1. What is ICICI Bank Personal Loan EMI?

The ICICI Bank Personal Loan EMI calculator helps you determine your Equated Monthly Installment (EMI) for personal loans with interest rates starting at 10.85% p.a. It calculates your monthly payment based on loan amount, interest rate, and tenure.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Loan principal amount (₹)
• \( r \) — Monthly interest rate (annual rate divided by 12 months)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (₹)

Explanation: The formula accounts for compound interest over the loan tenure, calculating a fixed monthly payment that includes both principal and interest components.

3. Importance of EMI Calculation

Details: Calculating your EMI beforehand helps in financial planning, ensuring the loan fits your budget and you can comfortably repay without strain.

4. Using the Calculator

Tips: Enter loan amount in ₹ (minimum ₹10,000), annual interest rate (starting at 10.85%), and tenure in years (1-7 years). The calculator will show your EMI, total interest, and total payment.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from ICICI Bank?
A: ICICI Bank offers personal loans starting from ₹50,000 up to ₹50 lakhs, depending on eligibility.

Q2: What is the maximum tenure for ICICI personal loans?
A: The maximum tenure is 7 years (84 months) for salaried individuals.

Q3: Are there any prepayment charges?
A: ICICI Bank may charge 0-5% prepayment penalty depending on loan terms and when you prepay.

Q4: What factors affect my interest rate?
A: Your credit score, income, employment history, and relationship with the bank affect your offered rate.

Q5: How can I reduce my EMI burden?
A: You can reduce EMI by opting for a longer tenure or making a part-prepayment when possible.