How To Use ICICI Personal Loan EMI Calculator?

When you borrow a personal loan from ICICI Bank always calculate the EMI. It makes it easy for the borrower to pay the loan quickly if they know the EMI amount before the loan sanction. How does it help? Gives you time to plan the repayment, you can choose the tenure as per your repayment plan and reduce the interest payment by knowing the total amount you pay for an ICICI personal loan. To get all these benefits, you just have to use a simple calculator tool which is an ICICI personal loan EMI calculator. In this article, you know how to use the EMI tool and what are its working features.

Know functioning of the ICICI Personal loan EMI calculator!

The online calculator tool works in a mathematical expression of P × r × (1 + r)n/((1 + r)n - 1), where P is the amount you borrow, r is the ICICI personal loan interest rates and n is the repayment period. In the same manner you are required to insert the ICICI personal loan details in the EMI calculator. See the example below to know how ICICI personal loan EMI calculator works.

For example, Sameer is working in a multinational company and earns monthly INR 50,000. Suddenly a medical emergency arrives and Sameer is not secured with any life insurance policy. So a friend suggested Sameer to borrow ICICI personal loan. And he does the same and knows that he is eligible for INR 15 lakh and the ICICI personal loan interest rates that charged on the loan is 13.25% as per the credit risk. Now, see how much EMI Sameer has to pay for the ICICI personal loan if he chooses a tenure of 5 years.

Loan Amount (INR)	Interest Rate (per annum)	Tenure ( in months)	EMI Amount (INR)	Interest Outgo (INR)	Total Payment (INR)
15,00,000	13.25%	12	1,34,152	1,09,823	16,09,823
15,00,000	13.25%	24	71,489	2,15,736	17,15,736
15,00,000	13.25%	36	50,722	3,25,983	18,25,983
15,00,000	13.25%	48	40,428	4,40,526	19,40,526
15,00,000	13.25%	60	34,322	5,59,313	20,59,313

Loan Amount (INR)	Interest Rate (per annum)	Interest Outgo (per year)	Principal Amount (INR)
15,00,000	13.25%	1,85,319	2,26,543
15,00,000	13.25%	1,53,411	2,58,451
15,00,000	13.25%	1,17,008	2,94,854
15,00,000	13.25%	75,477	3,36,385
15,00,000	13.25%	28,097	3,84,139

How to get the lowest ICICI personal loan interest rates?

ICICI Bank provides personal loans to customers at an interest rate of 11.25% to 21.00% per annum. And the ICICI personal loan interest rates depend on the borrower income, credit score and eligibility for the loan amount. So, see the pointers below and kow how to get the lowest ICICI personal loan interest rates.

• Check your income to see whether it is INR 30,000 or more. Because if it is not then you can't borrow an ICICI personal loan

• But, don’t worry about it as you can jointly borrow an ICICI personal loan which increases your eligibility by which you can borrow the loan at an attractive ICICI personal loan interest rates.

• Do check the CIBIL score, if it is above 750 then you have a negotiation power to reduce your interest rate

Relationship with ICICI Bank is important if you want to get an instant personal loan. Minimum 1 year relationship with ICICI Bank in terms of current or savings account. And borrowed a loan before, so the bank can know that you are a responsible customer.