| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
ICICI Bank is one of the leading financial institutions in the country that has been helping its customers to inculcate a healthy attitude towards savings and investments.
The bank extends deposit accounts, schemes facilities and offers financial assistance in the form of loans to help meet various requirements. It also offers financial tools like an ICICI EMI Calculator to help customers proficiently plan their investments.
ICICI EMI Calculator is a personal finance tool that helps to plan both long-term and short-term investments in a hassle-free manner. It is designed to make the process of calculating monthly instalments convenient for users and also helps to eliminate errors that usually occur during manual calculations.
The financial tool takes into account parameters like the –
The ICICI Bank offers loans like home loans, car loans, and personal loans. Each of these options comes with a different rate of interest and tenure.
For example, in case of personal loans, the EMI would vary depending on its tenure.
The same is shown in the table below –
| Loan Amount | Loan Tenure | Rate of Interest | EMI in Rs. |
| Rs. 3 Lakh | 2 years | 11.25% | 14018 |
| Rs. 3 Lakh | 3 years | 11.25% | 9858 |
| Rs. 5 Lakh | 5 years | 11.25% | 6561 |
Intending borrowers can easily find out the EMI they would need to pay against each type of loan for definite tenure by using an ICICI Bank EMI Calculator.
The following list highlights a few other benefits of the same –
The ICICI Loan EMI Calculator uses the formula given below to calculate the EMI required to be paid against a loan.
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
In the formula,
‘P’= Principal/Loan amount
‘R’= Monthly rate of interest
‘N’= Tenure
For example, if Sanjeev avails a personal loan of Rs. 6 Lakh at a rate 11.25% p.a. (0.93%/ month) for a term of 5 years, his EMI would be –
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
= [600000 x 0.93 x (1+0.93) ^60]/ [(1+0.93) ^ (60-1)] = Rs. 13,649
By using Groww’s ICICI Bank Loan EMI calculator, intending loan borrowers take the first step towards applying for loan option of their choice.
It would assist them in determining if their financial standing would allow them to repay their loan amount conveniently.
Here is a list of advantages that users can avail by using Groww’s ICICI Bank EMI Calculator –
Avail these advantages and much more by using the ICICI Bank EMI Calculator and manage your instalments more systematically. The EMI calculator will not only help you become aware of the estimated payouts but will help you to distribute its burden over a comfortable tenure.
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