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POPULAR PERSONAL LOAN FAQS

Personal Loan EMI Calculator is an online tool to calculate the EMI amount a borrower has to pay every month to repay the loan. The EMI Calculator considers the Loan Amount, Interest Rate and Loan Tenure to compute the EMI, Interest payable till the loan tenure and the Balance Loan Amount in a particular period. By using this Personal Loan EMI calculator, you can determine the loan selection, as per your affordability by comparing different Loan Amounts, ROI and Loan Tenure.

EMI or Equated Monthly Instalment is the amount that is payable per month, if you avail of a Personal Loan for a certain period. The EMI amount will be used to pay off both the Principal Loan Amount and the Personal Loan Interest over the loan tenure, until the loan is paid in full. The EMI will remain the same throughout the tenure.

The mathematical formula for calculating EMI is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,
“P” stands for Principal Loan Amount,
“R” stands for Rate of Interest (per month) or annual ROI divided by 12
“N” stands for Loan Tenure (in months)

However, the EMI amount may vary at the time of loan disbursement; depending upon the date of disbursal and period between the disbursal date and the first EMI date.

EMI is short form “Equated Monthly Instalment” or the Amount that is payable per month if you take a personal loan of a certain amount for a certain period. The calculation of EMI depends on 3 main factors:

• Personal Loan Amount – The Rupee value of the loan that you take
• Personal Loan Interest Rate – The interest rate that the bank will charge for the Personal Loan
• Tenure of Personal Loan – The period for which you take the Personal Loan

Calculate EMI

Select the loan amount, as per your requirement, and the expected ROI. Now, you can select various tenure options to determine the monthly EMI amount that you can afford.

Alternatively, you can also start with selecting the ROI and the tenure; and then with the help of the EMI amount, you can determine the Loan Amount as per your affordability.

The Personal Loan EMI Calculator will give you an option to select ROI ranging between 10.75% p.a. to 19% p.a. However, the applicable ROI is dependent on multiple factors, including the loan amount requested.

You can fill in the application form here to check the applicable ROI and your personal loan eligibility. You can also click here to check your eligibility for the pre-approved Personal Loan and avail of the loan amount instantly.

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The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.

Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ICICI Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.

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The EMI amount will vary depending upon the date of disbursal and period between the disbursal date and the first EMI.

ICICI Bank Limited maintains this application (the "Application") for your convenience and personal information, education and communication of an estimation of the indicative equated monthly installment (EMI) and is not an offer, invitation or solicitation of any kind to avail any products / services of ICICI Bank and is not intended to create any rights or obligations of whatsoever nature. Please note that the EMI calculated through this Application is rounded off to the next higher integer. Further, the EMI calculated is based solely on the data entered by you and does not envisage changes that might occur due to any discounts, schemes or other promotional activities introduced by ICICI Bank from time to time on its own or in association with a third party.

No reliance may be placed for any purpose whatsoever on the information contained in this application or on its completeness. The information set out herein may be subject to updation, completion, revision, verification and amendment and such information may change materially. ICICI Bank does not undertake any liability or responsibility for the details, accuracy, completeness or correct sequence of any content or information provided through the application.

The intellectual property contained herein belongs solely to ICICI Bank and any form of reproduction, dissemination, copying, disclosure, modification, and/or publication of the Application and information contained therein is strictly prohibited. ICICI Bank is not representing or giving you any assurance that your expectations, objectives, and needs will be met with the facility availed.

The EMI amount will vary depending upon the date of disbursal and period between the disbursal date and the first EMI.