 2022 3 INR 16,483.86 INR 13,848.04 INR 30,331.90 INR 2,458,730.39
September, 2022 4 INR 16,391.54 INR 13,940.36 INR 30,331.90 INR 2,444,790.03
October, 2022 5 INR 16,298.60 INR 14,033.30 INR 30,331.90 INR 2,430,756.73
November, 2022 6 INR 16,205.04 INR 14,126.85 INR 30,331.90 INR 2,416,629.88
December, 2022 7 INR 16,110.87 INR 14,221.03 INR 30,331.90 INR 2,402,408.84
January, 2023 8 INR 16,016.06 INR 14,315.84 INR 30,331.90 INR 2,388,093.01
February, 2023 9 INR 15,920.62 INR 14,411.28 INR 30,331.90 INR 2,373,681.73
March, 2023 10 INR 15,824.54 INR 14,507.35 INR 30,331.90 INR 2,359,174.37
April, 2023 11 INR 15,727.83 INR 14,604.07 INR 30,331.90 INR 2,344,570.30
May, 2023 12 INR 15,630.47 INR 14,701.43 INR 30,331.90 INR 2,329,868.87
June, 2023 13 INR 15,532.46 INR 14,799.44 INR 30,331.90 INR 2,315,069.43

Frequently Asked Questions (FAQs)

What is the EMI for a 3 lakhs personal loan?

The EMI for a 3 lakhs personal loan entirely depends on the offered interest rate and the chosen repayment tenure. For example, if you take out a personal loan of 3 lakhs for ten years at an 8% interest rate, you will have to pay a monthly EMI of INR 30,331.90.

What is the interest of 3 lakh in ICICI?

ICICI bank personal loan EMI for 3 lakhs may vary from person to person and usually range from 10% to 19%.

What is the minimum loan amount for a personal loan in ICICI Bank?

The minimum loan amount for a personal loan in ICICI bank is rupees 50,000.

How to arrive at the right EMI amount?

To arrive at the right EMI amount, compare different values. Change the tenure and interest rate for the same principal amount and choose the one that is most suitable for you.