Icici Bank Personal Loan Calculator

ICICI Bank Personal Loan Payment Formula:

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

Monthly Payment (PMT):

Total Payment:

Total Interest:

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1. What is ICICI Bank Personal Loan Calculator?

The ICICI Bank Personal Loan Calculator helps you estimate your monthly payments for personal loans from ICICI Bank, with interest rates starting at 10.85% p.a. It uses the standard loan payment formula to calculate your EMI (Equated Monthly Installment).

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

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

Where:

\( P \) — Principal loan amount (₹)
\( r \) — Monthly interest rate (annual rate divided by 12)
\( n \) — Number of monthly payments (loan term in years × 12)
\( PMT \) — Monthly payment amount (₹)

Explanation: The formula accounts for both principal repayment and interest payment over the loan term.

3. Importance of Loan Calculation

Details: Calculating your monthly payments helps in financial planning and ensures the loan EMI fits within your budget before applying.

4. Using the Calculator

Tips: Enter loan amount in ₹, annual interest rate (starting at 10.85%), and loan term in years (1-7 years). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from ICICI Bank?
A: ICICI Bank typically offers personal loans starting from ₹50,000.

Q2: What is the maximum loan term available?
A: ICICI Bank offers personal loans with repayment tenures up to 7 years.

Q3: Are there any processing fees?
A: Yes, ICICI Bank charges processing fees up to 2.25% of the loan amount plus GST.

Q4: Can I prepay my ICICI personal loan?
A: Yes, but prepayment charges may apply depending on the loan terms.

Q5: What factors affect my eligibility?
A: Income, credit score, employment status, existing obligations, and relationship with ICICI Bank.