1. What is ICICI Bank Personal Loan Interest?

ICICI Bank offers personal loans with interest rates starting from 10.85% per annum. The interest is calculated using simple interest formula for better understanding of the total interest payable.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Annual interest rate (in decimal)
• \( t \) — Time period in years

Explanation: The formula calculates the total interest payable over the loan tenure based on the principal amount and annual interest rate.

3. Importance of Interest Calculation

Details: Understanding the interest component helps borrowers plan their finances better and compare different loan options available in the market.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage (starting from 10.85%), and time period in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for ICICI personal loans?
A: The interest rates start from 10.85% per annum and may vary based on credit profile and other factors.

Q2: Is this simple interest or compound interest?
A: This calculator uses simple interest formula for illustration. Actual loans may use reducing balance method.

Q3: What factors affect personal loan interest rates?
A: Credit score, income, employment history, loan amount, and tenure affect the interest rate offered.

Q4: Are there any processing fees?
A: ICICI Bank charges processing fees up to 2.25% of the loan amount plus applicable taxes.

Q5: What is the maximum loan amount available?
A: ICICI Bank offers personal loans up to ₹50 lakh depending on eligibility criteria.