ICICI Bank Personal Loan EMI Calculator
Equated Monthly Installments (EMIs) allude to the month-to-month sum that should be paid by a borrower to reimburse a loan taken from a bank or non-banking monetary organization (NBFC). ICICI Bank Personal Loan EMI Calculator is a convenient device to help you complete this muddled estimation in a flash. Nonetheless, rather than selecting a bank-explicit EMI number cruncher, you can utilize the Dialabank ICICI Bank Personal Loan EMI Calculator to check your loan EMIs for nothing. Simply determine a couple of key personal loan boundaries, for example, loan head, financing cost, and residency to get moment EMI results. You can likewise attempt different mixes of these loan boundaries to show up at the most appropriate EMI for yourself.
How does the ICICI Bank Personal Loan EMI Calculator Function?
An EMI adding machine capacities based on the accompanying 3 boundaries:
- Loan Amount: This alludes to the personal loan chief acquired from HDFC bank. By and large, a higher loan sum brings about higher EMI. ICICI Bank offers personal loans for sums as low as Rs. 50,000 and as high as Rs. 40 lakh.
- Loan Tenure: The span over which a personal loan is paid off is called loan residency. For ICICI personal loan, the residency right now fluctuates from 12 to 72 months. Practically speaking, a more limited residency prompts higher EMIs, yet it encourages you to save money on the absolute premium payout of the loan.
- Premium Rate: ICICI personal loan financing cost shifts from 9.99% to 21.25% p.a. A higher pace of interest ordinarily converts into higher EMI payouts over the loan residency.
ICICI Bank Personal Loan EMI Calculator Formula
The formula used to calculate personal loan EMIs depends on the method of interest calculation namely – the flat rate method and the reducing balance method. Let us understand the 2 methods of EMI calculation in the following section.
- Flat Rate Method: In this strategy, the EMI sum stays as before all through the loan residency. This is because the personal loan interest is charged on the whole loan chief sum acquired by the candidate. The equation for EMI estimations utilizing this strategy is as per the following:
EMI by Flat Rate Method = (Principal + Interest)/ Loan Tenure in Months
For example, Mr. A took a loan of Rs. 10 lakh at a flat rate of interest of 15% for a period of 24 months.
Interest for year 1 = 15% per annum of Principal = 15% of Rs. 10 lakh = Rs. 1.5 lakh
Interest for year 2, i.e., the loan tenure = Rs. 1.5 lakh
Total interest payable over the loan tenure = Rs. 1.5 lakh + Rs. 1.5 lakh = Rs. 3 lakh
Monthly EMI payouts for Mr. A = (Rs. 10 lakh + Rs. 3 lakh)/24 = Rs. 54,167
- Reducing Balance Method: In this strategy, the EMI installment sum continues to diminish over the loan residency. This is because the personal loan interest is charged on the exceptional loan head (which diminishes as the loan is paid off) and not the whole loan sum at first acquired. Henceforth, this strategy permits you to save money on the complete revenue payable utilizing the accompanying equation.
EMI by Reducing Balance Method = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
P means the loan principal;
R refers to the rate of interest every month;
N refers to the loan repayment tenure in months.
For example, Mr. B took a loan of Rs. 10 lakh at a reducing balance interest rate of 15% p.a for a period of 24 months.
Monthly interest rate = Annual interest rate/ 12 = 15/12 = 1.25% per month
Monthly EMI payout for Mr. B = [10 lakh x 1 x (1+1.25)^24]/(1+1.25)^(24-1)] = Rs. 48,487
ICICI Bank Personal Loan EMI Calculation
ICICI Bank uses the reducing balance method for the EMI calculation of its personal loan. The following table shows the possible ICICI Bank Personal Loan EMI Calculator with various combinations of the loan amount, interest rate, and repayment tenure.
|Loan Amount (Rs.)||Interest Rate (p.a.)||Tenure (months)||EMI (Rs./month)|
EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
The following is a comparison of the difference in EMI payouts for different loan amounts and tenure when using the flat interest rate method as compared to the reducing balance method:
|Loan Amount (Rs.)||Loan Tenure (months)||Interest Rate (p.a.)||EMI using Flat Rate method (Rs.)||EMI using Reducing Balance method (Rs.)|
How to pay ICICI Bank Personal Loan EMI Calculator?
