1. What is the ICICI Personal Loan Calculator?

This calculator helps you understand your monthly payments and the complete amortization schedule for ICICI personal loans, with interest rates starting at 10.85% p.a.

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 / 12)
• \( n \) — Total number of payments (loan term in months)
• \( PMT \) — Monthly payment amount (INR)

3. Understanding Amortization

Details: Amortization shows how each payment is split between principal and interest. Early payments are mostly interest, while later payments apply more to principal.

4. Using the Calculator

Tips: Enter loan amount in INR, ICICI's current interest rate (minimum 10.85%), and loan term in years. The calculator shows monthly payment and complete amortization table.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI's current personal loan interest rate?
A: Rates start at 10.85% p.a. and vary based on credit profile, loan amount, and tenure.

Q2: How is monthly interest calculated?
A: Interest is calculated monthly on the outstanding balance using (annual rate/12).

Q3: Are there any prepayment charges?
A: ICICI may charge 0-5% for prepayment, depending on loan terms. Check current policy.

Q4: What is the maximum loan amount?
A: ICICI offers personal loans up to ₹50 lakh, depending on eligibility.

Q5: How can I reduce total interest paid?
A: Opt for shorter tenure or make partial prepayments when possible.