ICICI Bank Personal Loan EMI Calculator
Looking for a personal loan in the ICICI bank? Understanding the crucks of your EMI-Equated Monthly Instalment can lead you to handle your budget effectively. It is a fixed monthly payment including the loan balance and interest. The ICICI personal loan EMI calculator will help you to distribute your money effectively, so let’s understand the features of the EMI calculator and how it can play a vital role in your financial journey.
ICICI Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
What is ICICI Bank Personal Loan EMI Calculator?
An ICICI bank personal loan EMI calculator is a useful online tool provided by the bank for the interested loan borrowers to get a clear picture about the estimated monthly loan repayments. The EMI is calculated using the loan amount, interest rate, and loan tenure. The calculator gives a good idea of how much a borrower needs to pay each month. This calculator helps us to understand the benefits hidden regarding any specific EMI, as you can distribute and manage your income accordingly and make better decisions.
Other than that, the loan borrowers can calculate their monthly repayment of the loan by accessing LiveMint's https://www.livemint.com/loans/personal-loan-emi-calculator and check the most suitable loan tenure, accordingly.
Factors affecting ICICI Bank Personal Loan EMI Calculator
The ICICI personal loan EMI calculator can help you choose the best tenure and EMI for your ICICI Bank personal loan based on your repayment capacity. However, before doing so, it is critical to understand the elements that determine your personal loan EMI. Below are three major components that influence your personal loan EMI:
Formula of ICICI Bank Personal Loan EMI Calculator
To avail the ICICI bank personal loan EMI calculator, you need to firstly enter a few details, such as the loan amount, interest rate and loan tenure. After adding the necessary details, the calculator provides the monthly EMI amount, total interest payable, and total repayment amount.
The formula to calculate EMI on a personal loan is as follows –
The HDFC Bank personal loan EMI calculator operates using the following formula:
E=(1+R)N−1P×R×(1+R)N
Where:
- E = EMI (Equated Monthly Instalment)
- P = Principal amount
- R = Rate of interest
- N = Loan repayment tenure
The personal loan ICICI Bank calculator functions on the formula mentioned above. This information enables borrowers to understand the financial commitment required to repay the loan.
Amortisation Schedule of ICICI Bank Personal Loan EMI Calculator
Amortisation Schedule:
| Number of months | Interest | Principal | EMI | Balance |
| 1 | 17500 | 17402 | 34902 | 1482598 |
| 2 | 17297 | 17605 | 34902 | 1464992 |
| 3 | 17092 | 17811 | 34902 | 1447181 |
| 4 | 16884 | 18019 | 34902 | 1429163 |
| 5 | 16674 | 18229 | 34902 | 1410934 |
| 6 | 16461 | 18441 | 34902 | 1392493 |
| 7 | 16246 | 18657 | 34902 | 1373836 |
| 8 | 16028 | 1874 | 34902 | 1354962 |
| 9 | 15808 | 19094 | 34902 | 1335867 |
| 10 | 15585 | 19317 | 34902 | 1316550 |
| 11 | 15360 | 19543 | 34902 | 1297007 |
| 12 | 15132 | 19771 | 34902 | 1277237 |
| 13 | 14901 | 20001 | 34902 | 1257235 |
| 14 | 14668 | 20235 | 34902 | 1237001 |
| 15 | 14432 | 20471 | 34902 | 1216530 |
(Source: groww.in/calculators/icici-personal-loan-emi-calculator)
ICICI Bank Personal Loan Interest Rates 2024
In 2024, ICICI Bank would offer personal loans with annual interest rate ranging from 10.85% to 16.25%. The interest rates for people using the Flexicash overdraft facility connected to their salary accounts range from 12.35% to 14.10%. Non-resident Indians (NRIs) can obtain personal loans with an annual interest rate of 10.80%. Unlike some lenders, ICICI Bank does not publicly reveal their interest rate matrix, which frequently contains credit scores, monthly income, occupation, and employer information.
The repayment length varies from one to six years, providing for affordable monthly payments. Applicants should receive a minimum monthly salary of ₹30,000, and fulfil the eligibility. The processing cost is limited to 2% of the loan amount, and prepayment charges vary according to the borrower's classification.