Following are the various modes of payment for ICICI personal loan EMI:
- Standing Instruction (SI): This feature allows the bank to directly debit the EMI payable from your ICICI bank account on due dates. You can avail of the SI facility by filling out the NACH e-mandate form. Alternatively, you can fill out Canara standing instruction request form and submit it to set up a SI.
- Electronic Clearing Service (ECS): You can use the ECS facility to pay off your monthly instalments directly from your non-ICICI Bank account on due dates. To avail of this service, you can either fill out the ICICI ECS mandate form or you can apply online for ECS Debit Clearing.
- Post Dated Cheques (PDCs): You can also pay your ICICI personal loan EMIs by submitting post-dated cheques in favour of “ICICI Bank Ltd Loan Account Number <your loan account number>” at ICICI retail service center.
Steps to pay an overdue EMI Online
If you missed a due EMI payment of your ICICI Bank personal loan, then follow the below steps to pay the overdue EMI online:
Step 1: Visit the HDFC overdue EMI payment portal.
Step 2: Provide details of your ICICI Bank loan account.
Step 3: Enter authentication details to make the payment.
Step 4: Receive an online confirmation for the payment of your ICICI overdue EMI amount and note the transaction reference number.
Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges
|Penal Interest Rate for late EMI payment||The penal interest rate is 2% per month on the EMI overdue till payment is made.|
|Cheque Bounce Charges||Rs. 550 per instance of cheque bounce.|
Note: The charges may change periodically and GST is applicable as per Government regulations.
Factors Affecting ICICI Bank Personal Loan EMI Calculator
Following are the key factors that influence ICICI Bank personal loan EMI:
- Loan Amount: ICICI personal loan sum changes from Rs. 50,000 to Rs. 40 lakh. By and large, the higher the loan chief sum brings about a more prominent EMI.
- Loan Tenure: The time-frame over which you take care of the loan is called loan residency. A more extended residency implies you need to pay EMIs for a more drawn-out period, which for the most part brings about a more modest sum. Be that as it may, longer residency expands the general interest payout.
- The pace of Interest: It alludes to the rate at which a premium is charged on the loan. A high pace of interest implies a more noteworthy measure of interest is to be paid which may prompt higher EMIs or longer loan residency. The strategy for rate estimation additionally influences the personal loan EMI sum. For the most part, EMIs determined utilizing lessening balance strategy are lower than those determined utilizing the level rate technique.
Benefits of Using an ICICI Bank Personal Loan EMI Calculator
An online EMI adding machine accompanies a large group of points of interest. A portion of the significant ones are recorded underneath:
- ICICI Bank Personal Loan EMI Calculator helps you to know your month-to-month EMI payout before you really profit from the loan. This causes you to plan your finances better, so you can guarantee convenient EMI instalment as on schedule.
- You can utilize the online ICICI Bank Personal Loan EMI Calculator free of charge at any time of the day from anywhere. Additionally, you can utilize it quite a few times you need to think about EMI sums for personal loan offers from various banks.
- ICICI Bank Personal Loan EMI Calculator saves you from the time-taking cycle of figuring EMI duty by hand. You can get instant results for the personal loan EMI sum when you determine the loan sum, residency, and financing cost.
- ICICI Bank Personal Loan EMI Calculator consistently gives you the moment and accuracy Hence, you approach a dependable device to figure EMI adds up to help you analyze different loan offers.
FAQs for ICICI Bank Personal Loan EMI Calculator
✅ How to pay ICICI Bank personal loan EMI online?
You can avail (Electronic Clearing Service) to digitally transfer the EMI from your non-ICICI account. Alternatively, if you have an ICICI Bank account, you can use the standing instruction facility via NACH (National Automated Clearing House) to pay off your personal loan EMI.
