Emi Calculator Icici Personal Loan

ICICI Personal Loan EMI Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Monthly EMI (PMT):

Total Payment:

Total Interest:

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1. What is ICICI Personal Loan EMI Calculator?

The ICICI Personal Loan EMI Calculator helps you estimate your monthly installment (EMI) for personal loans from ICICI Bank. It uses the standard EMI formula with ICICI's current interest rates starting at 10.85% p.a. for loan amounts between ₹50,000 to ₹50,00,000.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Principal loan amount (INR)
\( r \) — Monthly interest rate (annual rate divided by 12)
\( n \) — Loan tenure in months
\( PMT \) — Monthly EMI payment (INR)

Explanation: The formula accounts for both principal and interest components of your loan payment, with more interest paid initially and more principal paid later in the loan term.

3. Importance of EMI Calculation

Details: Calculating EMI beforehand helps in financial planning, ensuring the loan fits your budget. It helps compare different loan options and choose the right tenure based on your repayment capacity.

4. Using the Calculator

Tips: Enter loan amount (₹50,000-₹50,00,000), interest rate (10.85%-24%), and tenure (1-84 months). The calculator will show your monthly EMI, total payment, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum and maximum loan amount from ICICI?
A: ICICI offers personal loans from ₹50,000 to ₹50,00,000 depending on eligibility.

Q2: What is the current interest rate for ICICI personal loans?
A: Rates start at 10.85% p.a. and can go up to 24% p.a. based on credit profile.

Q3: What is the maximum tenure available?
A: ICICI offers personal loans with tenure up to 7 years (84 months).

Q4: Are there any prepayment charges?
A: ICICI may charge 0-5% prepayment penalty depending on loan terms.

Q5: What factors affect my EMI amount?
A: EMI depends on loan amount, interest rate, and tenure. Higher amount/rate increases EMI, while longer tenure reduces EMI but increases total interest.