1. What is ICICI Bank Personal Loan Interest Rate?

ICICI Bank offers personal loans starting at an interest rate of 10.85% per annum. The actual rate may vary based on the applicant's credit profile, income, and other factors.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( P \) — Principal loan amount (₹)
• \( r \) — Annual interest rate (10.85% or 0.1085)
• \( t \) — Time in years

Note: This is a simplified calculation. Actual loan terms may include compounding interest and processing fees.

3. Importance of Interest Calculation

Details: Understanding the interest cost helps borrowers compare loan offers, plan repayments, and assess affordability before committing to a loan.

4. Using the Calculator

Tips: Enter the loan amount in ₹ and loan term in years. The calculator uses ICICI Bank's starting interest rate of 10.85% p.a. for estimation.

5. Frequently Asked Questions (FAQ)

Q1: Is 10.85% the final interest rate I'll get?
A: 10.85% is the starting rate. Your actual rate depends on credit score, income, and other factors.

Q2: What's the maximum loan amount from ICICI?
A: ICICI offers personal loans up to ₹50 lakh, subject to eligibility.

Q3: What's the typical loan tenure?
A: ICICI offers personal loans with tenures from 1 to 6 years.

Q4: Are there any processing fees?
A: Yes, ICICI charges up to 2.25% of the loan amount as processing fee plus GST.

Q5: How can I get a lower interest rate?
A: Maintain a high credit score (750+), stable income, and consider existing relationships with ICICI Bank.