MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

ICICI Personal Loan EMI Calculator - Sep 2020

ICICI Bank Personal Loan Calculator

Last Updated 21st Sep 2020

Get monthly EMI as low as ₹ 2,162 per lakh on ICICI Bank personal loan. Personal loan EMI in ICICI Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 3 Lakh₹ 26,480₹ 9,786₹ 6,485
₹ 6 Lakh₹ 52,959₹ 19,572₹ 12,971
₹ 12 Lakh₹ 1,05,918₹ 39,145₹ 25,942
Personal Loan EMI Calculator Or Free Personal Accident Insurance* of ₹10 L
Lowest Interest Rate
*Insurance Details
Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

* Starting From

Personal Loan EMI Calculator ICICI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to ICICI Bank against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • ICICI Bank offers affordable and convenient personal loans with loan EMIs as low as ₹ 2,162 per lakh for a tenure of 60 months and lowest rate of interest at 10.75%.
  • ICICI Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the ICICI Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 10.75% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,649 ₹ 3,262 ₹ 2,162
3 Lakh ₹ 13,948 ₹ 9,786 ₹ 6,485
5 Lakh ₹ 23,246 ₹ 16,310 ₹ 10,809
10 Lakh ₹ 46,492 ₹ 32,620 ₹ 21,618
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
ICICI Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 10.75% interest rate offered by ICICI Bank for different tenures
Calculated Results for ICICI Bank Home Loan EMI 2 years 3 years 5 years
ICICI Bank EMI for a loan amount Rs. 1 lakh at 10.75% ₹ 4,649 ₹ 3,262 ₹ 2,162
Total amount you pay back to the bank including principal and interest ₹ 1.12 Lakh ₹ 1.17 Lakh ₹ 1.30 Lakh
Interest you have to pay during the loan tenure ₹ 11,576 ₹ 17,432 ₹ 29,720

The above table shows that EMI paid on loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan from ICICI Bank for 60 years, you pay the lowest EMI of ₹ 2,162. However, you pay an interest of ₹ 29,720 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from ICICI Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,649 and pay an interest of only ₹ 11,576 which is less than half of what you pay for a 60 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting ICICI Bank Personal Loan EMI

  • Loan amount – This is the amount that you have borrowed from ICICI Bank. If you apply for a higher loan amount, your monthly EMI will be high. ICICI Bank gives a minimum loan of ₹ 50,000 , which can go upto an amount of ₹ 30 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. ICICI Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by ICICI Bank is 10.75%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in ICICI Bank. Longer loan tenure means lower personal loan EMI. Generally, ICICI Bank offers a loan for a maximum tenure of 5 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2 Lakh for 2 years at an interest rate of 10.45%. EMI calculated for this loan amount is ₹ 9,271 and the total annual EMIs to be paid annually is ₹ 1,11,247. The EMI schedule of loan for 2 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2 Lakh over the 2 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2020 ₹ 6,571 ₹ 30,511 ₹ 37,082 ₹ 1,69,489
2021 ₹ 13,099 ₹ 98,148 ₹ 1,11,247 ₹ 71,341
2022 ₹ 2,824 ₹ 71,341 ₹ 74,165 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2 Lakh, taken at the lowest interest rate of 10.45%, EMI paid is ₹ 9,271 and an annual total of EMIs is ₹ 1,11,247, the interest component is ₹ 16,445 while the principal component is ₹ 94,802 in year 1 of loan disbursement. You repay only 47.4% of the total principal after paying 12 EMIs during the first year.

In year 2, the interest component of EMI is around 5.44%, while the principal component is around 94.56%. Upto 2 years, you have cumulatively repaid 100% of your total Personal Loan.

