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 credit cards, EMIs allow you to convert large purchases into manageable monthly payments with interest.

2. How Does the Calculator 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)

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

3. Understanding ICICI Credit Card EMI

Details: ICICI Bank offers EMI conversion on credit card purchases with interest rates typically ranging from 12% to 40% APR depending on the product, tenure, and customer profile.

4. Using the Calculator

Tips: Enter the principal amount (purchase value), annual interest rate (check your ICICI credit card terms), and repayment tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical ICICI credit card EMI interest rate?
A: Rates vary from 12% to 40% APR depending on the offer, tenure, and customer relationship with the bank.

Q2: Are there any processing fees for EMI conversion?
A: ICICI may charge a processing fee of 1-2% of the principal amount for EMI conversion.

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

Q4: How does EMI affect my credit limit?
A: The principal amount is blocked from your available credit limit and released as you make EMI payments.

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.