Personal Loan Calculator Icici Bank

ICICI Personal Loan EMI Formula:

\[ EMI = P \times R \times \frac{(1+R)^N}{(1+R)^N - 1} \]

Monthly EMI:

Total Interest Payable:

Total Payment (Principal + Interest):

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1. What is ICICI Personal Loan EMI?

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

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = P \times R \times \frac{(1+R)^N}{(1+R)^N - 1} \]

Where:

\( P \) — Loan principal amount (₹)
\( R \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
\( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would completely pay off the loan over its term, considering compound interest.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers understand their repayment obligations, plan finances, and choose loan terms that fit their budget.

4. Using the Calculator

Tips: Enter loan amount in ₹, annual interest rate in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI Bank's current personal loan interest rate?
A: Rates typically range from 10.5% to 19% p.a. depending on credit profile, loan amount, and tenure.

Q2: What is the maximum tenure for ICICI personal loans?
A: ICICI offers personal loans with tenures up to 5 years (60 months).

Q3: Are there any prepayment charges?
A: ICICI may charge 0-5% prepayment penalty depending on loan terms and prepayment timing.

Q4: What factors affect EMI amount?
A: Principal amount, interest rate, and loan tenure are the three key factors determining EMI.

Q5: Can I change EMI during loan tenure?
A: Normally EMI remains fixed, but you can request to increase EMI for faster repayment or refinance to change terms.