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ICICI Bank EMI Calculator – ICICI Bank Loan EMI Calculator Online
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.
What is ICICI EMI Calculator?
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 –
- Loan amount
- Rate of interest applied to the loan
- Loan tenure
How is ICICI EMI Calculator useful?
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 –
- It will help borrowers determine a convenient EMI amount.
- It will help determine convenient loan tenure.
- It will simplify the process of calculation.
- It will eliminate error in calculations.
- It will help to plan their budget effectively.
How does ICICI loan EMI calculator work?
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
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
Benefits of using Groww’s ICICI Bank EMI Calculator?
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 –
- Users can avail accurate results right down to the last decimal.
- Offers immediate results.
- Has a simple interface that makes it easy to use.
- Helps to plan loan repayment better.
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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Frequently Asked Questions
Is the ICICI Loan EMI Calculator free to use?
Yes, the ICICI Loan EMI calculator is free and can be used to calculate the EMIs against different loan options.
What are the different types of loans offered by ICICI Bank?
ICICI Banks extends several loan products like home loans, car loans, education loans, commercial business loans, personal loans, loan against securities and gold loans. It also extends Pradhan Mantri Mudra Yojana and Stand-up India Scheme.
Does ICICI Bank charge a processing fee on personal loans?
Yes, a processing fee up to 2.25% is charged on personal loan along with GST.
Can borrowers prepay their ICICI personal loan?
Borrowers can prepay the entire personal loan amount that was sanctioned to them at any time after they have cleared their first instalment. Such prepayment would be subjected to a pre-closure charge at the rate of 5% on the outstanding principal and GST. However, borrowers are not allowed to make part-prepayment against their personal loan amount.
Can an ICICI home loan borrower foreclose their loan?
Yes, ICICI home loan borrowers can foreclose their loan any time before its tenure expires. Borrowers would be required to pay a foreclosure charge at the rate of 2%.
Can an ICICI home loan borrower prepay their loan?
Yes, an ICICI home loan borrower can prepay their loan at zero charges.