Icici Personal Loan Repayment Calculator

ICICI Personal Loan Repayment Formula:

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

Monthly Payment (PMT):

Total Interest Payable:

Total Payment:

Unit Converter ▲

Unit Converter ▼

From:	To:

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% p.a. with flexible repayment terms.

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 payment amount (INR)

Explanation: The formula accounts for both principal and interest components of the loan payment, with interest being front-loaded in the early payments.

3. Importance of EMI Calculation

Details: Calculating your EMI helps in financial planning, ensuring the monthly payment fits your budget before committing to a loan. It also helps compare different loan offers.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (ICICI's current rates start at 10.85%), and loan term in months (1-120). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI Bank's current personal loan interest rate?
A: ICICI Bank offers personal loans starting at 10.85% p.a., but your actual rate depends on credit score, income, and other factors.

Q2: What is the maximum loan term available?
A: ICICI Bank typically offers personal loans with terms up to 5 years (60 months), but some customers may qualify for longer terms.

Q3: Are there any prepayment charges?
A: ICICI Bank may charge prepayment penalties depending on the loan terms. Check your specific loan agreement for details.

Q4: What factors affect my EMI amount?
A: The three main factors are loan amount, interest rate, and loan term. Increasing the term reduces EMI but increases total interest paid.

Q5: Does this calculator account for processing fees?
A: No, this calculates only the EMI. Remember to account for processing fees (typically 1-3% of loan amount) in your total cost.