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Know About ICICI Bank Personal Loan EMI Calculator

by Alex Hales

The ICICI bank personal loan EMI Calculator is a tool that may help you plan personal loans. It is meant to make calculating monthly payments easier for users and to choose the convenient EMI for your loan. In the ICICI EMI calculator, certain aspects are necessary. These important aspects are discuss below.

Key elements in ICICI EMI calculator

The key elements which are important in the ICICI bank loan EMI calculator are as follows –

  • Loan Amount – The amount of personal loan you have applied to ICICI bank.
  • Loan tenure – It is the length of the loan EMI payment time. The greater the tenure, the more interest there is.
  • Rate of Interest -. The bank will determine the interest rate on your loan depending on numerous variables.

Variables influencing ICICI EMI calculator 

ICICI Bank considers several criteria while processing your loan, which determine the amount of loan you are qualified for and the interest rate that might be offered. However, you can choose the tenure of the loan of your choice. But keep in mind longer the tenure greater the interest. Here are the variables that determine the loan amount and rate of interest.

  • Customer loyalty – Customer loyalty is an important criterion when applying for a personal loan at ICICI. A current or a saving account is require to be open at least one year before. Your existing debts and liabilities are also consider in the loan application. Any previous loans at ICICI must be cleared 36 months from the date of application for a new personal loan.
  • Credit rating – Your CIBIL Score affects your loan. A strong credit score shows a solid repayment history; therefore, most banks will not provide you with a loan if you have a poor credit score. A personal loan at ICICI requires a CIBIL score of 650 or above.
  • Annual revenue – The revenue of the borrower decides how much loan EMIs. If a person has a high revenue, he can apply for higher personal loans at ICICI bank.
  • Type of job and employer – ICICI Bank prefers applicants with at least two years of total experience and who have been in their present position for at least 12 months. ICICI Bank has a negative list of professions and industry types, defined as a consumer or industry sector to whom they would not lend. As a result, your chances of securing a loan approval are also affected by your career and industry.
  • Age of the borrower – For a fixed loan amount, the interest rates are much higher for younger applicants than for older ones.
  • Residence location and stability – ICICI Bank has a predetermined list of places where it will offer the loan. To secure a loan from ICICI Bank, you must reside in the location for at least one year.

Limitations of ICICI EMI calculator

There are certain things which can not be determine by using the ICICI EMI calculator, which are as follows.

  • Processing fees- Processing fees ranging from 0.50% to 2% of the loan amount will be assess at the time of application at ICICI bank.
  • Penalty for late EMI – A penalty of 2% of the outstanding EMI will be charge for each late EMI at ICICI bank.

ICICI EMI calculator

You can calculate the ICICI personal loan EMI by the methods given below.

ICICI Personal loan calculator by using a formula

Mathematically, you can calculate your ICICI loan EMI by:


                               P x R x (1+R) N

                                 {(1+R) N-1}


P = Principal amount of the loan

R = Rate of interest (monthly) = Annual rate of interest/12/100

N = Number of monthly instalments required

By using the ICICI Personal loan calculator on the ICICI bank website

On the official ICICI bank website, you can provide the required details like loan amount, tenure, and interest rate to get the EMI for a personal loan. 


You now understand the different aspects of the ICICI bank loan EMI calculator and how to use it effectively before applying for a loan. Calculating how much EMI you can pay and other relevant elements would be easier when utilising an EMI calculator.

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