Planning to take a personal loan from ICICI Bank? Use this calculator to see your monthly EMI, total interest, and complete repayment schedule before you apply. Enter the loan amount, the interest rate ICICI Bank quotes you, and your preferred tenure to get the full picture instantly.
Personal loans are unsecured — no collateral required. EMI is calculated using the reducing balance method, where interest is charged only on the outstanding principal each month.
A personal loan is an unsecured loan — you borrow a fixed amount and repay it in equal monthly instalments (EMIs) over a chosen tenure. Because there is no collateral involved, lenders assess your income, employment type, and credit score to determine eligibility and the rate they offer you.
Personal loans are typically used for medical expenses, travel, home renovation, education costs, or consolidating other debts. The amount, rate, and tenure together determine your monthly EMI.
EMI is calculated using the standard reducing balance formula:
At the start of the loan, a larger portion of each EMI goes toward interest. As the outstanding balance reduces, more of each EMI goes toward the principal. This is called the reducing balance method.
Exact requirements vary. Always confirm with the lender directly before applying.
EMI is calculated using the reducing balance formula: EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ − 1]. Enter the loan amount, the rate you are offered, and your tenure in the calculator above to get the exact monthly EMI instantly.
A longer tenure reduces your monthly EMI but increases the total interest you pay. Use the calculator to compare a 3-year vs 5-year tenure for the same amount — the total interest difference is visible immediately.
Most personal loans allow prepayment after a lock-in period, subject to the lender's terms. Prepaying reduces your outstanding principal and future interest. Always confirm prepayment terms directly with the lender.
FOIR is the percentage of your monthly income already committed to EMIs. Lenders use FOIR to assess repayment capacity. If your existing EMIs plus the new EMI exceed the FOIR limit, your application may be reduced or rejected.
Interest rates, processing fees, and all other lender details change frequently and without notice. DigiCalc does not display, guarantee, or endorse any rates, fees, or terms from any lender. Always verify current figures directly with the lender before making any financial decision.
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