- ₹ 50,000
- ₹ 50,00,000
- 12 Months
- 72 Months
- 10.85%
- 16.25%
EMI Amount
*
Interest Payable
*
Disclaimer*: Our Personal Loan EMI calculator offers estimated monthly instalments which are indicative and tentative and are based upon the details populated by the user. Actual loan terms and eligibility are subject to bank approval. For precise loan details, consult our representatives before decisions based on these estimates.
How to Use ICICI Bank Personal Loan EMI Calculator
Here's a step-by-step guide to using the Personal Loan Calculator:
Enter loan details: Enter your desired loan amount, interest rate and loan tenure in the designated fields.
Calculate EMI instantly: Once you enter the details, your EMI will be calculated instantly by the online personal loan calculator.
Adjust sliders: Adjust sliders accordingly if you want to change the loan amount, interest rate or tenure.
Explore customisation: Customize your repayment plans by entering the loan amount ranging from Rs 50,000 to Rs 50 lakhs and selecting a term between 1 year to 6 years.
Change EMI amount: To lower your monthly payments, adjust sliders for less loan, lower interest or longer tenure. For higher EMI payments, consider a higher loan amount or shorter tenure.
Personal Loan EMI Calculator FAQs
What is a Personal Loan EMI?
EMI or Equated Monthly Instalment is the amount that is payable per month, if you avail a Personal Loan for a certain period. The EMI amount will be used to pay off both the Principal Loan Amount and the Personal Loan Interest over the loan tenure, until the loan is paid in full. The EMI will remain the same throughout the tenure.
What is a Personal Loan EMI Calculator?
A Personal Loan EMI Calculator is an online tool to calculate the EMI amount a borrower has to pay every month to repay the loan. The EMI Calculator considers the loan amount, interest rate and loan tenure to compute the EMI and interest payable for the entire loan tenure (assuming fixed rate throughout the tenure). By using this Personal Loan EMI Calculator, you can finalise your required loan amount, as per your affordability by inputting different loan amounts, interest rates and loan tenures and arriving at a suitable EMI amount.
How is Personal Loan EMI calculated?
Personal Loan EMI is typically calculated using the reducing balance method, where interest is computed on the outstanding loan amount. Although the EMI remains fixed, the principal repayment grows while the interest portion declines over time. The formula used for this calculation is:
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
where,
P - the principal loan amount,
r - the monthly interest rate (annual rate divided by 12)
n - loan tenure in months.
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