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, EMI options allow 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 (₹)
• \( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( N \) — Loan tenure in months

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

3. Understanding ICICI Credit Card EMI

Details: ICICI Bank offers EMI conversion on credit card purchases, typically with interest rates ranging from 12% to 24% per annum. The exact rate depends on the product, tenure, and ongoing offers.

4. Using the Calculator

Tips: Enter the purchase amount (principal), annual interest rate offered by ICICI Bank, and the desired repayment tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum amount for ICICI credit card EMI?
A: Typically ₹2,500 or ₹3,000, depending on the product and current bank policies.

Q2: Are there any processing fees for EMI conversion?
A: ICICI Bank may charge a processing fee (usually 1-2% 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 (usually 2-3% of the outstanding principal).

Q4: How does EMI affect my credit limit?
A: The EMI amount blocks your credit limit until fully paid. Each EMI payment frees up that portion of your limit.

Q5: Can I convert any purchase to EMI?
A: Most retail purchases can be converted, but some categories like cash advances may be excluded.