Icici Net Banking Personal Loan Calculator Amortization Table

Personal Loan EMI Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Monthly Payment (EMI):

Total Interest Payable:

Total Payment (Principal + Interest):

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1. What is ICICI Personal Loan EMI Calculator?

The ICICI Personal Loan EMI Calculator helps you estimate your monthly payments (EMIs) for personal loans availed through ICICI Net Banking. It generates a complete amortization schedule showing the principal and interest breakdown for each payment.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

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

Explanation: The formula calculates the fixed monthly payment required to fully repay the loan over its term, including both principal and interest components.

3. Importance of Amortization Table

Details: The amortization table shows how each payment is split between principal and interest, how the loan balance decreases over time, and helps you understand the total cost of borrowing.

4. Using the Calculator

Tips: Enter the loan amount (₹10,000 minimum), interest rate (starting at 10.85% p.a. for ICICI), and loan term (1-7 years). The calculator will show your EMI and full repayment schedule.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount for ICICI personal loans?
A: ICICI typically offers personal loans starting from ₹50,000, but our calculator works for amounts from ₹10,000.

Q2: What are the current ICICI personal loan interest rates?
A: Rates start at 10.85% p.a. for existing customers with good credit history, but may go up to 24% p.a. depending on risk assessment.

Q3: How can I reduce my EMI amount?
A: You can either opt for a longer tenure or negotiate a lower interest rate with your bank based on your credit profile.

Q4: Are there any prepayment charges?
A: ICICI Bank allows prepayment after 12 EMIs with a prepayment charge of 5% on the principal outstanding.

Q5: How accurate is this calculator?
A: This provides an estimate based on standard EMI calculation. Final terms may vary based on ICICI Bank's assessment of your application.