ICICI Bank EMI Calculator – ICICI Bank Loan EMI Calculator Online
ICICI Bank is one of the leading financial institutions in the country that has been helping its customers to inculcate a healthy attitude towards savings and investments.
The bank extends deposit accounts, schemes facilities and offers financial assistance in the form of loans to help meet various requirements. It also offers financial tools like anICICI EMI Calculatorto help customers proficiently plan their investments.
What is ICICI EMI Calculator?
ICICI EMI Calculatoris a personal finance tool that helps to plan both long-term and short-term investments in a hassle-free manner. It is designed to make the process of calculating monthly instalments convenient for users and also helps to eliminate errors that usually occur during manual calculations.
The financial tool takes into account parameters like the –
- Loan amount
- Rate of interest applied to the loan
- Loan tenure
How is ICICI EMI Calculator useful?
The ICICI Bank offers loans like home loans, car loans, and personal loans. Each of these options comes with a different rate of interest and tenure.
For example, in case of personal loans, the EMI would vary depending on its tenure.
The same is shown in the table below –
| Loan Amount | Loan Tenure | Rate of Interest | EMI in Rs. |
|---|---|---|---|
| Rs. 3 Lakh | 2 years | 11.25% | 14,018 |
| Rs. 3 Lakh | 3 years | 11.25% | 9,858 |
| Rs. 5 Lakh | 5 years | 11.25% | 6,561 |
Intending borrowers can easily find out the EMI they would need to pay against each type of loan for definite tenure by using anICICI Bank EMI Calculator.
The following list highlights a few other benefits of the same –
- It will help borrowers determine a convenient EMI amount.
- It will help determine convenient loan tenure.
- It will simplify the process of calculation.
- It will eliminate error in calculations.
- It will help to plan their budget effectively.
How does ICICI loan EMI calculator work?
TheICICI Loan EMI Calculatoruses the formula given below to calculate the EMI required to be paid against a loan.
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
In the formula,
‘P’= Principal/Loan amount
‘R’= Monthly rate of interest
‘N’= Tenure
For example, if Sanjeev avails a personal loan of Rs. 6 Lakh at a rate 11.25% p.a. (0.93%/ month) for a term of 5 years, his EMI would be –
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
= [600000 x 0.93 x (1+0.93) ^60]/ [(1+0.93) ^ (60-1)] = Rs. 13,649
Benefits of using BhuMe’s ICICI Bank EMI Calculator?
By using BhuMe’sICICI Bank Loan EMI calculator,intending loan borrowers take the first step towards applying for loan option of their choice.
It would assist them in determining if their financial standing would allow them to repay their loan amount conveniently.
Here is a list of advantages that users can avail by using BhuMe’sICICI Bank EMI Calculator–
- Users can avail accurate results right down to the last decimal.
- Offers immediate results.
- Has a simple interface that makes it easy to use.
- Helps to plan loan repayment better.
Avail these advantages and much more by using theICICI Bank EMI Calculatorand manage your instalments more systematically. The EMI calculator will not only help you become aware of the estimated payouts but will help you to distribute its burden over a comfortable tenure.