ICICI Bank Personal Loan Interest Calculator Formula

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

Here is an illustration of how ICICI Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount. This can range from ₹ 50,000 to ₹ 30 Lakh

r = Rate of interest per month. Current rate is 10.75%

n = tenure in month. For ICICI Bank, this can be 60 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember, a personal loan is an unsecured loan that can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your ICICI Bank personal loan eligibility: Your loan eligibility is a function of an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - ICICI Bank calculates your loan amount eligibility by applying a multiplier to your net-take home salary. This is the simplest method for calculating loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
    • FOIR based loan amount eligibility - ICICI Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. ICICI Bank lends up to a maximum FOIR of 0.55. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. ICICI Bank's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • ICICI Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at by the above two methods.
Quick guide on ICICI Bank personal loan
  • Purpose of Loan: ICICI Bank personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 23 and 58 years.
    • Loan amount of minimum ₹ 50,000 to ₹ 30 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 10.75% to 22.00%.
    • Lowest EMI of ₹ 2,162 per lakh.
  • Processing Fees: Upto 2.25% of Loan Amount of loan amount. This is to be paid at the time of loan application
  • Special schemes: ICICI Bank offers customised personal loan interest rates and schemes for a special category of borrowers, including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator ICICI Bank – How it works?

  • ICICI Bank personal loan calculator are online tools which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • ICICI Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, ICICI Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from ICICI Bank, the interest rate and the remaining tenure in the EMI calculator.

How to process for Personal Loan EMI moratorium in ICICI Bank?

ICICI Bank has announced that the three months loan moratorium is available for the term loans and interest of working capital loans for March to May 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing ICICI Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Personal Loan EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact ICICI Bank customer care or its nearest branch.

FAQs

Why should I calculate ICICI loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your ICICI Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount

What is the lowest EMI per lakh offered by ICICI Bank on personal loan?

ICICI Bank offers personal loan at 10.75% interest rate for a maximum of 60 months, and hence lowest EMI on per lakh loan amount is ₹ 2,162. However, ICICI Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close ICICI Bank personal loan?

You can preclose your ICICI Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on ICICI Bank ?

ICICI Bank offers you an option of prepayment after 6 months at 5%.

Is there any processing charge on personal loan from ICICI Bank?

Yes, ICICI Bank charges a certain amount of processing fee to process your loan application. Currently, ICICI Bank charges a processing fee of Upto 2.25% of Loan Amount on Personal Loan.

Will I get the personal loan from ICICI Bank if i have a bad credit score?

No, for taking a loan from ICICI Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have a low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can I have a co-applicant while applying for a Personal loan with ICICI Bank ?

Yes, you can opt for a co-applicant to take a personal loan from ICICI Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in ICICI Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my ICICI Bank loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

ICICI Bank Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 808-166-7777
Ahmedabad 079-33667777/ 079-44455000
Ambala 901-766-7777
Anand 800-066-7777
Aurangabad Bihar 902-166-7777
Bangalore 080-33667777/ 080-44455000
Bhilai 909-866-7777
Bhilwara 787-766-7777
Bhiwadi 787-766-7777
Bhopal 0755-3366777
Bhubaneswar Cuttack 0674-3366777
Bikaner 787-766-7777
Chandigarh 0172-3366777/ 0172-4445500
Chennai 044-33667777/ 044-44455000
Cochin 902-066-7777
Coimbatore 0730-566-7777
Dehradun 0135-3366777
Delhi 011-33667777/ 011-44455000
Durg 909-866-7777
Faridabad 901-766-7777
Gandhinagar 800-066-7777
Ghaziabad 808-166-7777
Goa 902-166-7777
Greater Noida 808-166-7777
Gurgaon 0124-3366777/ 0124- 4445500
Guwahati 986-466-7777
Gwalior 909-866-7777
Hyderabad 040-33667777/ 040-44455000
Indore 909-866-7777
Jabalpur 909-866-7777
Jaipur 0141-3366777/ 0141-4445500
Jalandhar 730-766-7777
Jodhpur 787-766-7777
Kanpur 808-166-7777
Karnal 901-766-7777
Kolhapur 902-166-7777
Kolkata 033-33667777/ 033-44455000
Kota 787-766-7777
Kozhikode 902-066-7777
Lucknow 0161-3366777/ 0161-4445500
Ludhiana 730-766-7777
Madurai 0730-566-7777
Meerut 808-166-7777
Mehsana 800-066-7777
Mohali Sas Nagar 730-766-7777
Mumbai 022-33667777/ 022-44455000
Mussoorie 808-166-7777
Nagpur 902-166-7777
Nashik 902-166-7777
Noida 808-166-7777
Noida Extn 808-166-7777
Panipat 901-766-7777
Patna 0612-3366777
Pondicherry 0730-566-7777
Pune 902-166-7777
Raipur 0771-3366777
Rajkot 800-066-7777
Ranchi 0651-3366777
Rohtak 901-766-7777
Roorkee 808-166-7777
Salem 0730-566-7777
Shimla 0177-3366777
Sonipat 901-766-7777
Surat 800-066-7777
Trichy 0730-566-7777
Udaipur 787-766-7777
Vadodara 800-066-7777
Varanasi 808-166-7777
Vijaywada 730-666-7777
Vizag 730-666-7777

