ICICI Personal Loan EMI calculator

Yearly/monthly repayment schedule
MonthBeginning balanceEMIPrincipalInterestEnding Balance
MonthBeginning balanceEMIPrincipalInterestEnding Balance
EMI payable
Payable amount
Total Interest
Loan amount

What is ICICI Loan EMI Calculator?

ICICI Bank Personal Loan EMI Calculator is an online tool offered by ICICI Bank to aid prospective personal loan borrowers in calculating the estimated loan instalment amount that they have to pay every month. The calculation of personal loan EMI depends on three factors; personal loan interest rate, loan amount, and repayment tenure selected by a borrower.

Importance of ICICI Personal Loan EMI Calculator?

The personal loan EMI calculator is an essential tool for individuals planning to take a personal loan in future. It enables borrowers to calculate their monthly repayment amount, ensuring they can manage their finances effectively. By using this calculator, borrowers can assess the impact of interest rates and loan tenures on their EMI amount, helping them make informed decisions and choose a loan that best suits their financial capabilities. 

How to Use the ICICI Loan EMI Calculator?

The ICICI Loan EMI Calculator can be used to determine the EMI a prospective borrower will have to pay depending on the loan amount they will avail, the repayment tenure, and the interest rate charged. 

Here’s a step-by-step process to use the ICICI  Personal Loan Calculator:

Step 1: Under the 'Loan Amount', use the slider to select the loan amount one wishes to avail

Step 2: Use the slider to determine the loan repayment tenure under the 'Loan Duration' section

Step 3: Use the slider to determine the Interest Rate or directly enter the value in the box provided

Step 4: After entering all the details, click on ‘Calculate’

The EMI amount will be displayed with a detailed breakup of the total payable amount, principal amount, and total payable interest.

ICICI Loan EMI Calculator Formula?

The formula to calculate EMI on a personal loan is as follows:

EMI = {P x R x (1 + r)^n} / {(1 + r)^(n – 1)}

In which,

P = Principal amount

r = Rate of interest calculated monthly 

n = Loan duration or tenure in months

Example for ICICI Personal Loan EMI Calculator

Let’s say, an individual applies for a personal loan of Rs 12 lakh. He avails of the personal loan at a yearly interest rate of 12% (which is 0.12 monthly) for a repayment tenure of five years or 60 months.

EMI = {12,00,000 x 0.12 x (1 + 0.12)^60} / {(1 + 0.12)^(60 – 1)}

EMI = Rs 26,693

The total amount payable, including the principal and interest components, 

is (Rs 12,00,000 + Rs 4,01,600) = Rs 16, 01,600

Benefits of Using an ICICI Loan EMI Calculator

Some of the benefits of using ICICI personal loan EMI calculator include:

Get quick and accurate results: The estimated EMIs can be calculated without initiating complex manual calculations using complex formulas.

Ensure positive credit scores: Knowing your EMIs in advance will help you to be better prepared for the timely repayment of the loan. And timely repayment is the biggest factor to have a good credit score.

Improve personal loan eligibility: When applying for a personal loan, it is important to keep in mind that lenders like banks or non-banking financial companies (NBFCs) will only approve applications if the total EMI obligations, including the proposed personal loan EMI, do not exceed 50-60% of the applicant's total monthly income. To get an estimate of the EMIs, one can use tools like the ICICI Bank Personal Loan EMI Calculator. 

This tool provides a rough idea of what the EMIs might be. If it turns out that the calculated EMIs exceed the mentioned threshold, there are a couple of options to consider. One option is to choose a longer repayment period for the personal loan. Another option is to reduce the personal loan amount in order to lower the EMI. By taking these steps, individuals can ensure that their personal loan EMI remains manageable. Moreover, this will also help in improving the chances of getting a personal loan approved.

Manage financial budget effectively: As Most of the people get personal loans at fixed interest rates,  the EMI amount remains the same during the entire loan tenure, personal loan applicants can easily adjust their monthly expenses to factor in the EMI amount.

Personal Loan Amortization Schedule

Let’s say, if an individual applies for a personal loan of Rs 1,00,000 at an interest rate of 10.65% for a tenure of one year or 12 months. 

The EMI is Rs 8,822, the total interest is Rs 5,862 and total amount is Rs 1,05,862.


Principal Paid Rs

Interest Charged


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Factors Affecting ICICI Bank Personal Loan EMI

Three prime factors are known to affect ICICI Personal loan EMI:

Loan tenure: ICICI Bank personal loans are offered with repayment tenures of up to six years. The existing personal loan borrowers can reduce their EMI amount by going in for a longer repayment tenure on their personal loan. Notably, personal loans with longer tenures lead to higher costs of interest. So, personal loan applicants should consider using the ICICI personal loan EMI calculator to find the optimum tenure for their loan depending on their repayment capacity.

Rate of interest: ICICI Bank personal loan interest rates range from 10.65% to 16% per annum. Personal loan applicants who opt for loans at lower interest rates would have to pay lower EMIs and lower interest costs and vice-versa. As a result, the potential borrowers should consider comparing the personal loan interest rates offered by top banks and non-banking financial companies (NBFCs) before applying.

Loan amount: Personal loan borrowers can avail of ICICI Bank personal loans for amounts of up to Rs 50 lakh. Personal loans applied for higher amounts could lead to increased EMIs and interest costs for loan applicants. The personal loan eligibility in terms of loan amounts will primarily depend on factors such as loan tenure and repayment capacity.

Other Personal Loan EMI Calculator:
1. Personal Loan EMI Calculator
2. HDFC Personal Loan EMI Calculator
3. SBI Personal Loan EMI Calculator

Frequently Asked Questions

How can I use the EMI calculator to find the best loan for my needs?

An EMI calculator can be used to compare loans from different banks, as each bank charges its interest rate. The tenure may also vary from bank to bank. You must enter the borrowed amount, interest rate, and the tenure in the EMI calculator. You will be able to find the best bank for the personal loan, with the least EMI that matches your budget.

What do secured loans and unsecured loans mean?

A secured loan is secured against an asset, usually property. An unsecured loan is one where there is no asset offered as security. The best example of an ‘unsecured’ loan is the personal loan.

How long can I take to repay my personal loan?

The time allowed to repay your personal loan ranges from over 12 to 60 months. However, the vital thing to keep in mind is the time taken to repay the loan will directly affect the EMI. If you want to lower the EMIs, then you must take the loan for a longer period. But remember, a longer tenure of repayment means you will have to pay more interest.

Can I prepay my personal loan?

Personal loan outstanding amounts can be paid either in full pre-payment mode or in partial pre-payment mode. For a full prepayment, the entire loan amount can be settled in one single payment. For partial prepayment of your outstanding amount, you pay a part of the principal.

What is a credit report, and how important is it for the application of a loan?

A credit report is used by financial institutions to access the capacity to repay a loan. It considers the details of your previous borrowing, how much outstanding credit you have, as well as information on how many missed or late payments you may have made.

Does the Personal Loan EMI Calculator use the flat balance or reducing balance interest calculation method?

In the flat balance method, the interest you pay on the personal loan would be calculated on the total loan amount over the entire duration of the loan. In the reducing balance method, the interest would be calculated for each successive month. The principal on which the interest would be calculated reduces with time as the duration of the repayment progresses. The online personal loan EMI calculator uses the reducing balance calculation method to calculate the personal loan EMI.

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