Credit card EMIs enable you to turn your purchases into cost-effective loans with a fixed monthly payment. You can simply calculate your monthly instalment using the ICICI Credit Card EMI Calculator based on your loan, rate of interest, and term, making planning easy. Read further for an in-depth overview of the features of the calculator, the formula used in the calculation, and its advantages.
The ICICI Credit Card EMI calculator makes financial planning easy by employing three parameters- principal, interest rate, and tenure to determine EMIs. It employs the reducing balance formula to deliver precise calculations where interest is paid on only the outstanding principal.
This simple method assists you in analyzing varying repayment schedules and choosing the most appropriate terms for your money objectives. It is often a great tool to pay credit card charges with ease and minimal tension.
ICICI Credit Card EMI Calculator is an easy-to-use calculator for determining the monthly instalment amount without professional expertise. Follow the below steps to use the Cleartax ICICI Bank credit card EMI calculator
The ICICI Credit Card uses the following formula to calculate the monthly instalment amount:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
Let us assume you buy products worth Rs. 1.5 lakhs using your ICICI Bank Credit card. You wish to pay in the form of EMI for 2 years against the APR of 16%. Then, you can apply the EMI formula as presented below in the form of the following steps:
P = Rs. 1,50,000
R = 12% p.a.
N = 2 years (24 months)
Hence, your total interest for the tenure will be Rs. 26,267, and your EMI will be calculated as Rs. 7,344. Your overall amount will be Rs. 1,76,267.
Here are the key benefits of using the ICICI Bank Credit Card EMI interest rate calculator:
The next three major determinants affect the ICICI Bank Credit Card:
ICICI Bank offers a comprehensive series of credit card products that can suit every customer's individual need and interest. ICICI credit card loans are distinguished from others because they offer highly competitive interest rates coupled with options in flexible tenure. For settling credit card bills by converting into instalments over months, ICICI Bank gives its customers numerous options in terms of tenures to make users use large value transactions without hassle.
The interest rate on ICICI Bank credit card loans starts at 14.99% p.a. and goes up 20% p.a. as of FY24-25. The outstanding balance can be converted into EMIs within a tenure ranging between 3 to 24 months.
In order to get precise outcomes from the ICICI Bank Credit Card smart EMI calculator, heed the following precautions:
The ICICI Credit Card EMI Calculator is an effective tool to split credit card dues into convenient monthly installments. With details like the outstanding amount, interest rate, and repayment tenure, users can compute their Equated Monthly Installment (EMI) in a snap. This helps in proper financial planning and facilitates better debt management and final. The ICICI Bank Credit Card EMI interest rate varies between 11% p.a. to 16% p.a., with the average interest rate being 14.49% p.a.
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