ICICI Personal Loan EMI Calculator

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ICICI Personal Loan EMI Calculator
The ICICI Bank is the 3rd largest bank in India
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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.

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ICICI personal loan EMI calculator formula

• The ICICI personal loan EMI calculator provides
  accurate estimation about the money.
• E P r (1r) n/((1r)n 1)
• Where E is the ICICI Bank personal loan EMI.
• P is the loan amount you want to borrow from the
  ICICI Bank
• 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.
• n is the ICICI personal loan tenure in months.
  For example, 36 months is written in lieu of 3
  years.

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Salient features of the ICICI Bank Personal Loan

• You can use the ICICI personal loan amount pretty
  much for any genuine purpose of yours.
• Flexible repayment period from 12 months to 60
  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
• Zero foreclosure charges

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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-
• 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.

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