1. What is ICICI Bank Personal Loan EMI?

The Equated Monthly Installment (EMI) is the fixed payment amount a borrower makes to ICICI Bank each month to repay their personal loan. It includes both principal and interest components.

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 term in months
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula calculates the fixed monthly payment needed to fully repay the loan over the specified term, accounting for compound interest.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers plan their finances, compare loan offers, and ensure the monthly payment fits within their budget before committing to a loan.

4. Using the Calculator

Tips: Enter principal amount (₹50,000 to ₹50,00,000), annual interest rate (starting at 10.85%), and loan term (1-10 years). All values must be within valid ranges.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI Bank's personal loan interest rate?
A: Rates typically start at 10.85% p.a. and vary based on credit profile, loan amount, and tenure.

Q2: What is the maximum loan amount from ICICI?
A: ICICI offers personal loans from ₹50,000 up to ₹50,00,000 for eligible customers.

Q3: How does tenure affect EMI?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures have higher EMIs but lower total interest.

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

Q5: What factors affect loan eligibility?
A: Income, credit score, employment history, existing obligations, and relationship with the bank.