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ICICI Bank Personal Loan EMI Calculator 2022

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Make a Perfect Assessment of Your EMI with the ICICI Personal Loan EMI Calculator

How about getting an expert assistance while making the all-important decision about the best personal loan to avail?  Yes, a personal loan EMI calculator can be your perfect help in this regard.

And if you have shortlisted the ICICI bank as one of your preferred lenders for your personal loan, then it is the wise decision indeed! The ICICI Bank is the 3rd largest bank in India when it comes to market capitalization and assets. It is known for providing a wide range of banking and financial products and services which cover loans, credit cards, trading, insurance, and investments. No wonder that ICICI is widely regarded as one of the premier financial institutions in India.

ICICI bank is known to provide attractive personal loan products for salaried, self-employed and working professionals with features such as higher loan amounts, lower interest rates and flexible repayment tenures. If you meet the ICICI personal loan eligibility criteria to the satisfaction of the bank, your personal loan amount will get credited straight into your account in quick time.

What is an ICICI personal loan EMI?

An EMI (Equated monthly Installment) is the monthly amount that you need to pay out to the ICICI Bank every month against the personal loan availed, till the expiry of your scheduled loan tenure. The amount is calculated by considering both the principal loan amount and the interest accrued on it. The EMI amount can remain constant, but the proportion of the principal and the interest component keeps on fluctuating every month. With every EMI you pay, the principal component keeps on increasing and the interest component of your ICICI bank personal loan keeps on decreasing.

What is an ICICI Personal Loan EMI Calculator?

An ICICI personal loan EMI calculator is a tool that helps you with an accurate estimate of your monthly installments if you want to avail an ICICI Bank personal loan. With this estimate, the ICICI personal loan EMI calculator would assist you in evaluating the loan amount, interest rate, and loan tenure, as per your affordability.


ICICI personal loan EMI calculator formula

The ICICI personal loan EMI calculator provides accurate estimation about the money you would have borrowed from the bank and the money you would have paid back at different stages of your personal loan tenure. This Personal loan EMI calculator makes use of the simple formula mentioned below to calculate your ICICI personal loan EMI-

E = P * r * (1+r)^ n/([(1+r)^n] – 1)

  1. Where E is the ICICI Bank personal loan EMI.
  2. P is the loan amount you want to borrow from the ICICI Bank
  3. ‘r’ is the ICICI Bank interest rate being offered to you. The monthly interest rate is taken into account here, rather than the annual rate of interest rate levied by ICICI. The monthly rate is calculated by r = (annual interest/12) * 100.
  4. ‘n’ is the ICICI personal loan tenure in months. For example, 36 months is written in lieu of 3 years.

Salient Features of the ICICI Bank Personal Loan

Some of the features and benefits associated with an ICICI personal loan are as follows-

  • You can use the ICICI personal loan amount pretty much for any genuine purpose of yours.
  • Flexible repayment period from 12 months to 72 months.
  • The ICICI personal loan interest rate  is calculated on a reducing balance method
  • Completely transparent loan disbursal procedure
  • Zero hidden cost and administrative charges.
  • No security and collaterals required
  • Minimal foreclosure charges
  • Easy repayment options including auto debit, PDCs & ECS.
  • The approved loan amount is credited directly through the fund transfer (FT)
  • Simplified documentation procedures
  • Wide operational network across the length and breadth of the country.
  • Diverse loan options based on customer needs


What are the inputs you need to feed to the ICICI Personal Loan EMI Calculator?

The personal loan EMI calculator of ICICI Bank needs certain inputs to be fed into it before it can display the final result.

Personal Loan tenure

This is the time period (in months) within which you need to repay your loan amount to the ICICI bank. Usually, this period ranges from 12 months to 72 months for an ICICI personal loan. Longer the personal loan tenure, the lower will be the EMI amount for you. If after putting a particular loan tenure into the EMI calculator, the EMI comes beyond your affordable range, you can make your own permutations with shorter loan tenures till your EMI comes within your affordable range.

Loan amount

This is the amount you wish to borrow from ICICI bank the interest is calculated on this amount. Higher is the personal loan amount, the more will be your EMI amount. ICICI Bank offers loans amounting to Rs 25 lakhs, depending on the credit profile and financial records of borrowers. You need to insert the loan amount in the appropriate space provided in the EMI calculator.

Rate of Interest

It is the scheduled rate at which the ICICI bank will calculate the interest to be charged on your loan amount. The higher is the rate of interest, the higher will be your EMI amount.  This rate usually starts at 10.50%. However, these rates can vary according to the credit profiles of individual borrowers.  

The below-mentioned example will help you understand it better-

Atul Chaturvedi, a VP of Wipro India is looking to get an ICICI personal loan of Rs 5 lakhs for a tenure of 5 years at the interest of 11.50% p.a. The table below shows his EMI, the interest outgo and the repayment amount at the end of every year.







