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ICICI Personal Loan EMI Calculator Functioning And Benefits

ICICI Personal Loan EMI Calculator Functioning And Benefits

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A personal loan from ICICI Bank may fetch you many benefits. The rate applicable to the loan has been kept low so that people like you and me can repay the loan quite easily. If you are planning to go to Paris with your bunch of friends or your family or maybe want to clear off your old debts, this loan may prove to be the best solution.

The best would be proven only if you can repay it smoothly. Now, how would you know what can you pay? For that, a calculator is used which in this is ICICI personal loan EMI calculator. As the name suggests, it is used to check your monthly payments. For your complete understanding, we have brought in some basic details of the loan such as the eligibility (basic information) and how does a loan EMI work with an example. You may later read about the personal loan eligibility calculator as well.

What is the Eligibility Criteria at ICICI Bank?

Just like any other loan, you also have to match the criteria for a personal loan.

For salaried:

  • The age of the applicant should be between 23-58 years
  • Net monthly income of the applicant should be more than ₹17,500/-
  • Minimum work experience should be more than 2 years with 1 year with the current employer

For self-employed:

  • The applicant’s age must be between 28-65 years
  • The minimum turnover of the business should be more than ₹15 lakhs
  • Minimum experience in the profession should be 5 years

ICICI Personal Loan EMI Calculator

An EMI calculator is the tool which tells the monthly installment that a loan borrower is liable to pay to the corresponding loan provider institution. EMI is a fixed payment amount that a person is liable to pay to the lender every month. Equated monthly installments are used to pay off both the sum of the interest and principal each month. In an EMI calculator, the below are details are mandatory to be filled:

  • Loan Amount
  • Tenure
  • Rate of Interest

Once the above details are mentioned in the calculator, a table showing the monthly installments, total interest outgo and total amount appear, similar to the example given below.

For eg., if a person is looking for a personal loan for ₹5 lakhs and has chosen the repayment period of 5 years, ICICI bank offered him at 10.99% interest rate. Now, the EMI. the total interest outgo and the total amount of the loan amount he has taken are as follows:

EMI: ₹10,869

Total Interest Outgo-₹1,52,123

Total Amount-₹6,52,123

Personal Loan Eligibility Calculator

Just like a loan EMI calculator, there is a calculator for eligibility. The functioning and the purpose, however, is different. The former is about knowing your payments applicable on the loan. The latter on the other hand is about your eligibility for the maximum loan amount you can avail. Lenders or even you can use it to know the maximum amount you can get as per your income. Generally, 50% of the income is only considered by the bank as the amount which can be used for the repayment. Since personal loans are majorly offered on the basis of the income of the applicant, having a good or high salary fetches smoother process altogether.

With the above information on ICICI personal loan EMI calculator, you must have understood the functioning. So, if you have any recent plans of taking a personal loan, you can use it and be prepared for the payments accordingly.

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