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What is the ICICI Credit Card EMI Calculator?
Repaying loans in installments is the standard way to deal with credit. By repaying your credit card outstanding in equal monthly installments, you can ensure that you pay seemingly impossible bills easily and do not strain your day-to-day finances. All banks offer this option to make credit card payments through EMIs. You can either convert individual transactions or the total outstanding amount into EMIs. However, it is important to determine if the EMI will fit into your monthly budget or strain it. The ICICI credit card EMI calculator on the Angel One website offers a seamless and user-friendly experience. With just a few clicks, you can effortlessly calculate your EMI and take the first step to manage your expenses wisely.
This powerful tool estimates your monthly instalment amount, the interest applicable, and the total amount payable. You don't have to spend time and effort on complicated calculations because this calculator simplifies it all for you. The ICICI credit card EMI calculator allows you to explore different scenarios by adjusting the purchase amount, interest rate, and tenure. This flexibility lets you find the most suitable combination for your financial goals.
How Does the ICICI Credit Credit Card EMI Calculator Work?
An online credit card EMI calculator instantly calculates the instalment amount, interest amount, and total amount payable. It considers three main factors, i.e., the principal amount, interest rate, and repayment tenure, and applies a mathematical formula.
The ICICI credit card EMI calculator by Angel One is one such tool that offers a user-friendly interface that you can use to explore different values by adjusting the values to find the most suitable EMI plan for you.
What is the ICICI Credit Card EMI Calculator Formula?
The ICICI credit card EMI calculator uses a simple formula for calculations:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P is the principal amount
R is the interest rate
N is the loan tenure
How to Use the ICICI Credit Card EMI Calculator Online?
The ICICI credit card EMI calculator is an easy-to-use online calculator. Follow the steps given below to use in for your calculations:
- Visit the ICICI credit card EMI calculator page provided by Angel One.
- Enter the principal amount.
- Enter the interest rate. You can also adjust the slider given.
- Type in the loan tenure or adjust the slider.
- Once you type in all the necessary values, the online ICICI credit card EMI calculator will instantly calculate your monthly EMI and generate the results.
Here is an example to help you. Suppose, you decide to pay your Rs. 5,00,000 credit card bill with EMIs spanning a year. The bank charges interest at 6% p.a. After filling in the details, the ICICI credit card EMI calculator will calculate the monthly EMI, amounting to Rs. 43,033. You will pay Rs. 16,399 interest and the final payable amount will be Rs. 5,16,399.
Benefits of Using the ICICI Credit Card EMI Calculator
There are various benefits of using the ICICI credit card EMI calculator. Some of them are listed below:
- Financial clarity: You can understand your monthly dues towards your credit card loan upfront using the ICICI credit card EMI calculator. The calculator provides a transparent breakdown of your instalment amount, interest charges, and the total amount payable, helping you plan your expenses effectively.
- Easy and instant calculations: The ICICI credit card EMI calculator computes your loan EMI and interest quickly and accurately. It eliminates the need for manual calculations and saves you time and effort.
- Customized EMI planning: With the ICICI credit card EMI calculator, you can experiment with different purchase amounts, interest rates, and tenures and determine the most suitable EMI plan that fits your financial goals.
- Responsible credit card usage: Make informed decisions about your credit card expenses. The ICICI credit card EMI calculator enables you to assess the affordability of the EMIs and thus helps you manage your finances responsibly and avoid unnecessary debt.
Types of Credit Cards Offered by ICICI
The types of credit cards offered by ICICI are:
ICICI Bank Platinum Chip Credit Card: You can avail of this card at the age of 23 years old or older. There are no joining fees or Annual fees. It is safe, convenient, and powered with ICICI Bank reward points. It has built-in contactless technology to make quick and secure payments, and the security chip card protects you from fraud.
ICICI Rubyx Visa Credit Card: You can enjoy the privileges across lifestyle, dining, and golf. With this card, you get travel benefits and free movie tickets. You must pay a joining fee of Rs. 3000 +GST and an annual fee of Rs. 2000 plus GST.
ICICI Sapphiro Credit Card: This credit card is a part of the Dreamfolks membership program. It is a good fit if you love to travel. With this card, you can earn up to 20,000 ICICI Bank reward points and access international airport lounges. The microchip embedded in the card protects you from fraud. .
The ICICI credit card EMI calculator is an online tool that assists you in calculating the EMIs you would pay towards clearing your credit bills.
To use the ICICI credit card EMI calculator, visit the Angel One website. Enter the principal amount, interest rate, and repayment tenure values. Considering these values, the calculator will calculate your monthly EMIs along with the interest amount and total payable amount.
Yes, the ICICI credit card EMI calculator is free to use. You can access it on the Angel One website without paying anything.
The total interest on a credit card loan is the difference between the total amount repaid and the borrowed amount. An easy way to do it is using a credit card loan EMI calculator.
To calculate credit card EMI, use the formula, EMI = [P x R x (1+R)^N]/[(1+R)^N-1]