1. What is ICICI Bank Personal Loan EMI?

The Equated Monthly Installment (EMI) is the fixed payment amount a borrower pays each month to repay a personal loan. ICICI Bank offers personal loans in India with interest rates starting at 10.85% p.a. for eligible customers.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( PMT \) — Monthly EMI payment
• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate/12/100)
• \( n \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment needed to fully repay the loan (principal + interest) over the specified tenure.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their repayment obligations, plan finances, and compare loan offers from different lenders.

4. Using the Calculator

Tips: Enter loan amount (minimum ₹50,000 for ICICI), interest rate (starts at 10.85%), and tenure (1-7 years). The calculator shows EMI, total interest, and total repayment amount.

5. Frequently Asked Questions (FAQ)

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

Q2: What is the maximum loan amount from ICICI?
A: ICICI offers personal loans up to ₹50 lakh for eligible salaried individuals.

Q3: What is the processing fee for ICICI personal loans?
A: Up to 2.25% of loan amount + GST, minimum ₹1,999.

Q4: Can I prepay my ICICI personal loan?
A: Yes, but prepayment charges may apply after 12 EMIs (varies by loan terms).

Q5: What documents are required for ICICI personal loan?
A: Typically includes KYC documents, income proof (salary slips/bank statements), and employment proof.