Frequently Asked Questions (FAQs) for Personal Loan

Frequently Asked Questions (FAQs) for Personal Loan

Planning to take a Personal Loan? Use this Personal Loan EMI Calculator to estimate the EMI amount payable per month to repay the Personal Loan. The Personal Loan EMI Calculator is easy to use. All you need to select is the:

  • Loan amount ranging from ? 50,000 to ? 25 lakh,
  • Interest Rate (starting from 10.5%* p.a.),
  • Loan Tenure (ranging from 12 – 72* months).

After selecting the Loan Amount, Interest Rate per annum and the Loan Tenure, the calculator will estimate the monthly EMI amount and the total Interest payable till the end of the loan tenure. You can also hover your mouse on the graph to view the Balance Loan Amount (Principle Outstanding) and the Interest accumulated till a particular period.

What is a Personal Loan EMI?

EMI or Equated Monthly Instalment is the amount that is payable per month, if you avail of a Personal Loan for a certain period. The EMI amount will be used to pay off both the Principal Loan Amount and the Personal Loan Interest over the loan tenure, until the loan is paid in full. The EMI will remain the same throughout the tenure.

What is a Personal Loan EMI Calculator?

Personal Loan EMI Calculator is an online tool to calculate the EMI amount a borrower has to pay every month to repay the loan. The EMI Calculator considers the Loan Amount, Interest Rate and Loan Tenure to compute the EMI, Interest payable till the loan tenure and the Balance Loan Amount in a particular period. By using this Personal Loan EMI calculator, you can determine the loan selection, as per your affordability by comparing different Loan Amounts, ROI and Loan Tenure.

How is Personal Loan EMI calculated?

Where, “P” stands for Principal payday loans in Defiance OH Loan Amount, “R” stands for Rate of Interest (per month) or annual ROI divided by 12 “N” stands for Loan Tenure (in months)

However, the EMI amount may vary at the time of loan disbursement; depending upon the date of disbursal and period between the disbursal date and the first EMI date.

How can a Personal Loan EMI calculator help determine the loan selection?

Select the loan amount, as per your requirement, and the expected ROI. Now, you can select various tenure options to determine the monthly EMI amount that you can afford.

Alternatively, you can also start with selecting the ROI and the tenure; and then with the help of the EMI amount, you can determine the Loan Amount as per your affordability.

How do I determine the applicable ROI?

The Personal Loan EMI Calculator will give you an option to select ROI ranging between % p.a. to % p.a. However, the applicable ROI is dependent on multiple factors, including the loan amount requested.

You can fill in the application form here to check the applicable ROI and your personal loan eligibility. You can also click here to check your eligibility for the pre-approved Personal Loan and avail of the loan amount instantly.

Disclaimer 1

The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited (“ICICI Bank”). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.

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