ICICI Net Banking EMI Calculator for Savings Account

EMI Formula:

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

Equated Monthly Installment (EMI):

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is EMI Calculation?

The EMI (Equated Monthly Installment) calculation helps you determine the fixed payment amount you'll make each month towards your loan. For ICICI net banking users, this calculator helps estimate EMI payments linked to your savings account.

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:

\( P \) — Principal loan amount (Rs)
\( R \) — Monthly interest rate (annual rate / 12, as decimal)
\( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that includes both principal and interest components over the loan tenure.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps in financial planning, budgeting, and comparing different loan options before making borrowing decisions.

4. Using the Calculator

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

5. Frequently Asked Questions (FAQ)

Q1: How is ICICI's EMI different for savings account holders?
A: ICICI offers special rates for existing customers with savings accounts, often with lower processing fees.

Q2: Can I prepay my EMI loan through net banking?
A: Yes, ICICI net banking allows partial or full prepayment of loans, though terms may apply.

Q3: Does the EMI remain constant throughout the tenure?
A: Yes, EMI remains fixed unless interest rates change (for floating rate loans).

Q4: How can I view my EMI schedule in ICICI net banking?
A: Login to net banking > Loans section > View loan details > EMI schedule.

Q5: Are there any charges for EMI payments through savings account?
A: ICICI typically doesn't charge for auto-debit EMI payments from your savings account.