1. What is ICICI Personal Loan Calculator?

The ICICI Personal Loan Calculator estimates your monthly payments for a personal loan based on principal amount, interest rate, and loan term. While designed with ICICI's rates in mind (starting at 10.85% p.a.), it can be used for similar loans from other banks like SBI.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Number of monthly payments
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for compound interest over the loan term, spreading payments evenly across all months.

3. Importance of Loan Calculation

Details: Calculating your monthly payments helps with budgeting and comparing loan offers. It shows the true cost of borrowing when interest is included.

4. Using the Calculator

Tips: Enter principal in INR, annual interest rate (ICICI starts at 10.85%), and loan term in months (1-84). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What's the minimum interest rate for ICICI personal loans?
A: ICICI personal loans typically start at 10.85% p.a. for eligible customers, but your actual rate may vary based on creditworthiness.

Q2: What is the maximum loan term available?
A: ICICI offers personal loans with terms up to 7 years (84 months), but shorter terms reduce total interest paid.

Q3: Are there any processing fees?
A: ICICI charges processing fees up to 2.25% of the loan amount plus GST. This calculator doesn't include these fees.

Q4: Can I prepay my ICICI personal loan?
A: Yes, but prepayment charges may apply depending on your loan agreement and when you prepay.

Q5: How accurate is this calculator?
A: It provides estimates based on your inputs. Actual loan terms may vary based on ICICI's final approval.