1. What is ICICI Personal Loan Calculator?

The ICICI Personal Loan Calculator helps you estimate your monthly payments for personal loans from ICICI Bank, which offers rates starting at 10.85% p.a. It uses the standard loan amortization formula to calculate your EMI (Equated Monthly Installment).

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 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. Understanding Loan Payments

Details: Your monthly payment remains constant, but the portion going toward principal vs. interest changes over time (more interest paid early in the loan term).

4. Using the Calculator

Tips: Enter loan amount in INR (minimum ₹10,000), annual interest rate (10.85%-24%), and loan term (1-7 years). ICICI offers personal loans up to ₹50 lakhs.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI's current personal loan interest rate?
A: Rates start at 10.85% p.a. for salaried individuals, but your actual rate depends on credit score, income, and other factors.

Q2: What loan amounts does ICICI offer?
A: ICICI offers personal loans from ₹50,000 up to ₹50 lakhs, depending on eligibility.

Q3: What are typical loan terms?
A: ICICI offers repayment periods from 12 months up to 7 years (84 months).

Q4: Are there any processing fees?
A: ICICI charges processing fees up to 2.25% of loan amount + GST, subject to a minimum amount.

Q5: Can I prepay my ICICI personal loan?
A: Yes, but prepayment charges may apply (usually 5% of principal outstanding + GST if prepaid within 12 months).