1. What is ICICI Personal Loan Interest?

ICICI Bank offers personal loans with interest rates starting at 10.85% per annum. The interest is calculated using simple interest formula for the loan tenure.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Annual interest rate (in decimal)
• \( t \) — Time period in years

Explanation: The formula calculates the total interest payable over the loan tenure without compounding.

3. Importance of Interest Calculation

Details: Knowing the total interest helps borrowers understand the true cost of the loan and compare different loan offers.

4. Using the Calculator

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

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI's current personal loan interest rate?
A: ICICI Bank offers personal loans starting at 10.85% p.a., but actual rate depends on credit profile.

Q2: Is this simple or compound interest?
A: Personal loans typically use simple interest calculation for fixed-rate loans.

Q3: Are there any processing fees?
A: ICICI charges up to 2.25% of loan amount as processing fee, which isn't included in this calculation.

Q4: Can I prepay the loan?
A: ICICI allows prepayment after 12 EMIs with prepayment charges of 5% on principal outstanding.

Q5: What's the maximum loan amount?
A: ICICI offers personal loans up to ₹50 lakh depending on income and creditworthiness.