Credit cards like the ones of ICICI Bank give you easy ways of making payments through EMIs. As an ICICI bank credit cardholder, you will have the option to pay off big-ticket purchases in multiple instalments that are spread over the course of months. This characteristic will assist you when you pay for your purchases according to your repayment capacity.
In order to know how much you will have to pay to your credit card EMIs over the borrowing, you can use the ICICI credit card interest rate calculator. Your monthly instalments towards the credit card borrowing would be inclusive of processing fees, interest, and several other charges. The calculator can assist you in knowing the exact amount you would be paying.
The ICICI Credit Card EMI Calculator is an online simulator that will calculate the monthly EMI that you will be paying for your credit card. It is a free online tool that works on an algorithm, eliminating the need for manual calculations. The calculator will also eliminate the occurrence of errors that occur during manual EMI calculations.
All you would have to provide is some basic details such as your borrowing amount, tenure, and interest rate, and the calculator will tell you how much EMI amount you need to pay and the interest you need to pay on the Principal Amount.
The ICICI Credit Card EMI Calculator is a simulator that will help you in various ways, such as instantaneous calculations of your EMIs, and interest amount. Since there are several charges on your EMIs, and a method of calculation, the calculator will work with just a few details, such as the tenure, interest rate, and the principal Amount.
It is also error-free since it works on a formula box and is available 24/7 to its users. You can use the ICICI Credit Card loan Calculator as many times as you want, from anywhere, as it is free and available online for every time use. It helps better plan your monthly financial budget and debt management.
You can use the ICICI Credit Card EMI Calculator in a simple way. Everything that you would need to do is enter the below-mentioned details:
Principal Amount: The principal Amount you mention would be the loan amount that you transact from the ICICI Bank credit card, and it is directly proportional to your EMIs.
Interest Rate: The interest rate is the rate of the lender and the loan that you have borrowed or plan on borrowing.
Tenure: This is the time when you would want to repay the loan or the months that you want to pay your EMIs.
After you have provided the above-mentioned details, the calculator will present you with the monthly EMI that you pay and the amount of interest you would be paying over your loan. This will assist you in deciding how much you can borrow. Also, you can enter different interest rates for comparisons and combinations.
Calculation of ICICI Bank's credit card EMI is simple, with the formula and the method mentioned below.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
E = It is the Amount that you would have to pay each month - the EMI.
P = It is the principal amount that you borrowed.
R = It is the rate of interest.
N = It is the duration of the loan in months.
Based on this formula, if Mr Subash borrows an amount of Rs. 8,00,000, at the rate of 10.5%, for the tenure of 5 years.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
P = Rs. 8,00,000
R = 10.5%
N = 5 Years (60 months)
EMI Payable Every Month = Rs. 17,195
Interest Over Loan = Rs. 2,31,707
Using the ICICI Credit Card EMI Calculator has varied benefits, and some of them are:
It is a free online ICICI Bank Credit Card EMI Calculator, and it will calculate your credit card EMIs with just some basic details.
It will show you the interest amount when you enter a preferred interest rate.
You can use it 24/7 and for free online.
Yes, you can enter different interest rates for comparison on the ICICI Credit Card EMI Calculator.
No, you do not have to log in or sign up to use the ICICI Credit Card EMI Calculator.