Hidden Facts You Need to Know about ICICI Personal Loan EMI Calculator

What is the one thought that comes to your mind when you hear the term personal loan? I am sure many people will think about the interest rates and it is obvious. But if you go deep down in your mind and would think of that another option, what it would be? What happened, is it hard for you? Well, let’s just make it simple. Soon after availing a loan, the next thing you’ll start doing is to repay the borrowed loan amount in the form of small chunks. Any guesses now? Yes, you have guessed it right, we are talking about monthly installments or commonly known as EMI. Your Equated Monthly Installments are undoubtedly one of the key essentials that play a pivotal role in your overall loan journey.

Many people at the time of apply for personal loan, don’t pay much attention to their monthly installments as grabbing the lowest personal loan interest rates is their first priority. And, in order to make that happen, they forget about their equated monthly installments as how they will affect your loan repayment journey in the future. Talking about the monthly installment, it is a combination of Your Principal and Interest Outgo in a simplified manner, allowing you to repay the loan in a hassle-free manner. These are the small chunks of money that a borrower needs to pay each month to a lender in order to repay the loan.

And, if we are talking about the monthly installments, how can a personal loan EMI Calculator be missed? That’s Right! A one such thoughtfully designed online tool that calculates your EMIs, Interest Outgo and Total Amount Payable in the least time frame. This smart device works on a simple algorithm, wherein it converts the complex calculations into simple and easy to understand data, showing the values via tables and pie-charts. And, with this, it is easy for a user to have a better understanding of his monthly installments, principal outgo and total amount payable on a loan.

The device starts to function after taking into account-Loan Amount, Tenure and Interest Rate. Yes, the moment you enter these credentials into the device, it will start to function and fetches the personal loan online results for you in the least time frame. It is absolutely easy to use the same as this device is user-friendly and with its 24x7 online availability, you can use it anytime from anywhere.

Earlier, people used to calculate their monthly installments via using a complex formula:

E = P. r. (1+r)^n/((1+r)^n – 1)

where,

E = EMI (Equated Monthly Installment)

P = Principal Loan Amount

r = Monthly Interest Rate

n = Monthly Loan Tenure

Now if you look at this formula, it looks a complex and a confusing task to calculate the monthly installments with the help of the same. It is so time-taking and complex that the results were not accurate and precise. Thus, in order to overcome this barrier, an online ICICI Personal Loan EMI Calculator came into existence that has made the financial life cycle easier of all the borrowers. The moment you use this use, this gives you a clear- cut vision about your future monthly installments. Yes, whether your monthly installments are going to be pocket-friendly or not and a lot more can easily be understood with this smart tool.

This is the reason that why this online tool has been widely used by loan-seekers, as it helps in making their financial journey a hassle-free experience. Let’s just give you more clarity on the same with the help of an example below.

Suppose, Ashmit Patel, a 34-year-old, Software Engineer by profession is looking for a personal loan of?5 Lakh to renovate his home. Thus, he has applied for the same in many banks and after looking at his profile, ICICI has decided to give away the loan at an interest rate of 12% per annum for a tenure of 5 years. But before saying yes to the lender, Ashmit wants to know the exact calculations of his monthly installments and Interest Outgo. Hence, to solve this problem, he used an ICICI Personal Loan EMI Calculator online and finally got to know his EMIs. And, which was not possible if he uses the complex formula mentioned above.

Well, hope this article on personal loan EMI Calculator online would be useful for you!

Anvi Sharma is a professional writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers und