Personal loans are offered across all financial institutions in India. It is a form of unsecured credit arrangement which allows a borrower the liberty to utilise it for various purposes. He/she can use the funds to pay for vacations, marriage, children’s higher studies, etc.

ICICI is one such reputed bank that offers personal loans along with a wide range of benefits. Through ICICI personal loans, an individual can borrow up to Rs. 20 Lakh. Along with that, flexible repayment tenure of 12 – 60 months ascertains you can choose EMI based on your affordability and financial capability.

Equated Monthly Instalment or EMI is a credit instrument through which individuals repay their debt obligations. He/she needs to deposit a fixed amount as EMI every month.

You can calculate your EMI using an ICICI personal loan calculator. Equated Monthly Instalments depend on several factors such as interest rates, repayment tenure, and loan amount availed.

How Can You Benefit From Personal Loan EMI Calculator From ICICI?

ICICI, one of the Big 4 Banks in India, has provided exceptional service to its customers over the years. Recently it has added a feature of loan disbursal within 3 minutes of approval. This feature allows individuals to meet all kinds of emergency financial requirements instantaneously. It requires minimal documentation for loan approval which makes the process more convenient and accessible.

You can use the ICICI personal loan EMI calculator to immediately check your EMI obligation. There are other advantages to using the EMI calculator which are listed below –

  1. Efficiency: Through a personal loan ICICI Bank calculator, you can derive your EMI amount far more efficiently and accurately than manual calculation by providing the loan amount, interest rate applicable, and repayment tenure.
  2. Decision-making tool: You can use ICICI Bank personal loan EMI calculator to decide on the loan amount and repayment tenure, which will make your monthly instalments affordable.
  3. Usage convenience: You can access ICICI Bank personal loan calculator across devices such as personal computers, mobile phones, and tablets.

How Does an ICICI Personal Loan Calculator Function?

The formula to calculate EMI on a personal loan is as follows –

EMI = {P * R * (1 + R)^N} / {(1 + R)^(N – 1)}


  • P is the loan amount availed.
  • N is the repayment period in months.
  • R is the interest rate applicable.

The personal loan ICICI Bank calculator functions on the formula mentioned above.

Example: Mr F has recently applied for a personal loan of Rs. 15 Lakh for sending his daughter abroad for higher studies. The personal loan comes with an interest rate of 14% or 0.14, and he decided on repayment tenure of 5 years or 60 months.

Therefore, EMI = {1500000 * 0.14 * (1 + 0.14)^60} / {(1 + 0.14)^(60 – 1)}

Or, EMI = Rs. 34,902.

The total amount payable, including the principal and interest components, is Rs. 20, 94,143.

You can calculate this amount with ease using the ICICI personal loan calculator.

Amortisation Schedule

The amortisation schedule is a table which includes essential specifics pertinent to loan repayment. These are –

  1. EMI or equated monthly instalment.
  2. The principal element involved in each EMI.
  3. The interest element included in every EMI.
  4. Outstanding amount before and after every EMI payment.

The following table demonstrates the amortisation schedule based on the example illustrated above.

Number of months Interest (Rs.) Principal (Rs.)  EMI (Principal + Interest) Balance (Rs.)
1 17,500 17,402 34,902 14,82,598
2 17,297 17,605 34,902 14,64,992
3 17,092 17,811 34,902 14,47,181
4 16,884 18,019 34,902 14,29,163
5 16,674 18,229 34,902 14,10,934
6 16,461 18,441 34,902 13,92,493
7 16,246 18,657 34,902 13,73,836
8 16,028 18,874 34,902 13,54,962
9 15,808 19,094 34,902 13,35,867
10 15,585 19,317 34,902 13,16,550
11 15,360 19,543 34,902 12,97,007
12 15,132 19,771 34,902 12,77,237
13 14,901 20,001 34,902 12,57,235
14 14,668 20,235 34,902 12,37,001
15 14,432 20,471 34,902 12,16,530

In the initial months, the interest factor is higher than the principal amount. As the period lengthens, the principal portion of the EMI exceeds the interest portion. You can use an ICICI personal loan calculator to check the proportion of interest and principal factors in your monthly instalments.

Advantages of Groww’s EMI Calculator

The advantages of using Groww’s ICICI Bank personal loan EMI calculator are mentioned below –

  1. The EMI calculator from Groww is free to use. You can use it without registering with the website.
  2. You can use the Groww ICICI personal loan calculator multiple times with different permutations and combinations of loan amount and repayment tenure to ensure that the EMIs do not impose a financial burden on you.

Once you have ascertained on the principal amount and tenure of repayment using Groww or ICICI personal loan calculator, you can apply for a loan through online or by visiting the nearest ICICI branch. You also need to check your eligibility criteria and collate all the necessary documents before applying for a loan.

“Looking to invest? Open an account with Groww and start investing in direct Mutual Funds for free”

Frequently Asked Questions (FAQs)

  • Who can avail ICICI personal loan?

ICICI Bank sanctions personal loans to salaried and self-employed individuals.

  • How much can I avail through an ICICI personal loan?

ICICI offers home loans in the range of Rs. 50,000 – 20,00,000.

  • Is the foreclosure or prepayment facility available on personal loans?

You can decide to prepay a portion of your personal loan or close your loan account prematurely by paying the outstanding repayment obligation in lump-sum.

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