ICICI Bank Loan EMI Calculator

ICICI Bank is a prominent financial institution in the country, dedicated to fostering a strong savings and investment culture among its customers.

It provides a range of deposit accounts, schemes, and financial assistance through loans to meet diverse needs. Additionally, the bank offers financial tools like the ICICI EMI Calculator, enabling customers to plan their investments effectively.

ICICI EMI Calculator is a user-friendly personal finance tool designed to simplify the planning of both long-term and short-term investments. It streamlines calculating monthly instalments, ensuring accuracy and eliminating errors commonly associated with manual calculations.

This financial tool considers key parameters such as –

• Loan amount
• Loan tenure
• Rate of interest applied to the loan

ICICI Bank provides various loan options, including home loans, car loans, and personal loans, each with its own interest rate and repayment tenure.

For instance, in the case of personal loans, the EMI amount varies based on the selected tenure.

The table below illustrates this variation –

Prospective borrowers can conveniently determine the EMI payable for different loan types and tenures using the ICICI Bank EMI Calculator.

Here are some key benefits of using this tool –

• Helps borrowers determine a convenient EMI amount
• Helps determine convenient loan tenure
• Simplifies the process of calculation
• Eliminates calculation errors
• Helps plan budget effectively

The ICICI Loan EMI Calculator applies the following formula to determine the EMI payable for a loan:

EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]

Where

P represents the principal amount or the loan amount
R represents the interest rate
N represents the repayment period in months

If Rajeev avails a personal loan of Rs. 6 Lakh at a rate of 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

Using Fi Money's ICICI Bank Loan EMI Calculator, prospective borrowers can select a loan option that best suits their needs.

This tool helps users assess their financial capacity and determine whether they can comfortably manage loan repayments.

Here are some key advantages of using Fi Money's ICICI Bank EMI Calculator –

• Avail accurate results right down to the last decimal
• Gives immediate results
• Helps to plan loan repayment better

• Age: 20-58 years
• Net salary**: Minimum monthly income of Rs 30,000
• Work Experience: 2 years

Note: **The minimum salary requirement varies based on the customer's profile, including factors such as the type of employer and their existing relationship with ICICI Bank.

Personal loans taken through Fi Money get approved within 5 minutes. With zero paperwork and no pre-closure fee* Fi Money makes getting a personal loan seamless, hassle-free, and fast.

*applicable for all lenders other than Federal Bank

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