ICICI Bank Personal Loan EMI Calculator

Before we talk about personal loan EMI calculator, let us first understand about EMI.

What is an EMI?

An EMI or a personal loan EMI (Equated Monthly Instalment) is a fixed sum of money that a borrower is liable to pay on a specific date every month till the loan amount gets fully repaid. Each EMI comprises two components, the principal amount and the interest due on the loan amount. For borrowers, the major benefit of repaying a loan in multiple EMIs is that they know how much money they will be required to pay towards their loan each month, which further makes monthly budgeting for their personal expenses easier. Also, paying back the loan amount at once in lumpsum is not possible for everyone.

To calculate personal loan EMIs, there is a general mathematical formula which is commonly used by every bank and NBFC. Therefore, for a specific personal loan interest rate, principal amount and tenure, the EMI calculated will usually be same across all financial institutions. You can calculate your ICICI Personal Loan EMI’s manually but then it would be time-consuming. Also, manual calculations have a high probability of having human errors. To have accurate results that too in just a few seconds, use Paisabazaar’s Personal Loan EMI Calculator.

What is a Personal Loan EMI Calculator?

As the name suggests, personal loan EMI calculator or simply an EMI calculator is an online tool that helps you determine the EMI that you are liable to pay to the bank every month till the entire personal loan is paid off. Using a personal loan EMI calculator is simple and absolutely free of cost. Besides, it eliminates the need to visit multiple banks to get information about personal loan. The EMI calculator just requires you to fill in some essential details which include personal loan interest rate, principal amount and loan tenure. Once you fill out all the details, you get results instantaneously.

Before applying for a personal loan, it is good to calculate its EMI as it helps you assess your repayment capacity. If you too are planning to apply for a personal loan, calculate the personal loan EMI in an instant with the help of Paisabazaar’s personal loan EMI calculator. A personal loan EMI calculator:

• Saves you from tedious calculations: Personal loan EMI can be calculated manually as well but such calculations, when done for several banks, can be tedious. With an online EMI calculator, you can avoid the tedious calculations and get your results in just a few seconds.
• Calculates your loan EMIs in just a few seconds: Personal loan EMI calculator is simple and easy to use. Another best thing about calculating your loan EMI through this online tool is that it gives you the required results in just a few seconds. To get the results in an instant, all you need to do is enter the required details.
• Helps you assess your repayment capacity: Knowing your personal loan EMI beforehand is important in assessing which loan amount you can comfortably repay and at which personal loan interest rate. If a personal loan EMI is not falling within your budget, you can either increase the loan tenure or look for an offer with lower EMI or add a co-applicant. Thus, an EMI calculator helps you reach an amount which you can repay without straining your finances.
• Gives you the freedom to make as many searches as you want: With Paisabazaar’s EMI calculator, you get the freedom to calculate the results as many times you want. You can check different loan amount and compare the different EMIs to find the best personal loan scheme. Another best part about this online tool is that irrespective to the number of times you use the tool, you will not be charged anything. In other words, you can use the tool free of cost.

Personal loan EMI calculator computes EMI value on the basis of the inputs that you give. The EMI calculator asks for the following inputs related to your loan:

Principal Amount: It is the total amount borrowed. The loan amount that you intend to borrow must be as per your requirement and not as per your want.

Interest Rate: Personal loan interest rate is the rate at which your lender will lend you money. The rate of interest can be either fixed or floating. In fixed interest rate personal loans, the rate stays constant throughout the loan tenure, which results in equal loan EMIs. But floating interest rates can change anytime during the loan tenure, thus changing the loan EMIs.

Tenure: It is the total period till when you will repay the loan. In personal loans, usually, the loan tenure ranges from 1 to 5 years. All financial institutions offer flexible personal loan tenure which means that you can choose the repayment tenure as per your requirements.

Paisabazaar’s EMI calculator is easy to use and involves the steps given below:

• Visit the Personal Loan EMI Calculator
• Enter the personal loan details such as loan amount, loan tenure and interest rate in the space provided. You can also use the slider to adjust the values.

The moment you enter the details, you will see the results. You can change the values till you get an EMI that is comfortable for you to pay.