1. What is the ICICI Personal Loan Calculator?

The ICICI Personal Loan Calculator helps you estimate monthly payments for personal loans linked to ICICI credit cards. It uses the standard loan payment formula to calculate EMI (Equated Monthly Installments) based on principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the 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 accounts for compound interest over the loan term, spreading payments equally over each month.

3. Importance of Loan Payment Calculation

Details: Calculating your monthly payments helps in financial planning, comparing loan offers, and ensuring the EMI fits your budget before committing to a loan.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage, and loan term in months (1-60 months typical for personal loans). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for ICICI personal loans?
A: Interest rates typically range from 10.5% to 19% per annum depending on credit score and other factors.

Q2: Are there any processing fees for ICICI personal loans?
A: Yes, ICICI usually charges a processing fee of up to 2.25% of the loan amount plus GST.

Q3: What is the maximum loan amount available?
A: ICICI offers personal loans up to ₹40 lakh for eligible customers, depending on income and creditworthiness.

Q4: Can I prepay my ICICI personal loan?
A: Yes, but prepayment charges may apply depending on the loan tenure and when you prepay.

Q5: How does this differ from credit card EMI calculations?
A: Personal loans typically have lower interest rates than credit card EMIs and fixed repayment terms.