1. What is ICICI Personal Loan Calculator?

The ICICI Personal Loan Calculator helps estimate monthly payments for personal loans from ICICI Bank in India. It uses the standard loan amortization formula with ICICI's current interest rates starting at 10.85% p.a.

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 ÷ 12)
• \( n \) — Total number of payments (months)
• \( PMT \) — Monthly payment amount (INR)

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

3. Importance of Loan Calculation

Details: Accurate loan calculation helps borrowers understand their repayment obligations, compare loan offers, and plan their finances accordingly.

4. Using the Calculator

Tips: Enter loan amount (minimum ₹10,000), interest rate (ICICI's current range is 10.85%-24% p.a.), and loan term (1-7 years). All values must be valid.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI Bank's personal loan interest rate?
A: Current rates start at 10.85% p.a. for eligible customers, with maximum rates up to 24% p.a. depending on credit profile.

Q2: What is the maximum loan amount and tenure?
A: ICICI offers personal loans up to ₹50 lakh with repayment tenure from 1 to 7 years (12-84 months).

Q3: Are there any processing fees?
A: ICICI charges up to 2.25% of the loan amount as processing fee plus applicable GST.

Q4: Does this include prepayment charges?
A: ICICI currently doesn't charge prepayment penalties for floating rate personal loans.

Q5: How accurate is this calculator?
A: It provides estimates; actual loan terms may vary based on ICICI's final approval and your creditworthiness.