1. What is EMI?

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 Bank credit cards, EMI options allow you to convert large purchases into manageable monthly payments.

2. How Does EMI Calculation Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( R \) — Monthly interest rate (APR/12 as decimal)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated monthly installment (INR)

Example: For ₹50,000 at 40% APR for 6 months, monthly interest rate = 40%/12 = 3.33% (0.0333 as decimal), EMI = ₹9,056.33.

3. ICICI Bank Credit Card EMI Features

Details: ICICI Bank offers EMI conversion on purchases with tenures typically from 3-12 months. Interest rates vary based on product category and promotion periods.

4. Using the Calculator

Tips: Enter principal amount in INR, annual percentage rate (APR), and tenure in months (up to 12). The calculator will show EMI amount, total payment, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum tenure for ICICI credit card EMI?
A: Typically up to 12 months, though some special promotions may offer longer tenures.

Q2: Are there processing fees for EMI conversion?
A: ICICI Bank may charge a processing fee (usually 1-2% of principal) for converting purchases to EMI.

Q3: Can I prepay my EMI?
A: Yes, but prepayment charges may apply. Check with ICICI Bank for current policies.

Q4: Is EMI available for all purchases?
A: Most retail purchases are eligible, but some categories like cash advances may be excluded.

Q5: How does this compare to personal loan rates?
A: Credit card EMI rates are typically higher than personal loans but more convenient for existing cardholders.