# ICICI Personal Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

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## What is the ICICI Personal Loan EMI Calculator?

When considering drawing a personal loan from ICICI Bank, using the ICICI personal loan EMI calculator can be a smart choice. This calculator allows you to determine your equated monthly instalments (EMI) by entering the loan amount, interest rate, and tenure.

Personal loans can help you meet various needs, such as funding education expenses or covering wedding costs. Unlike other types of loans, personal loans typically do not require collateral, making them easily accessible. Additionally, the application process is hassle-free, involving minimal paperwork.

The Angel One online ICICI personal loan EMI calculator helps you understand the exact amount you need to repay each month, enabling you to budget your expenses effectively. By adjusting the loan amount, interest rate, or tenure, you can explore different repayment options and select the one that best suits your financial situation. This empowers you to make informed decisions and ensures you can comfortably repay the loan without straining your finances.

## What Is the ICICI Personal Loan EMI Calculator Formula?

The Angel One ICICI personal loan EMI calculator is designed to help you estimate your EMI payable. The major advantage of using this calculator is that it eliminates the need for manual calculations that are prone to human errors and provide accurate EMI estimates. This can, in turn, help you plan your budget and decide if drawing a loan is the right choice for you.

The calculator works by taking into account variables like the loan amount, the tenure of the loan and the interest rate charged by the bank. Once you enter all these values, the calculator will display your EMI payables instantly.

## What Is the ICICI Personal Loan EMI Calculator Formula?

The ICICI personal loan EMI calculator formula depends on three important factors i.e., the loan value, the loan's tenure, and the bank's interest rate, as given below –

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

here,

P is the loan amount you avail from the bank

R is the rate of interest charged by the bank

n is the tenure of the loan in months

## How to Use the ICICI Personal Loan EMI Calculator Online?

Using the Angel One ICICI personal loan EMI calculator is quite straightforward. You just need to follow the steps mentioned below —

1. Enter the loan amount

2. Enter the interest rate

3. Enter the tenure of the loan (in years)

The online ICICI personal loan EMI calculator on Angel One will instantly display your EMIs for the personal loan. Let’s take a simple example to understand the usage better. Suppose you apply for a loan of Rs. 15 lakhs to fund your marriage. The bank charges an interest rate of 14%, and the agreed repayment tenure is 5 years. When you enter these variables in the Angel One online ICICI personal loan EMI calculator, it will display your EMI amount as Rs.34,902, interest payable as Rs. 5,94,143 and the total payable amount as Rs. 20,94,143.

## Benefits of Using Online Kotak Credit Card EMI Calculator

There are several benefits of using a credit card. Some of the benefits are mentioned below:

1. Free to use: The ICICI personal EMI calculator on Angel One is free to use. Hence, it allows you to compare EMIs at different tenures and interest rates without charges.

2. Saves time: The ICICI personal loan EMI calculator is quick and saves time. All you need to do is key in all the important variables, and the calculator will show the EMI amount instantly.

3. Easy access: You can use the calculator across devices. The calculator on Angel One works without any hassle on all kinds of devices and platforms.

4. Easy decision-making: If you are uncertain about your EMIs, using the EMI calculator can be a smart move. It will aid you in making important financial decisions and help you decide if you can afford a loan.

## Factors Influencing the ICICI Personal Loan EMI Amount

Different factors affect the EMI amount of your personal loans. Let’s have a look at these factors:

1. Loan amount: The amount you borrow will directly affect your EMIs. The higher amount of loan you borrow, the higher your EMIs will be.

2. Tenure: The loan tenure is another important factor you must consider before applying for a personal loan. You can choose the loan tenure based on your repayment capabilities. The EMI amount decreases if you have a higher loan tenure; however, you may end up paying higher interest.

3. Interest rates: The interest rate of a personal loan has a direct impact on your EMI. The higher the interest rate, the higher your EMIs will be.

4. Income: Your income can directly affect your EMI amount and capacity to draw a loan. A stable income depicts you as a credible borrower, making it cheaper for you to take loans.

5. Credit score: Your credit score depicts your creditworthiness and is a three-digit number. If you have a low credit score, it can be difficult to obtain a loan and vice-versa can be difficult.

## Types of Personal Loans Offered by ICICI

ICICI Bank offers different types of personal loans. Let’s have a look at these types:

• Wedding loans: ICICI Bank offers a personal loan to fund your wedding functions. You can use the loan amount to book a venue, shop, or fund any other wedding aspect.

• Home renovation loans: If you plan to spruce up your home's look, you can apply for a home renovation loan from ICICI Bank.

• Holiday loan: ICICI Bank also offers holiday loans which come in handy to pay for all the holiday expenses.

• Fresher funding loans: If you have just started earning, you can still apply for a loan at ICICI Bank. The fresher funding loans allow you to take a personal loan of up to Rs. 1,50,000.

• NRI loans: Travelling abroad and worried about your expenses back home? You can apply for an NRI personal loan from ICICI Bank.

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## FAQs

What is the ICICI personal loan EMI calculator?

The ICICI personal loan EMI calculator is a digital tool that can help you estimate your EMI and plan your loan in advance. All you need is three key variables – Loan amount, tenure and interest rate. Once you enter these variables, the EMI amount will be displayed instantly.

How to use an ICICI personal loan EMI calculator?

Visit Angel One to access the online ICICI personal loan EMI calculator. Next, input the loan amount, tenure and interest rate. Now, the calculator will then display the EMI amount.

Is the ICICI personal loan EMI calculator free to use?

Yes, the ICICI personal loan EMI calculator is free of any charge. You can use it multiple times, anytime, anywhere.

What is the minimum loan amount you can avail from the ICICI Bank?

The minimum loan amount of ICICI Bank depends on the particular context and may change over time.

Is there a penalty on the prepayment of the ICICI personal loan?

Yes, you need to pay 5% of the principal outstanding along with taxes as prepayment charges if you plan on pre-paying your ICICI personal loan.

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