1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. For ICICI credit cards in Malaysia, this allows you to convert large purchases into manageable monthly payments.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (MYR)
• \( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( N \) — Loan tenure in months

Explanation: The formula accounts for both principal and interest components of the loan, distributed equally over the repayment period.

3. Importance of EMI Calculation

Details: Calculating EMI helps you plan your finances, understand the total cost of credit, and compare different loan options before converting purchases to EMI on your ICICI credit card.

4. Using the Calculator

Tips: Enter the principal amount in MYR, annual interest rate (as offered by ICICI Bank Malaysia), and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for ICICI credit card EMI in Malaysia?
A: Rates vary but typically range from 8% to 18% per annum depending on the promotion and tenure.

Q2: Are there any processing fees for EMI conversion?
A: ICICI may charge a processing fee (usually 1-2% of principal) which is added to the loan amount.

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

Q4: How does EMI affect my credit limit?
A: The principal amount is blocked from your available credit limit, which gets released as you pay EMIs.

Q5: What happens if I miss an EMI payment?
A: Late payment fees and additional interest may apply, and it could negatively impact your credit score.