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ICICI Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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What is Personal Loan EMI?
Personal Loan EMI is the amount payable every month until the end of the loan repayment tenure. The EMI amount includes both the principal and interest component of the personal loan. Borrowers have to pay this amount every month until the entire loan amount is repaid in full. Note that the EMI will remain the same throughout the loan tenure in case of fixed rate personal loans like ICICI Bank Personal Loan.
What is ICICI Bank Personal Loan EMI Calculator?
ICICI Bank Personal Loan EMI Calculator is an online tool offered by ICICI Bank to help prospective personal loan borrowers calculate their loan installment amount that they have to pay every month. The EMI amount may vary based on the ICICI Bank Personal Loan Interest Rate, loan amount and repayment tenure selected by the individual. Alternatively, you can also use Paisabazaar’s EMI Calculator for Personal Loan to select the optimum loan tenure for ICICI Bank Personal Loan based on your repayment capacity.
How do I select the ROI for ICICI Bank Personal Loan EMI Calculator?
ICICI Bank Personal Loan EMI Calculator offers the option of selecting ROI from a wide range of interest rates. The prospective borrowers can select different combinations of loan amounts, interest rates and tenures to find respective EMIs for each combination. However, it is important to note that the final rate of interest offered for personal loan will be determined based on your ICICI Bank Personal Loan Eligibility, which also depends on various factors such as your age, credit score, monthly income, repayment capacity, occupation profile, etc.
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Personal Loan Interest Rates of Top Banks/NBFCs
| Banks/NBFCs | Interest Rates(p.a.) |
| Bajaj Finance | 10% - 31% p.a. |
| Axis Bank | 10.49% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.99% onwards |
| HDFC Bank | 10.85% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 11.99% onwards |
| Federal Bank | 11.49% onwards |
| DMI Finance | Up to 24% |
| L&T Finance | 11.00% onwards |
| Kreditbee | 16.00% - 29.95% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.90% onwards |
| Aditya Birla | 10.99% onwards |
| Moneyview | 14%-36% |
| Cashe | 33.50% onwards |
Note: Interest rates as of 10th July 2023
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Factors Affecting ICICI Bank Personal Loan EMI
Using ICICI Personal Loan EMI Calculator can help determine the optimum tenure and EMI for your ICICI Bank Personal Loan based on your repayment capacity. But before doing that, it is crucial to know the factors that influence your personal loan EMI. Below discussed are three prime factors that impact your personal loan EMI:
Loan Tenure
ICICI Bank personal loans come with repayment tenures of up to 6 years. The existing personal loan borrowers can reduce their EMI amount by opting for a longer repayment period on their personal loan. That said, personal loans with longer tenures lead to higher cost of interest. In that case, personal loan applicants should consider using Paisabazaar Personal Loan EMI Calculator to find the optimum tenure for their personal loan based on their repayment capacity.
Rate of Interest
ICICI Bank Personal Loan Interest Rates start from 10.75% p.a. Personal loan applicants who avail loans at lower interest rates would have to pay lower EMIs and lower interest cost and vice versa. As a result, the prospective borrowers should consider comparing the personal loan interest rates offered by top banks/NBFCs before applying for ICICI Bank personal loan.
Loan Amount
Personal loan applicants can avail ICICI Bank Personal Loans for amounts of up to Rs 50 lakh. Personal loans availed for higher amounts can lead to increased EMIs and interest costs for loan applicants. The personal loan eligibility in terms of loan amounts will primarily depend on factors such as the loan tenure and repayment capacity.
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Benefits of Using ICICI Bank Personal Loan EMI Calculator
Mentioned below are some major benefits of using ICICI personal loan EMI Calculator:
Quick and Accurate Results
Using ICICI Bank Personal Loan EMI Calculator, you can find out your EMIs without doing complex manual calculations using complex formulas. As a result, you can get a quick and accurate EMI amount.
Healthy Credit Scores
Personal loan applicants who calculate their monthly installments using ICICI Bank Personal Loan EMI Calculator in advance are better prepared to manage their finances for repaying personal loans within the provided tenure. Such applicants also have lower chances of defaulting on their monthly EMIs, which further helps in improving or maintaining their credit scores.
Improve Personal Loan Eligibility
Lenders approve personal loan applications of applicants whose total EMI obligations (including that of the proposed personal loan EMI) does not exceed 50-60% of their total monthly income. Using ICICI Bank Personal Loan EMI Calculator gives you an idea of your EMIs. So, if you are exceeding the aforementioned limit, you can consider opting for a longer repayment period on your personal loan or lower the personal loan amount to reduce your EMI, when applying for a personal loan. Doing this will also help improve your chances of getting your personal loan approved.
Budget Management
Since EMI amount for personal loans availed at fixed interest rates remain same during the entire loan tenure, personal loan applicants can easily adjust their monthly expenses to fit in the EMI amount.
Bottom Line
Keeping in mind the above-mentioned factors, you should consider using the ICICI Bank Personal Loan EMI Calculator to determine your optimum tenure and EMI for ICICI Bank Personal Loan based on your repayment capacity. You can use both the ICICI Bank Personal Loan EMI Calculator and Paisabazar’s Personal Loan EMI Calculator to find and compare the personal loan EMIs of other lenders as well.
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