The need for loans is increasing for everyone today. Always calculate the ICICI loan EMI before taking a loan. If you do so, you can decide whether taking the loan is affordable or not. You can also zero in on the lender who gives you reasonable interest rates. In this way, you can conveniently pay your EMIs and manage your finances.
What are the benefits of computing EMIs before you apply for a loan?
- It helps you decide on the loan amount you have to borrow.
- It helps you plan your repayment better.
- It helps you plan prepayments.
How Can You Calculate Your ICICI Loan EMI before you take a loan?
You can use the ICICI Bank Personal Loan EMI calculator and the EMI calculator has 3 values to be entered:
- loan amount
- loan tenure
- rate of interest
You can use the sliders on the respective slabs to adjust the values. Else, if you want to enter precise values, you can do so in the boxes. After you key in the values, you can see the
- Monthly Payments or EMIs
- Total interest payable
- Total payment
- A pie chart indicating the breakup of total payment into principal and total interest