Why ICICI Personal Loan EMI Calculator is a Magical Tool? Know Here
Are you looking for some funds to travel to your favorite destination? Do you want to pay off your credit card debt completely, don’t have enough cash for the same? Want to renovate your home, but due to lack of funds won’t be able to do that? Well, my friend, let me tell you that all this and much more can easily be fulfilled if you avail an ICICI personal loan. Yes, that’s right! With the help of availing this credit facility, you can easily meet all your needs without bothering about the cash in hand. But have you ever wondered, what will happen if you avail a loan without thinking about its EMIs or the calculations? If not yet, I think it’s high time that you should start thinking about the same seriously so as to take a smart and decisions when it comes to availing a loan. And, as a result of which, here we are giving you a detailed piece of information on
ICICI personal loan EMI calculator-
Now, you must be wondering why is it important to mention an EMI calculator here? What role does it plays in the entire picture? Well, buddy, don’t worry, before you ask any further question, let’s just clear all your doubts. Are you excited to know the mystery behind it? I am sure you are! So, let’s not waste any time further and give you what you are looking for.
But before we move ahead, it is vital that you should know what exactly an personal loan EMI calculator is all about?It is one such smart and time-saving tool that actually allows you to know the exact amount of your monthly installments towards a loan. This tool does all the calculations in the back-end and gives you the output within few seconds, keeping away all your doubts. Hence, in short it allows you to enjoy a hassle-free loan journey by doing all the hardship for you. The best thing about this tool is the fact that it not only tells you the exact monthly installment, but you can also know your interest outgo and total amount payable.
However, one thing that needs to be mentioned here is the fact that if experts are to be believed, knowing or calculating your monthly installments towards loan repayment actually plays a crucial role in your overall loan journey as it gives you an estimation whether your monthly installments are going to be pocket-friendly or not. You can actually take a calculative step, if you use this device just once while applying for a credit facility.
I know it’s hard for you to believe or may be you want some more clarity on the same. Thus, to solve this problem of yours, here we are helping you out with an example listed below. Yes, take a look at the example below to have a better understanding on the same.
Suppose, Richa Sharma, a 27-year-old, Senior Sales Manager by profession is looking to avail a personal loan of ₹2,00,000. The lady works in a leading multinational company and withdraws a monthly income of ₹80,000. She spends half of her income on monthly expenses, hence would be able to save ₹40,000. And, the best part is that she does not have other liabilities. Now, to avail the same loan amount she has applied with a lender, and after evaluating her profile the lender got agreed to offer her the loan at an interest rate of 11.59% per annum for 5 years. But, the problem here is the fact that Richa before availing this credit facility wants to be sure about her monthly installments. Thus, for the same, she used ICICI Personal loan EMI calculator so as to have a better clarity.
So, are you curious to know what results come out to be? So are we! Let’s get started then and see the results Richa has got…
Interest Outgo: ₹64,454
Total Amount Payable: ₹ 2,64,454
Well as you guys can see an amount of ₹4,408 is what Richa needs to pay in order to repay her loan. And, this amount is something, which suits her budget as it is affordable as per her income. Needless to say, this all happens just because she used an EMI calculator that actually helped her in taking a calculative decision.
So, my friends, I hope now you understand the significance of this smart tool and what magic it can do to make your loan journey enjoyable.