1. What is ICICI Personal Loan EMI Calculator?

The ICICI Personal Loan EMI Calculator helps you estimate your monthly payments (EMI) for personal loans from ICICI Bank, which offers competitive rates starting at 10.85% p.a. It calculates your EMI based on loan amount, interest rate, and tenure.

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 divided by 12)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula accounts for both principal and interest components of your loan payment, with more interest paid initially and more principal paid later in the loan term.

3. Importance of EMI Calculation

Details: Calculating your EMI helps in financial planning, ensuring the loan fits your budget. ICICI Bank offers personal loans from ₹50,000 up to ₹50 lakh with flexible tenure from 1 to 7 years.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (starting at 10.85%), and loan term in years (1-7). The calculator will show your monthly EMI, total payment, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI Bank's personal loan interest rate?
A: ICICI offers competitive rates starting at 10.85% p.a., with actual rate depending on your credit profile, income, and other factors.

Q2: What is the maximum loan amount I can get?
A: ICICI offers personal loans from ₹50,000 up to ₹50 lakh, depending on eligibility.

Q3: What are the repayment tenure options?
A: You can choose flexible repayment tenures from 12 months up to 84 months (7 years).

Q4: Are there any prepayment charges?
A: ICICI Bank may charge prepayment penalties; check current terms as they may vary.

Q5: How can I apply for an ICICI personal loan?
A: You can apply online through ICICI's website, mobile app, or visit a branch. You'll need income proof, KYC documents, and bank statements.