1. What is ICICI Personal Loan EMI?

The ICICI Personal Loan EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes each month to repay their personal loan. ICICI Bank offers personal loans with interest rates starting at 10.85% per annum.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula accounts for both principal repayment and interest payment components in each EMI.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their monthly repayment obligations and plan their finances accordingly before taking a loan.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (starting at 10.85% for ICICI), and loan tenure in months (up to 60 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for ICICI personal loans?
A: ICICI Bank offers personal loans starting at 10.85% per annum, but actual rates may vary based on credit profile.

Q2: What is the maximum tenure for ICICI personal loans?
A: ICICI typically offers personal loans with tenures up to 5 years (60 months).

Q3: Are there any prepayment charges?
A: ICICI Bank may charge prepayment penalties depending on the loan terms and timing of prepayment.

Q4: What factors affect my EMI amount?
A: EMI depends on three factors: loan amount, interest rate, and loan tenure. Higher amounts/rates increase EMI, while longer tenures reduce EMI but increase total interest.

Q5: How can I reduce my EMI burden?
A: You can either opt for a longer tenure (which increases total interest) or negotiate a lower interest rate based on your creditworthiness.