✅ How to autopay ICICI personal loan EMI online?
You can activate the autopay of your ICICI Bank Personal Loan EMI Calculator by using the SI (Standing Instruction) facility. SI means that you allow the bank to automatically deduct the EMI on the due date from your ICICI Bank account.
✅ Does the EMI calculator also show the prepayment charges?
No, the ICICI Bank Personal Loan EMI Calculator only shows the EMI amount. You can check the prepayment charges in the loan agreement provided by the lender.
✅ What is float rate EMI calculation? Is personal loan interest calculated this way?
Every EMI includes both the principal and the accrued interest. When a bank/NBFC uses a floating interest rate that depends on an external benchmark like repo rate to calculate EMIs, it is called floating rate EMI calculation. In this case, the rate of interest applicable to the loan changes periodically, however, currently this method does not apply to personal loan interest calculation.
✅ How to use the ICICI Bank Personal Loan EMI Calculator?
You can use Dialabank’s ICICI Bank Personal Loan EMI Calculator in the following steps:
Step 1: Specify the loan amount, tenure and interest rate using the sliders.
Step 2: Check the EMI amount displayed instantaneously on the right-hand side of the page.
✅ How to arrive at the right EMI amount?
You can use the ICICI Bank Personal Loan EMI Calculator to check various combinations of the loan amount, tenure, and interest rate to arrive at the most suitable EMI as per your monthly budget. Ensure that you consider all your outstanding debt and monthly expenditure to avoid any hassle at the time of repayment throughout the loan tenure.
✅ What is the penalty for missing an EMI for my ICICI Bank personal loan EMI?
Penal interest at the rate of 2% per month is charged on the overdue amount till the time payment is made if you fail to pay your ICICI personal loan EMI on time.
✅ What method of EMI calculation does ICICI Bank use?
ICICI Bank uses the reducing balance method for calculating personal loan EMIs. As a result, interest is charged only on the outstanding loan principal and not on the loan principal amount that you borrowed initially. Use ICICI Bank Personal Loan EMI Calculator to get EMI easily without visiting the bank.
✅ Can I change my ICICI Personal loan repayment mode? What are the charges for changing the repayment mode for ICICI Bank’s personal loan EMI payment?
Yes, a service charge of Rs. 500 is applicable when you swap the repayment mode to either PDC (Post Dated Cheque) or ECS (Electronic Clearing Service). However, no such swap charges are applicable if you change your repayment mode to the PDCs of your ICICI Bank account.
Table of Contents
- 1 ICICI Bank Personal Loan EMI Calculator
- 2 How does the ICICI Bank Personal Loan EMI Calculator Function?
- 3 ICICI Bank Personal Loan EMI Calculator Formula
- 4 ICICI Bank Personal Loan EMI Calculation
- 5 EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
- 6 How to pay ICICI Bank Personal Loan EMI Calculator?
- 7 Steps to pay an overdue EMI Online
- 8 Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges
- 9 Factors Affecting ICICI Bank Personal Loan EMI Calculator
- 10 Benefits of Using an ICICI Bank Personal Loan EMI Calculator
- 11 FAQs for ICICI Bank Personal Loan EMI Calculator
- 11.1 ✅ How to pay ICICI Bank personal loan EMI online?
- 11.2 ✅ How to autopay ICICI personal loan EMI online?
- 11.3 ✅ Does the EMI calculator also show the prepayment charges?
- 11.4 ✅ What is float rate EMI calculation? Is personal loan interest calculated this way?
- 11.5 ✅ How to use the ICICI Bank Personal Loan EMI Calculator?
- 11.6 ✅ How to arrive at the right EMI amount?
- 11.7 ✅ What is the penalty for missing an EMI for my ICICI Bank personal loan EMI?
- 11.8 ✅ What method of EMI calculation does ICICI Bank use?
- 11.9 ✅ Can I change my ICICI Personal loan repayment mode? What are the charges for changing the repayment mode for ICICI Bank’s personal loan EMI payment?