The EMI for 20 Lakhs of personal loan in ICICI bank will vary with the duration of the loan and the interest rates. The EMI can be calculated using a personal loan EMI calculator.
What is an EMI?
EMIs or Equated Monthly Installments is the amount payable per month. It is paid by a borrower to a creditor on a set day each month. This set date is called the EMI date.
What is a personal loan EMI calculator?
A personal loan EMI calculator is an online tool that instantaneously calculates the EMI amount by entering 3 variables - loan duration, loan amount, and interest rate.
Why do you need an EMI calculator?
You should use an EMI calculator for the following reasons.
- Computing EMIs for different combinations of the principal loan amount, interest rates, and loan tenure using the EMI formula manually is cumbersome.
- Calculating EMIs through MS Excel is time-consuming
- Manual calculations by hand or excel may not be error-free and accurate.
- The EMI calculator helps you to calculate the result in a split second along with pie charts and graphs.
How to use the personal loan EMI calculator?
You can compute the monthly payable EMIs easily by entering:
- The loan amount
- interest rate
- loan tenure
Key in the above information in the respective slabs. Use the sliders to adjust the values in the EMI calculator form. If you need to enter the exact values, you can type out the values.
EMIs may vary depending upon the date of disbursal and the duration between the disbursal date and the first EMI date. The EMI calculator also estimates the total interest accumulated over a particular period and the principal outstanding.
A pie chart showing the breakup of total payment into total principal plus total interest payable is also displayed. It displays the value in percentages.
Calculate the EMI for 20 Lakhs personal loan using the ICICI Bank Personal Loan EMI Calculator at CreditMantri