1. What is ICICI Personal Loan EMI?

The EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to ICICI Bank each month to repay their personal loan. The EMI consists of both principal and interest components.

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 and converted to decimal)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula accounts for the time value of money, ensuring each payment is the same amount throughout the loan term.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their monthly financial commitment, compare loan offers, and plan their budgets accordingly.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (ICICI personal loans start at 10.85% p.a.), and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI Bank's personal loan interest rate?
A: ICICI Bank offers personal loans starting at 10.85% p.a. for eligible customers, with rates varying based on credit profile.

Q2: What is the maximum loan tenure for ICICI personal loans?
A: ICICI Bank offers personal loans with tenures up to 6 years (72 months).

Q3: Are there any prepayment charges?
A: ICICI Bank may charge prepayment penalties depending on loan terms and when prepayment is made.

Q4: What factors affect my EMI amount?
A: EMI depends on loan amount, interest rate, and tenure. Higher loan amounts or rates increase EMI, while longer tenures reduce EMI.

Q5: How can I reduce my EMI burden?
A: You can opt for a longer tenure (reduces EMI but increases total interest) or make a larger down payment (reduces principal).