User cannot distribute, modify, transmit, reuse, report, or use the contents available for public or commercial purposes, including the text without ICICI Bank's written permission. The information contained / data generated herein may be subject to change, updation, revision, verification and amendment without notice and such information/data generated may change materially. The use of this information is subject to the terms and conditions governing such products, services and offers as referred herein above and specified by ICICI Bank/third party from time to time and applicable laws. Nothing contained herein shall amount to an offer, invitation, advertisement, promotion or sponsor of any product or services of ICICI Bank/third party and is not intended to create any rights or obligations. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. ICICI Bank does not undertake any liability or responsibility to update any data. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. The use of any information set out is entirely at the User's own risk. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank. These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). However, during the tenure of the loan, subsequent EMIs contribute more towards repayment of principal amount as compared to previous EMIs. It is a well-known fact that the initial EMIs contribute more towards payment of interest due as compared to the principal amount. This means that pattern of reduction of principal amount through payment of each EMI will typically follow similar trend across all financial institutions. Thus, for a given loan amount, tenure and interest rate, the EMI calculated and the amortisation schedule offered by banks and Non-Banking Financial Companies (NBFCs) will typically be similar. This also means that with the payment of each EMI, the pattern of reduction of the principal due generally follows a similar trend across all financial institutions.īanks and financial institutions, in general, calculate EMI through a common mathematical formula. So, the EMI calculated and the amortisation schedule given by different banks and NBFCs will typically be similar for a given loan amount, tenure and interest rate. But the later EMIs contribute more towards the repayment of the principal.īanks and financial institutions generally calculate EMIs using a common mathematical formula. The first few EMIs contribute more towards the payment of interest and less towards repayment of principal. The proportion of each EMI used for repayment of the principal and the interest changes over time. Each EMI repays a part of the principal (or the amount borrowed) and the interest due on that principal outstanding.
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