₹ 4,00,000


1 Year

₹ 35,446

₹ 25,352

₹ 4,25,352

₹ 4,00,000


2 Year

₹ 18,736

₹ 49,667

₹ 4,49,667

₹ 4,00,000


3 Year

₹ 13,190

₹ 74,854

₹ 4,74,854

₹ 4,00,000


4 Year

₹ 10,436

₹ 1,00,909

₹ 5,00,909

₹ 4,00,000


5 Year

₹ 8,797

₹ 1,27,823

₹ 5,27,823


It is evident from the table that the interest amount is higher for a longer loan tenure.  Also, the graph below shows that the EMI to be paid for the ICICI personal loan will be significantly lower if the loan is availed for a longer tenure.


Why should you use the ICICI personal loan EMI calculator before availing the loan?

It is advised that you should use the ICICI personal loan EMI calculator prior to deciding on the ICICI personal loan product to avail. There are several benefits to this and a few are mentioned below-

  • Having a proper knowledge of the EMI amount will help you manage your expenses better. You may be having enough monthly expenses on your plate, including existing EMI obligations. If, after availing the ICICI personal loan, your added monthly expense seems to outdo your monthly budget, you may decide to apply for an ICICI personal loan product with lower EMIs.
  • A proper knowledge of the EMI amount will help you to estimate the ICICI personal loan amount to apply for. If you come to know that the EMI amount is likely to put stress on your regular financial budget, you may very well opt for a lower ICICI personal loan amount. Being mostly of the unsecured type, an ICICI personal loan often comes at high interest rates and therefore, it is advisable that you should limit the loan amount to a bare minimum.
  • A proper estimate of the EMI will help you to be sure about your ICICI personal loan eligibility
  • You can also use the ICICI personal loan EMI calculator to calculate your overall interest amount to be paid during your loan tenure. The difference between the principal amount and the total of all EMIs will give you the total interest to be paid to the ICICI Bank.

The footnote:

Apply for an ICICI personal loan through, the favourite online market place for loan seekers, from your own convenience. Also, you can get the exact information about your ICICI personal loan EMI in a minute if you use the efficient tool named the Afinoz Personal loan EMI calculator. Thus, you can avoid those lengthy calculations and ‘crunch the numbers’ to know your most affordable ICICI personal loan EMI in a jiffy. This personal loan EMI calculator will provide accurate results which are just enough to save yourself from any impending financial distress later on. With this easy-to-use personal loan EMI calculator, you can make your own permutations and combinations regarding the ICICI personal loan amount, tenure and interest rates. Thus, you will be at liberty to make the best decision to suit your unique need and affordability.  

You know why Afinoz has been a preferred choice for loan seekers across the country these days? Because it has made the loan application processes absolutely simple and hassle-free. Here, multiple loan applications can be submitted with just a single click of your mouse. Also, the Afinoz document repository service will be of tremendous help where you can access your digital financial records at your own convenience. The Afinoz online platform also facilitates the E-verification and E-signing of KYC documents, much to the delight of loan-seekers.

➤ FAQs

Ques. When can I apply for a moratorium?

You can apply for a moratorium a minimum of 5 days earlier than your subsequent EMI is because of being paid. In case you apply a moratorium after the due date, the EMI may be debited out of your account however may be refunded within 7 working days.

Ques. Will my credit score rating get affected if I apply for a moratorium?

No, your credit score rating will now no longer get affected in case you apply for a moratorium.

Ques. My credit score rating is under 700. Will I get a personal loan from ICICI Bank?

No, you can't avail of a personal loan from ICICI Bank in case your credit score rating is low. The bank keeps that the customer’s credit score rating has to be a minimum of 750 to be eligible for a personal loan.

Ques. How can I pay my ICICI Personal Loan EMI?

You pay your EMIs the usage of ECS (Electronic Clearing System) or NACH (National Automated Clearing House) or ACH (Automated Clearing House) in which the payable amount may be automatically deducted out of your ICICI bank account. You also can pay your EMIs offline via a call for the draft, cheque, or via way of means of cash.

➤ Reviews

Umang Arora
13 Aug 2021
When I applied for a personal loan with Axis bank, the interest rate is excessive however the customer support is right. For pre-closure is right due to the fact they're now no longer taking any extra charges. I have finished the mortgage through February. Axis bank agent approached me for a personal loan and that I availed with them.
16 Sep 2021
I have taken Axis Bank personal loan this turned into a paperless approval. This loan turned sanctioned on time and the loan amount turned into Rs. 3 lakhs for the tenure of 5 years. This loan continues to be lively on my account and pays the top rate on ECS mode. This loan turned into taken for my personal use only.
23 Sep 2021
My profits account is maintained with AXIS Bank, primarily based totally on this I was given a loan offer. For the beyond one month I'm the usage of this account and the loan amount turned into Rs. 1.90L and the price of hobby turned into nominal 12.99%. I am paying an EMI of Rs.4322 with a tenure duration of 60 months.
Mithilesh Pal
12 Oct 2021
From AXIS Bank, the interest rate turned into regular 11% a few factors and the loan amount turned into Rs. 70,000. EMI is 2500 with a tenure duration of three years. The customer support and reaction turned into good. I carried out this loan thru an online channel and that turned into a smooth process.