Icici Net Banking Personal Loan Calculator By Payment

ICICI Personal Loan Principal Formula:

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

Maximum Loan Amount (P):

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1. What is ICICI Personal Loan Calculator?

This calculator helps determine the maximum loan amount you can borrow from ICICI Bank through net banking based on your desired monthly payment, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the principal formula:

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

Where:

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

Explanation: The formula calculates the present value of a series of future payments at a given interest rate.

3. Importance of Loan Calculation

Details: Knowing your maximum loan amount helps in financial planning and ensures your monthly payments remain affordable.

4. Using the Calculator

Tips: Enter your desired monthly payment in INR, annual interest rate in percentage, and loan term in months (6-84 months for ICICI personal loans).

5. Frequently Asked Questions (FAQ)

Q1: What are typical ICICI personal loan interest rates?
A: Rates typically range from 10.5% to 19% per annum depending on credit profile and loan amount.

Q2: What is the maximum loan term available?
A: ICICI offers personal loans with terms from 6 months up to 7 years (84 months).

Q3: Are there any processing fees?
A: ICICI charges up to 2.25% of the loan amount as processing fee plus applicable taxes.

Q4: Can I prepay the loan?
A: Yes, but prepayment charges may apply depending on loan tenure and prepayment timing.

Q5: How accurate is this calculator?
A: This provides an estimate. Final loan amount may vary based on ICICI's credit assessment.