1. What is ICICI Bank Loan Eligibility?

The ICICI Bank Loan Eligibility Calculator determines how much loan amount you can get based on your repayment capacity, interest rate, and loan term. ICICI requires minimum income of ₹30,000 for salaried individuals and a credit score of 700+.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (term in years × 12)

Explanation: The formula calculates the maximum loan amount you can get based on what you can afford to pay monthly.

3. Importance of Loan Eligibility

Details: Knowing your eligibility helps in financial planning and improves chances of loan approval. ICICI Bank considers income, credit score, existing obligations, and repayment capacity.

4. Using the Calculator

Tips: Enter your affordable EMI, interest rate (check current ICICI rates), desired loan term, monthly income, and credit score. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum income requirement?
A: ₹30,000 per month for salaried individuals. Higher for self-employed based on business profitability.

Q2: What credit score is needed?
A: Minimum 700. Scores above 750 get better interest rates.

Q3: How is EMI calculated?
A: EMI = [P × r × (1+r)^n] ÷ [(1+r)^n–1], where P=loan amount, r=monthly rate, n=tenure in months.

Q4: What factors affect eligibility?
A: Income stability, credit history, existing debts, loan tenure, and interest rate.

Q5: Can I get 100% of calculated amount?
A: Final approval depends on ICICI's assessment of documents and may differ from calculator results.