For your big-ticket purchases, you always have the option to pay off the debt through EMIs (Equated Monthly Statements). EMIs are the best and the easiest way of dividing your debt into a certain amount of time and then paying it off. But even these EMIs will charge you some kind of interest rate on your outstanding balance. However, there are no-cost EMIs as well, you only have to be eligible for the same.
There are two ways through which you can get EMIs on your purchases, these are EMIs on call and the second way is instant EMIs. You can get EMIs on call just by calling the customer service of the banks and is applicable on post purchases as well. Instant EMI is still applicable on a few selected purchases. In both cases, your minimum purchase amount should be more than Rs. 3,000 with ICICI Bank.
Before even making the purchase and choosing for EMIs, you can check your monthly payments and interest is charged on the same. You can use the ICICI EMI calculator for the same which you can get on the ICICI Bank website.
You will have to fill in the amount which you want to convert as EMIs in the transaction amount column and select the time frame and then enter the rate of interest. After this, you will get the information on what and how your EMI payments going to look like. Here is a reference for the same
- If your Loan amount is Rs. 20,000 and you wish to return the amount in 3 months, you will have to make installments of Rs. 6,812 per month.
- Similarly, if the amount is of 30,000 and you opt for a 6 months course, it will cost you Rs. 5,192 per month.
- Then, if you go to the principal amount of Rs. 40,000 and want to calculate the EMIs for 9 months, it will give you somewhere Rs. 4,689.
- If we broaden the period of EMI with the same principal amount of Rs. 40,000, it is going to be Rs. 3,573 per month.
There can be changes for the same if the interest rates and charges for the outstanding amount change.
The EMI is a very convenient option to pay off the debt and especially when the amount is very high which you cannot pay in one go. You can go for this when you are aware of how much and what the charges and your monthly installments are going to be. This can be done through the ICICI Bank EMI calculator on the website itself.
