1. What is ICICI Bank Personal Loan?

ICICI Bank offers personal loans with competitive interest rates starting from 10.85% p.a. Loan amounts range from ₹50,000 to ₹50,00,000 with flexible repayment terms from 1 to 7 years (12 to 84 months).

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 divided by 12)
• \( n \) — Number of monthly payments (loan term in months)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula calculates the fixed monthly payment required to fully repay a loan over its term, including interest.

3. Importance of Loan Calculation

Details: Accurate loan payment calculation helps borrowers understand their monthly obligations, total cost of borrowing, and compare different loan offers.

4. Using the Calculator

Tips: Enter loan amount in INR (₹50,000-₹50,00,000), annual interest rate (10.85% minimum), and loan term in months (12-84). All values must be within valid ranges.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from ICICI Bank?
A: The minimum personal loan amount is ₹50,000.

Q2: What is the maximum repayment period?
A: ICICI Bank offers personal loans with repayment periods up to 7 years (84 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 documents are required for ICICI personal loan?
A: Typically requires identity proof, address proof, income documents, and bank statements.

Q5: How is interest calculated on ICICI personal loans?
A: Interest is calculated on a reducing balance basis, meaning you pay interest only on the outstanding principal.