ICICI is one of the prime private sector bank in India, founded in 1994 as a joint venture of ICICI Limited which was issued in 1955 to serve as a financial institution for funding development of projects for growth of Industrial sector. ICICI has emerged as the favorite of crores because of the solid philosophy and its commitment towards serving its customers with the best solutions.
Pioneering the adoption of Information Technology in Banking, ICICI introduced Internet Banking back in 1998 and then newer services like,’ iMobile Pay’ and ‘Pockets’ as the demand for IT educated people grew on.
Today, it is serving over 71 million of customers through its 5900 branches, over 15500 ATMs all around India and other countries. It is possible to identify retail banking, corporate banking, wealth management, and other digital services as the main areas of operations of the bank.
Leveraging technology through financial inclusion and innovation is among ICICI Bank’s core strategies as the financial service provider serves as an industry leader in the Indian market.
What does ICICI Personal Loan EMI Calculator mean?
The HDFC Personal Loan EMI Calculator is an easy-to-understand tool on the HDFC Personal Loan website that helps calculate the personal loan EMI. By providing the basic information on personal loans, the users can understand the repayment options and plan their budget. Salaried employee or a businessman, this tool will help you take right decisions when it comes to personal finance.
What is the Formula Used for Personal Loan EMI Calculation?
The formula for calculating EMI is-
EMI = [P x R x (1+R)^N]/ [(1+R)^(N-1)]
In this formula-
P= The Principal Amount
R= The Interest Rate
N= The Tenure of Loan
This formula calculates the fixed monthly payment required to repay a loan within a specified tenure at a given interest rate.
How to Use ICICI personal loan EMI Calculator?
- Navigate to Personal Loan calculator and select ICICI from the list of EMI calculators
- Enter the loan taken, applicable interest rate, and your tenure in the appropriate boxes
- Your EMI will be displayed along with total interest and total loan cost
- Adjust Inputs if Necessary to calculate the EMI for different scenarios
Benefits of Using ICICI Personal Loan EMI calculator
Using ICICI Personal Loan EMI Calculator has the following benefits.
- Accurate Financial Planning: The best part, the ICICI EMI Calculator is that it does not do guesswork, you get to know the exact EMI amount with which your loan planning becomes easier.
- Instant Results: Goodbye to manual calculations; With this simple interface, you can obtain a rich set of details about EMI in record time every single time you input your loan data.
- Flexibility to Compare: Try out the different loan amounts and tenures practiced to have the most suitable solution for you.
- Transparency: It helps to dissect your repayment plan, so you don’t miss how much you’ll be paying for the loan in the long run.
- Accessible Anytime, anywhere: The ICICI EMI Calculator is available on their website and the best thing about it is that you can calculate your EMIs without stepping out of your home.
- User-Friendly Interface: The EMI calculator can be accessed with ease and everyone including first time users will have no hard time using it.
FAQ for ICICI Personal Loan EMI calculator
1. Is there any charge to use the ICICI Personal Loan EMI Calculator?
No, there is no charge to use the ICICI Personal loan EMI calculator, you can use the calculator for FREE!
2. Does the calculator take into account processing fees?
Most EMI calculators typically ask for principal amount, interest rate, and loan tenure to calculate the monthly installment. The processing fees are not always automatically accounted for in standard EMI calculations. You will have to manually add the processing fee to determine the complete cost of the loan
3. Is the ICICI EMI Calculator suitable for several loan products?
Of course, the ICICI EMI Calculator is available for the selection of personal loans, home loans, and other products.
4. Can I calculate EMI for loan tenure beyond 30 years?
No, almost all the loans are offered with a maximum tenure of 30 years so the calculators cannot compute EMIs for tenure exceeding 30 years
5. Does the bank require a security for personal loans?
No, you can avail a personal loan without having to mortgage any property or jewel. Personal Loan is an unsecured loan given to customer based on their credit score