1. What is ICICI Personal Loan EMI Calculator?

The ICICI Bank Personal Loan EMI Calculator helps you estimate your monthly installment (EMI) for loans processed through Groww platform. ICICI offers personal loans starting at 10.85% p.a. with instant disbursal within 3 minutes of approval.

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 and converted to decimal)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment (INR)

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

3. Importance of EMI Calculation

Details: Calculating EMI helps you plan your finances, understand loan affordability, and compare different loan options before borrowing.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (starting at 10.85%), and loan term in years (1-7 years). All values must be valid (principal ≥ ₹10,000, rate ≥ 10.85%).

5. Frequently Asked Questions (FAQ)

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

Q2: What is the maximum tenure available?
A: ICICI personal loans through Groww have a maximum tenure of 7 years (84 months).

Q3: How fast is loan disbursal?
A: ICICI offers instant disbursal within 3 minutes of approval for eligible customers.

Q4: Are there any prepayment charges?
A: ICICI may charge prepayment penalties depending on the loan terms. Check with the bank for current policies.

Q5: What factors affect my interest rate?
A: Your credit score, income, employment history, and existing relationships with ICICI Bank can affect your offered rate.