1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.

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, as a decimal)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed payment amount that includes both principal and interest components.

3. ICICI Bank Personal Loan Features

Details: ICICI Bank offers personal loans with:

• Loan amounts up to ₹50 lakhs
• Flexible tenure from 1 to 7 years (12 to 84 months)
• Competitive interest rates (typically 10.50% to 16% p.a.)
• Quick approval and disbursal

4. Using the Calculator

Tips:

• Enter principal amount in INR (minimum ₹1,000)
• Input annual interest rate (e.g., 10.50 for 10.5%)
• Specify loan tenure in months (12 to 84)
• All values must be positive numbers

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan amount ICICI Bank offers?
A: ICICI Bank offers personal loans up to ₹50 lakhs, depending on eligibility criteria.

Q2: What is the typical interest rate for ICICI personal loans?
A: Interest rates typically range from 10.50% to 16% per annum, depending on credit profile.

Q3: Are there any prepayment charges?
A: ICICI Bank may charge prepayment penalties; check current terms as they may change.

Q4: How is the EMI amount divided between principal and interest?
A: Initially, a larger portion goes toward interest; over time, more goes toward principal.

Q5: Can I change my loan tenure after taking the loan?
A: Some banks allow tenure changes with revised terms; check with ICICI Bank for options.