# Personal Loan EMI Calculator – ICICI

ICICI Bank is considered as the second largest in the list of banks in India in terms of market capitalization and assets. ICICI Bank offers personal loans to individuals for a vast range of personal use and at very affordable interest rates.

ICICI Bank personal loans can also be availed instantly and via online mode. To know more about the documentation and the eligibility of such loan, check below.

**ICICI Personal Loan Eligibility**

For **ICICI personal loan eligibility**, four factors are taken into consideration-

- Age of the loan seeker should be at least 23 years or more
- A person is eligible for getting a loan up to 63 years of age
- The individual should have a regular income or is salaried
- Meet the minimum income eligibility criteria which is Rs. 15,000 per month

On meeting these four **ICICI personal loan eligibility** criteria, a person can avail a personal loan.

**ICICI Personal Loan EMI Calculator**

A personal loan EMI is basically a certain amount of money that the ICICI bank gives against your loan amount.

The ICICI bank provides the customers with convenient and affordable options for loan EMIs at Rs. 2174 per lakh and also has a low rate of interest. You can use the **ICICI personal loan EMI calculator** to calculate your loans.

Amount (Rs.) | 2 Years | 3 Years | 5 Years |

1 Lakh | Rs. 4,660 | Rs. 3,273 | Rs. 2,174 |

3 Lakh | Rs. 13,981 | Rs. 9,820 | Rs. 6,521 |

5 Lakh | Rs. 23,302 | Rs. 16,367 | Rs. 10,869 |

10 Lakh | Rs. 46,603 | Rs. 32, 734 | Rs. 21,737 |

It is evident from the table that the EMI offered for the different loan amounts are different in case of the different tenures. This means that if a person takes a loan for a short period, then the EMI will be a bit higher.

Every single EMI comes with principal repayment amount and interest payment amount. Even though the EMIs remain constant, the proportion of the principal and the interest remains the same. With every single payment of the EMI, principal repayment proportion in the EMI will keep on increasing. Also, there is a reduction of the interest component as well.

With the help of **ICICI personal loan EMI Calculator**, you will be able to calculate other different things which are mentioned below.

A personal loan of an estimate of Rs. 1 lakh will have about 10.99% rate of interest at ICICI banks for different periods.

2 years | 3 years | 5 years | |

ICICI Bank loan amount at 10.99% interest | 4,660 | 3,273 | 2,174 |

Amount to pay back (interest + principal) | 1.12 Lakh | 1.18 Lakh | 1.30 Lakh |

Interest to pay over the loan tenure | 11,840 | 17,828 | 30,440 |

From this above table, you will be able to see that the EMI that is paid on a loan will definitely be a bit lower for the loan that is taken for a longer period. However, this doesn’t negate the fact that the interest rate is higher for a longer tenure loan. For example, if a person decides to take a loan of Rs. 1 lakh from the back at 4-year tenure, the EMI amount will be about Rs. 2174. But the **ICICI personal loan interest rate** here is about Rs. 30440.

In contrast to that, if someone takes a loan of about Rs. 1 lakh for tenure of 2 years, then the EMI rate increases to about Rs. 4660 and the **ICICI personal loan interest rate** is just Rs. 11840.

So, you need to make the choice properly while choosing the ICICI bank EMI amount.

**Factors That Affect The ICICI Bank Personal Loan EMI **

You need to keep some factors in mind when you use the **ICICI Personal loan EMI calculator** to calculate your EMI.

Loan Amount: The Loan amount is basically the amount that the borrower takes from the ICICI Bank. Those who apply for a higher amount of loan, the EMI rates will be a bit higher. The minimum limit for a loan is Rs. 1 Lakh in ICICI Bank.

Rate Of Interest: With higher rates of interest, your EMI amount escalates as well. Also, the loan cost is increased. The **ICICI personal loan interest rate** is a bit lower for those who have salary accounts in the bank. This means that for them, the loan cost, as well as the EMI, will be increased.

Loan Period: it is another one of the factors that you need to consider while using the ICIICI bank EMI calculator. The longer the tenure is, the lower the EMI will be. The maximum of tenure in ICICI bank is about 5 years.

**ICICI Personal Loan Calculator Formula **

The **ICICI personal loan calculator** uses a basic formula for calculating the EMI.

P*r* (1+r)^n/([(1+r)^n]-1)

This is what the symbols denote.

P = The amount of the loan which will be between 1-30 lakh

r = The interest rate which is 10.99% currently for ICICI bank

n = tenure in months can range up 5 years

**Personal loan EMI calculator Of ICICI Bank – How Does It Work?**

The ICICI bank personal loan calculator can be used for the calculation of interest rates, loan tenure, loan amount and other things.

**ICICI bank EMI Calculator** can be considered as a tool that helps in assuming the different EMI payments that need to be made in a month.

For someone who wants to repay the loan, the balance in the personal loan starts to reduce. There are two options at this point.

- Reducing the loan tenure and also keep the EMI amount unchanged. This will allow the person to close the loan earlier and the interest outgo can be saved as well.
- Reducing the EMI amount to keep the loan tenure unchanged. This will allow the person to reduce the EMI amount per month.

**Frequently Asked Question About The ICICI Bank Personal Loan EMI Calculator **

- Why is it important to calculate the EMI for a loan at ICICI bank?

A: When you calculate the loan with the help of the **ICICI EMI calculator**, you will be able to find out the interest rate, the loan tenure, the loan EMI amount.

- What is the lowest EMI amount in ICICI Bank?

A: The interest rate is about 10.99% so the EMI calculates up to Rs. 2,174.

- Are there repayment charges in ICICI bank?

A: Yes, and they are available after about 6 months at the rate of 5%

- What is the processing charge of personal loans from ICICI bank?

A: The processing fee starts from 0.9% to about 2.25%.

- What is the minimum credit score required?

A: The credit score of 700 or above will be accepted for a loan at ICICI bank.