Processing Fee: ICICI bank charges you with certain processing fees when you apply for a personal loan. Let’s have a look at them:
| Processing Fee | Up to 2% of loan amount + GST |
| Pre-payment Charges | For salaried customers- 3% plus applicable taxes on principal outstanding after payment of 1st EMI, Nil if 12 or more EMIs are paid. |
| For MSE classified customers, charges are Nil after payment of the 1st EMI for loan amount of up to ₹50 lakh | |
| Loan Cancellation Charges | ₹3,000 + GST |
| EMI Bounce Charges | ₹400 per bounce + GST |
| Repayment mode swap charges | ₹500 per transaction + GST |
| Penal Interest | 24% p.a. |
(Source: Bank website)
ICICI Bank Personal Loan Eligibility
The eligibility criteria for ICICI bank personal loan is made in a way that it can cover majority of the borrowers, from self-employed individuals and salaried employees. Here are the key criterias:
For Self-Employed Individuals:
- Age: Must be at least 28 years old at the time of application and not older than 65 years at loan maturity.
- Minimum Turnover: ₹40 lakh for non-professionals and ₹15 lakh for professionals, as per audited financials.
- Minimum Profit:At least ₹2 lakh after tax for proprietorship firms or self-employed individuals, and ₹1 lakh for professionals, as per audited financials.
- Business Vintage:At least 5 years in the current business.
- Bank Relationship: Should have at least 1 year of liability or asset relationship with ICICI Bank, within the last 3 years.
For Salaried Individuals:
- Age: Must be between 23 years at the time of application and 58 years at the time of loan maturity.
- Minimum Monthly Income: ₹30,000.
- Work Experience: At least 2 years of work experience.
- Residence Stability:Must have stayed at the current residence for a minimum of 1 year.
Benefits of using ICICI Bank Personal Loan EMI Calculator
Healthy Credit Score:
Applicants who use the ICICI Bank personal loan EMI Calculator to calculate their monthly instalments, are better prepared to manage their money and repay their loans within the time frame specified. Such candidates also have a lesser likelihood of failing on their monthly EMIs, which aids in improving or maintaining their credit scores.
Accurate Result:
Using the ICICI Bank personal loan EMI Calculator, you may calculate your EMIs without having to perform laborious manual calculations with complex algorithms. As a result, you can obtain a rapid and precise EMI amount.
Budget Management:
The EMI amount for personal loans obtained at fixed interest rates remains constant during the loan term, borrowers can easily change their monthly expenses to fit within the EMI amount.
Improve Personal Loan Eligibility:
Lenders consider personal loan applications from applicants whose overall EMI liabilities (including the planned personal loan EMI) are less than 50-60% of their entire monthly income. Using the ICICI Bank personal loan EMI Calculator gives you an estimate of your EMIs.
Personal Loan EMI Calculators from other Banks
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How to use LiveMint EMI Calculator
Now the calculation for your personal loan interest rate has become easy with the help of LiveMint EMI calculator, you need to simply follow three easy steps:-
1. Input loan amount: Must be at least 28 years old at the time of application and not older than 65 years at loan maturity.
2. Select rate of interest: Choose the applicable interest rate for your loan.
3. Choose loan duration:Select a repayment period that suits your financial needs.
As soon as you enter the required details, the calculator will provide a complete structure of your EMIs as per the loan amount, so that you can easily understand tat how much amount you need to repay monthly.
Suppose you are raising ₹12 lakh for three years at an interest rate of 11.5%, you can determine through the Livemint personal loan EMI calculator that the monthly instalment will be ₹39,571.
https://www.livemint.com/loans/hdfc-bank-personal-loan-emi-calculator
Benefits of using LiveMint Personal Loan EMI Calculator
LiveMint's personal loan EMI Calculator can help you create a financial plan. Whether you have already taken a loan or are considering taking one, our calculator can help you determine what your financial liabilities will be and for how long. You can experiment with different loan tenures, loan amounts, and interest rates to find a suitable EMI amount. Mint is the ultimate place for all of your personal money requirements.
- Comparison tool:Borrowers can use the EMI calculator to compare various loan offers. They can find the most reasonable loan option by entering different interest rates and repayment periods.
- Financial discipline: Knowing the precise EMI amount allows borrowers to maintain financial discipline. They can set aside the appropriate amount each month, lowering the possibility of payment default.