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Wednesday, November 30, 2022

How Does the ICICI Personal Loan EMI Calculator Help Pay Off Your Debt?

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ICICI offers personal loans, so you can meet your financial needs whenever you want. There are no restrictions on this product and you can borrow a maximum of INR 50 Lakh if you can repay the same in installments. Both salaried and self-employed are eligible for an ICICI Personal Loan. To help you with the repayment, the bank has an online tool called EMI calculator. With this, you can calculate the EMI immediately. Just insert the loan amount, interest and tenure, and the EMI will display. Continue reading this page for more details on the ICICI Personal Loan EMI calculator. 

Instructions to Use ICICI Personal Loan EMI Calculator

You can use this calculator by following the below steps –

  • Visit the website of ICICI Bank
  • Go to the ‘Product’ section and select ‘Personal Loan’ from the drop-down
  • Click on the ‘EMI Calculator’ button
  • Enter loan details
  • Now, check out the result of your loan repayment

What to do With the Results of the ICICI Personal Loan EMI Calculator?

Now, the EMI is in front of you, and you need to decide whether you can manage it every month comfortably basis your earnings. Because if not, change the tenure and see when it can be within your budget. Using this, you can also compare the offers of other lenders with ICICI Bank to find which is better. 

The tool can be very helpful in your repayment if you know how to use it to your advantage. EMI is not the only thing that you can manage in your repayment using the calculator, but interest payout as well. 

As you can see, the longer your tenure, the more will be your interest payout. So, with the help of the ICICI Personal Loan EMI Calculator, you can change the tenure and see when the interest payout will be low. 

Illustration of the ICICI Personal Loan EMI Calculator

Kiran is a 35-year-old entrepreneur who needs a lump sum amount for her mother’s operation. She has been lacking INR 5 Lakh in the medical bill payment, the rest is being taken care of by the insurance. So, she started searching for a loan. 

ICICI Personal Loan came across her and she is interested in the loan limit and the applicable interest rate. So, she has decided on the ICICI Loan. But she uses the EMI calculator before proceeding with the application. This way, she can find a suitable tenure for herself wherein the EMI payment is affordable and the interest outgo is less.

She gets a loan offer of INR 6 Lakh from ICICI Personal loan interest rate of 13.00% per annum. The tenure options are 12 to 72 months. Yes, ICICI Bank offers a year more in the repayment period compared to most lenders.

Let’s see the calculator’s results –

For 24 Months 

The EMI is INR 28,525 and the interest is INR 84,602. As you can see the interest payment is very less. But the problem here is the EMI amount. It is not easy for Kiran to afford.

For 48 Months

Her EMI is 16,096 and the interest outgo is INR 1,72,632. Now, the EMI is less and the interest payout isn’t too high either.

How to Get an ICICI Personal Loan?

To apply for the loan, you can go to the bank website and do the same by yourself by following the below instructions –

  • Click on the ‘Apply Online’ button
  • Enter your details
  • Upload KYC and other proof
  • Agree to the terms and conditions
  • Click on the ‘Submit’ button

What Document Do You Need?

For an ICICI Personal Loan, you need the following proof –

  • Aadhaar Card
  • PAN Card
  • Driving License
  • Salary slip
  • Bank statement 
  • ITR report
  • Utility bill receipt
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