1. What is the ICICI Bank Personal Loan EMI Calculator?

The ICICI Bank Personal Loan EMI Calculator helps you estimate your monthly loan payments based on the principal amount, interest rate, and loan tenure. ICICI Bank offers personal loans with interest rates starting at 10.85% p.a.

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 tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed monthly payment required to repay a loan over a specified period, including both principal and interest components.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their repayment obligations, plan their finances, and compare different loan options before committing to a loan.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (starting at 10.85% for ICICI Bank), and loan tenure in months (up to 60 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for ICICI personal loans?
A: ICICI Bank offers personal loans with interest rates starting at 10.85% p.a., but actual rates may vary based on credit profile.

Q2: What is the maximum tenure for ICICI personal loans?
A: ICICI Bank typically offers personal loans with tenures up to 60 months (5 years).

Q3: Are there any prepayment charges?
A: ICICI Bank may charge prepayment penalties; check current terms as policies may change.

Q4: How does EMI change with tenure?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.

Q5: What factors affect my eligibility for ICICI personal loan?
A: Income, credit score, employment status, existing obligations, and relationship with the bank affect eligibility.