1. What is ICICI Direct Personal Loan EMI?

The Equated Monthly Installment (EMI) is the fixed payment amount a borrower makes to ICICI Direct each month to repay their personal loan over the specified tenure. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( PMT \) — Monthly payment (EMI)
• \( P \) — Principal loan amount
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment needed to fully amortize the loan over its term, accounting for compound interest.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers understand their repayment obligations, plan their finances, and compare different loan options before committing to ICICI Direct personal loan.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (without % sign), and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for ICICI Direct personal loans?
A: Rates typically range from 10.5% to 19% per annum depending on credit profile, loan amount, and tenure.

Q2: What is the maximum tenure available?
A: ICICI Direct usually offers personal loans with tenures from 12 to 60 months (1-5 years).

Q3: Are there any prepayment charges?
A: ICICI Direct may charge 0-5% of principal outstanding for prepayment, depending on loan terms.

Q4: How does EMI change with different tenures?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures have higher EMIs but lower total interest.

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