ICICI Bank Personal Loan Eligibility Calculator

ICICI Bank is a renowned financial institution which offer its customers with a variety of banking products to suit their financial needs. ICICI Personal Loan is one of the most popular banking product which meets the immediate financial needs of its customers. Before going for a personal loan, you can use ICICI Bank Personal Loan EMI Calculator which will help you calculate your future EMI which you need to pay for the personal loan repayment every month.

With the increase in the standard of living you can use a personal loan for almost anything, starting from wedding expenses to home renovation, purchasing any electronic gadget to funding family vacation, medical expenses for a child’s education. So, using ICICI Personal Loan EMI Calculator, you can easily estimate your monthly EMI based on your loan amount, interest rate and loan repayment tenure.

Working of ICICI Bank Personal Loan EMI Calculator

ICICI Bank Personal Loan EMI Calculator India is an online financial tool which eases up your process of calculating EMI within seconds. Before you take a personal loan, it’s an added advantage to calculate EMI payments using ICICI Bank Personal Loan EMI Calculator. If the EMI amounts fits into your monthly budget then it’s fine but if it doesn’t, then you can lower your loan amount when calculating EMI using ICICI Bank Personal Loan EMI Calculator. So, not only you get a clear picture of your EMI using ICICI Bank Personal Loan EMI Calculator but also you can adjust your loan amount so that you can easily repay the loan without any financial difficulty.

Rather than going for ICICI Bank Personal Loan EMI Calculator excel which is a tedious job to do, you can simply go for ICICI Bank Loan EMI Calculator personal loan which gives you the EMI calculations within seconds for which you only have to input details like- the loan amount, the interest rate charged by ICICI Bank and the loan tenure.

The calculation of EMI for a personal loan using ICICI Bank Personal Loan EMI Calculator formula is shown below-

EMI= [P*r*(1+r)n]/[((1+r)n-1)]
where,
‘EMI’ stands for Equated Monthly Instalments
‘P’ stands for the principal loan amount which is borrowed
‘r’ stands for rate of interest which is levied based on your loan eligibility and repaying capacity
‘n’ stands for tenure of loan in months

ICICI Bank Personal Loan EMI Calculator helps you to evaluate the EMI of different combinations of loan amount, interest rate and loan tenure which guides you to decide the exact loan amount whose repayment will not be a pain in every month.

How to use ICICI Bank Personal Loan EMI Calculator?

ICICI Bank Personal Loan EMI Calculator gives you EMI payments which you need to pay every month after you take a personal loan. You only need to enter details like loan amount you wish to borrow, interest rate and the loan tenure for using ICICI Bank Personal Loan EMI Calculator.

• Principal Loan Amount

  It is that amount which you wish to borrow that is needed for ICICI Bank Personal Loan EMI Calculator. If you take a higher loan amount, then ICICI Bank Personal Loan EMI Calculator will show a higher EMI amount. So, it is always advisable to decide the loan amount wisely which has a lower EMI as shown by ICICI Bank Personal Loan EMI Calculator and is within your loan repaying capability.

• Rate of Interest charged

  ICICI Bank Personal Loan EMI Calculator evaluates EMI based on the the interest rate charged on the loan amount which depends on your personal loan eligibility and your credit score showing your credit history. ICICI Bank Personal Loan Interest Rate EMI Calculator is of two types- fixed rate and floating rate. ICICI Bank Personal Loan EMI Calculator for fixed interest rate gives the EMI calculations where the interest rate remains fixed throughout the loan tenure while for floating rate of interest the interest rate changes depending on the market conditions and thus the EMI amount also changes.

• Tenure of loan

  The EMI amount shown by ICICI Bank Personal Loan EMI Calculator depends on the loan repayment tenure which ranges from 1 to 5 years for a personal loan. If you opt for a higher loan tenure, then your EMI amount will be low and if you opt for shorter loan tenure, then the EMI amount will be high as shown by ICICI Bank Personal Loan EMI Calculator.
  
  If you prepay your personal loan then the EMI payment will be different as per ICICI Bank Personal Loan EMI Calculator with prepayment. There are two options of EMI calculations using ICICI Bank Personal Loan EMI Calculator with prepayment. The first option is you can lower your loan tenure which will keep your EMI amount unaffected when using ICICI Bank Personal Loan EMI Calculator. The second option is you can keep your loan tenure as it is which will lower your EMI amount using ICICI Bank Personal Loan EMI Calculator.

ICICI Bank Personal Loan EMI Calculator- EMI Calculation

To get a more clear vision on ICICI Bank Personal Loan EMI Calculator using ICICI Bank Personal Loan EMI Calculator formula, here is a sample example of a loan amount of Rs. 1 lakh with different loan loan tenures and interest rates.

*interest rate depends on loan eligibility and repaying capacity

Advantages of ICICI Bank Personal Loan EMI Calculator

• Easy monthly budget planning

  Using ICICI Bank Personal Loan EMI Calculator India you get the EMI amount of different combinations of loan amount, interest rate and loan tenure. So, you get to choose the best possible loan amount which is within your capability to repay. So, using ICICI Bank Personal Loan EMI Calculator helps in planning your monthly budget properly keeping in mind the EMI amount which you need to keep aside every month.

• Error free calculations

  ICICI Bank Personal Loan EMI Calculator helps in EMI calculations which are free from manual error. You can use ICICI Bank Personal Loan EMI Calculator excel sheet but that is very time-consuming. Instead, you can use ICICI Bank Personal Loan EMI Calculator which gives error free result within seconds.

• Easily Accessible

  ICICI Bank Personal Loan EMI Calculator is easily accessible anytime whenever you want to calculate EMI. ICICI Bank Personal Loan EMI Calculator can be used for EMI calculations anytime and is completely free of cost.

• Time Saver

  ICICI Bank Personal Loan EMI Calculator helps in EMI calculations within seconds with only input of few details like- loan amount, loan tenure and interest rate. Your time to calculate EMI in pen and paper becomes easy and quick using ICICI Bank Personal Loan EMI Calculator.

• Free from complex calculations

  ICICI Bank Personal Loan EMI Calculator uses ICICI Bank Personal Loan EMI Calculator formula to calculate EMI which saves you from complicated calculations. ICICI Bank Personal Loan EMI Calculator India helps in EMI calculations with just a few clicks.