Home Back

EMI Calculator ICICI Credit Card

EMI Formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

INR
%
months

Unit Converter ▲

Unit Converter ▼

From: To:

1. What is EMI for ICICI Credit Card?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month for ICICI credit card purchases converted to EMI. It consists of both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Where:

Explanation: The formula calculates the fixed monthly payment that would pay off the loan over the specified period with the given interest rate.

3. Importance of EMI Calculation

Details: Calculating EMI helps in financial planning, comparing different loan options, and understanding the total cost of credit before making purchase decisions.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical APR for ICICI credit card EMI?
A: ICICI Bank credit card EMI interest rates typically range from 12% to 40% APR depending on the card type and promotion.

Q2: Are there any processing fees for EMI conversion?
A: ICICI Bank may charge a processing fee of 0.5% to 2% of the principal amount for converting purchases to EMI.

Q3: Can I prepay my ICICI credit card EMI?
A: Yes, but prepayment charges may apply depending on the EMI scheme terms.

Q4: How does EMI affect credit score?
A: Timely EMI payments can improve your credit score, while missed payments can negatively impact it.

Q5: What happens if I miss an EMI payment?
A: Late payment fees will apply and it may affect your credit score. Continued non-payment may lead to additional penalties.

EMI Calculator ICICI Credit Card© - All Rights Reserved 2025