Personal Loan EMI Calculator
Planning to take a Personal Loan? Use this Personal Loan EMI Calculator to estimate the EMI amount payable per month to repay the Personal Loan. The Personal Loan EMI Calculator is easy to use. All you need to select is the:
- Loan amount ranging from ₹ 50,000 to ₹ 25 lakh,
- Interest Rate (starting from 10.5%* p.a.),
- Loan Tenure (ranging from 12 – 72* months).
After selecting the Loan Amount, Interest Rate per annum and the Loan Tenure, the calculator will estimate the monthly EMI amount and the total Interest payable till the end of the loan tenure. You can also hover your mouse on the graph to view the Balance Loan Amount (Principle Outstanding) and the Interest accumulated till a particular period.
Frequently Asked Questions (FAQs) for Personal Loan
What is a Personal Loan EMI?
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.
What is a Personal Loan EMI Calculator?
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.
How is Personal Loan EMI calculated?
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.
How can a Personal Loan EMI calculator help determine the loan selection?
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.
How do I determine the applicable ROI?
The Personal Loan EMI Calculator will give you an option to select ROI ranging between % p.a. to % 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.
Disclaimer 1
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.
Disclaimer 2
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.
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