TheFreeTool

ICICI Personal Loan EMI Calculator

Enter the loan amount, the rate and the term. Along with the EMI you will see the processing fee with GST, so you know what the loan really costs you.

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Good to know

Independent calculator, not made or approved by ICICI Bank. Use the rate and fee on your own offer. Results are estimates and exclude insurance, late fees and prepayment charges.

What it does

  • Monthly EMI in rupees
  • Processing fee with 18% GST added
  • Total interest and total cost of the loan
  • Works for any bank or NBFC personal loan

How to use it

  1. Enter the loan amount.
  2. Enter the interest rate, the term in years and the processing fee percentage from your offer.
  3. Read the EMI, the interest, the fee and the total cost.

What does a personal loan really cost?

A personal loan has no security, so rates are higher than for a home or car loan. You repay in equal EMIs. The EMI is worked out from the amount, the monthly rate and the number of months. On top of the interest there is a one-time processing fee, usually 1% to 3% of the loan, and 18% GST is charged on that fee.

That is why two loans with the same rate can cost different amounts. Add the fee to the interest to compare offers fairly. Insurance, late fees and foreclosure charges are not included, and your rate depends on your credit score and income.

Example

A ₹5,00,000 loan at 11.5% for 4 years has an EMI of about ₹13,045. Interest over 48 months is about ₹1,26,136. A 2% fee with GST is ₹11,800, so the total cost is about ₹6,37,936.

Questions people ask

Is this calculator from ICICI Bank?
No. It is an independent tool using the standard EMI formula. Your sanction letter has the final numbers.
Is GST charged on the interest?
No. GST at 18% applies to the processing fee and other service charges, not to the interest.
How can I pay less in total?
Take the shortest term you can afford, compare fees as well as rates, and ask about part-payment rules before you sign.

Disclaimer

This tool is for general information only. It is not financial, tax, investment or legal advice, and results are estimates that may differ from your bank, lender or tax authority. Rates, limits and tax rules change. Bank and brand names are used only to describe what the tool does; they belong to their owners and we are not affiliated with them. Check the figures with a qualified professional or your provider before you decide. You use this tool at your own risk, and TheFreeTool is not liable for any loss that follows. Read the full disclaimer

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