ICICI Bank Personal Loan Reviews 4.5/5  by 282 customers
MyLoanCare Service
4.6/5.0
Banks Service
4.4/5.0
Nitin Saxena, Delhi
Reviewed on 21st Feb 2020
4 / 5 stars
ICICI Bank Personal Loan Availed in Feb 2020

As everyone knows applying for a loan is very painful and lengthy process. However, I got help from Read more...

Yasar Arafth, Bangalore
Reviewed on 05th Feb 2020
4.5 / 5 stars
ICICI Bank Personal Loan Availed in Feb 2020

Good and fast service. I am happy about the approval of my personal loan. Read more...

Rajesh Kumar, Bangalore
Reviewed on 04th Feb 2020
5 / 5 stars
ICICI Bank Personal Loan Availed in Jan 2020

Very good service and cooperation by MyLoanCare executives and ICICI bank also. Coordination with cuRead more...

Beena Rawat, Delhi
Reviewed on 31st Jan 2020
4.5 / 5 stars
ICICI Bank Personal Loan Availed in Dec 2019

Nice Service for emergency loan requirements, but the service charge rate is high.Read more...

Dibyendu Mukherjee, Kolkata
Reviewed on 30th Jan 2020
4.5 / 5 stars
ICICI Bank Personal Loan Availed in Jan 2020

I got an excellent service from MyLoanCare representative. Thankful to him for guiding properly.Read more...

Naveen mishra, Ahmedabad
Reviewed on 28th Jan 2020
4 / 5 stars
ICICI Bank Personal Loan Availed in Dec 2017

Very fast and easy approval but interest rates are too high in comparison to HDFC Bank.Read more...

Babitha Y, Bangalore
Reviewed on 21st Jan 2020
4 / 5 stars
ICICI Bank Personal Loan Availed in Jan 2020

Amreen did good work. Satisfied with the work.Read more...

RAKESH KUMAR SHARMA, Ahmedabad
Reviewed on 31st Dec 2019
4 / 5 stars
ICICI Bank Personal Loan Availed in Dec 2019

Very fast service. I am satisfied with this bank and recommend you also apply for loan through it.Read more...

ICICI Bank Personal Loan News - Sep 2020
  • 2020-08-26 : ICICI Bank to use space images for farm loans to cut costs
    ICICI Bank is planning to use satellite images of farmland to help assess farmers credit-worthiness. The move will help cut travel costs and make faster lending decisions amid COVID-19 pandemic.
  • 2020-07-09 : Banks exceed digital transaction target set for 2019-20
    The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
  • 2020-07-07 : ICICI Bank surpassed 1 million users on WhatsApp platform
    ICICI Bank crossed a mark of 1 million users on its WhatsApp banking platform. ICICI Bank had introduced WhatsApp banking services three months ago to enable its retail customers to undertake banking requirements from their home in the wake of the coronavirus pandemic.
  • 2020-07-02 : ICICI Bank introduced instant loan facility against mutual funds
    ICICI Bank has introduced Insta Loans against Mutual Funds in partnership with Computer Age Management Services. The credit will be availed against a wide range of debt and equity schemes of mutual funds. The loan will be paperless and amount upto Rs. 1 crore can be availed under this facility.
  • 2020-06-25 : ICICI Bank launches Video KYC
    ICICI Bank launched Video KYC for the savings account, personal loan, credit card. The facility will come handy for customers as it will allow them to complete the verification process digitally. New customers can now complete their KYC process by video interaction with ICICI Bank
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Loader
Please wait while your information is being processed...