1. What is ICICI Personal Loan EMI Calculator?

The ICICI Bank Personal Loan EMI Calculator helps you estimate your monthly loan payments (EMI) based on loan amount, interest rate, and tenure. ICICI offers personal loans starting from 10.85% p.a. interest rate for eligible customers.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

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 calculates fixed monthly payments that include both principal and interest components over the loan tenure.

3. Importance of EMI Calculation

Details: Calculating EMI helps in financial planning, comparing loan offers, and determining affordability before taking a personal loan.

4. Using the Calculator

Tips: Enter loan amount in INR (minimum ₹10,000), interest rate (10.85% to 24%), and tenure (1-7 years). The calculator will show EMI, total interest, and total payment.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI's personal loan interest rate?
A: ICICI Bank offers personal loans starting from 10.85% p.a. for eligible customers, with rates going up to 24% p.a. based on credit profile.

Q2: What is the maximum loan amount from ICICI?
A: ICICI offers personal loans up to ₹50 lakhs depending on income, credit score, and other eligibility factors.

Q3: What are the charges for ICICI personal loan?
A: ICICI charges processing fee up to 2.25% of loan amount + GST, prepayment charges may apply after 12 EMIs.

Q4: How can I reduce my EMI amount?
A: You can reduce EMI by either opting for lower loan amount, longer tenure, or negotiating better interest rate.

Q5: Is part payment allowed in ICICI personal loans?
A: Yes, part prepayment is allowed after 12 EMIs, with charges of 5% on principal outstanding + GST.