1. What is the ICICI Loan Calculator?

The ICICI Loan Calculator helps you estimate your monthly loan payments for personal or home loans from ICICI Bank. It uses the standard loan payment formula to calculate your EMI (Equated Monthly Installment) based on principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Number of monthly payments (loan term in years × 12)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for compound interest over the loan term, spreading payments equally over each month.

3. Importance of Loan Payment Calculation

Details: Calculating your monthly payment helps with financial planning, comparing loan options, and ensuring the EMI fits your budget before applying for a loan.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (default rates: 10.85% for personal loans, 6.70% for home loans), and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What are ICICI's current interest rates?
A: Personal loans start at 10.85% p.a., home loans at 6.70% p.a. Rates vary based on credit profile and loan terms.

Q2: How accurate is this calculator?
A: It provides estimates. Actual EMI may vary due to processing fees, insurance, or rate changes during loan term.

Q3: What's included in the EMI?
A: EMI includes principal and interest components. Property taxes/insurance may be separate for home loans.

Q4: Can I prepay my ICICI loan?
A: Yes, but prepayment charges may apply. Check current prepayment policies with ICICI Bank.

Q5: How does loan tenure affect payments?
A: Longer terms reduce EMI but increase total interest paid. Shorter terms have higher EMI but lower total cost.