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ICICI Bank Personal Loan EMI Calculator, Apr 2021

Last Updated 08th Apr 2021

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
₹ 1 Lakh₹ 8,827₹ 3,262₹ 2,162
₹ 5 Lakh₹ 44,133₹ 16,310₹ 10,809
₹ 10 Lakh₹ 88,265₹ 32,620₹ 21,618
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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 ₹ 3 Lakh for 2 years at an interest rate of 10.25%. EMI calculated for this loan amount is ₹ 13,878 and the total annual EMIs to be paid annually is ₹ 1,66,537. The EMI schedule of loan for 2 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 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
2021 ₹ 19,513 ₹ 1,05,390 ₹ 1,24,903 ₹ 1,94,610
2022 ₹ 12,861 ₹ 1,53,677 ₹ 1,66,537 ₹ 40,933
2023 ₹ 701 ₹ 40,933 ₹ 41,634 ₹ 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 ₹ 3 Lakh, taken at the lowest interest rate of 10.25%, EMI paid is ₹ 13,878 and an annual total of EMIs is ₹ 1,66,537, the interest component is ₹ 24,186 while the principal component is ₹ 1,42,352 in year 1 of loan disbursement. You repay only 47.45% of the total principal after paying 12 EMIs during the first year.

In year 2, the interest component of EMI is around 5.34%, while the principal component is around 94.66%. 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.

Other Loan Calculators

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 294 customers
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4.6/5.0
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4.4/5.0
Akanksha, Ghaziabad
Reviewed on 19th Oct 2020
4 / 5 stars
ICICI Bank Personal Loan Availed in Oct 2020

There was a delay in the loan process however still thanks for the loan approval.Read more...

SUJAY, Patna
Reviewed on 19th Oct 2020
5 / 5 stars
ICICI Bank Personal Loan Availed in Oct 2020

Really remarkable job done by Mr Anuj Kapoor. His customer handling skill is quite good. Read more...

Arun, Alwar
Reviewed on 14th Oct 2020
5 / 5 stars
ICICI Bank Personal Loan Availed in Oct 2020

Perfect experience, hassle-free and fast disbursement process. Read more...

Sayantan, Bangalore
Reviewed on 20th Sep 2020
5 / 5 stars
ICICI Bank Personal Loan Availed in Sep 2020

Shubham from MyLoanCare was very helpful throughout the whole tenure from application to disbursemenRead more...

Manoranjan Pradhan, Bangalore
Reviewed on 08th Sep 2020
5 / 5 stars
ICICI Bank Personal Loan Availed in Sep 2020

Very good experience with MyLoanCare, this was my first experience and I would love to continue for Read more...

Mohammed Sameer, Bangalore
Reviewed on 21st Aug 2020
4.5 / 5 stars
ICICI Bank Personal Loan Availed in Aug 2020

It would have have been not been possible without Ruby from MyLoanCare. She is one of the finest assRead more...

Anitha Kumar, Bangalore
Reviewed on 07th Aug 2020
5 / 5 stars
ICICI Bank Personal Loan Availed in Aug 2020

The representative Shubham got my loan approved from ICICI bank. MyLoanCare provided a very good serRead more...

Dinesh Patel, Raigad
Reviewed on 04th Aug 2020
5 / 5 stars
ICICI Bank Personal Loan Availed in Aug 2020

Good and too fast service by MyLoanCare. Read more...

ICICI Bank Personal Loan News - Apr 2021
  • 2021-03-25 : ICICI Bank launched an instant EMI facility
    For the first time in the banking industry, ICICI Bank launched an instant EMI facility on its internet banking platform. The facility will enable customers to break their high-value transactions of over Rs 50,000 into suitable EMIs. The facility will be applicable on transactions up to Rs 5 lakh and will bear no additional cost on the customers.
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
  • 2021-01-18 : ICICI Bank launched new year campaign
    ICICI Bank introduced iDelights New Year Bonanza. It is a new year campaign which offers several benefits brands and e-commerce platforms. It is a customised bouquet of offers for its customers to celebrate the beginning of 2021.
  • 2020-12-08 : ICICI Bank launched interoperable banking app
    ICICI Bank launched a new version of its mobile payment app which is interoperable and allows payments and other banking services to customers of any other bank. The new app will allow customers to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder.
  • 2020-11-06 : ICICI Bank introduced banking stack for millennial customers
    ICICI Bank launched a comprehensive banking programme known as ICICI Bank Mine ICICI Bank Mine, for millennial customers, in the age bracket of 18 years to 35 years called. It offers an instant savings account, a feature-driven iMobile application that offers investment guidance and curated credit and debit card. In addition to this, it is will also offer instant personal loans and overdrafts, and an experiential branch with social engagement space.
*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
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