1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. For ICICI Bank personal loans, EMI payments include both principal and interest components.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (Rs)
• \( R \) — Monthly interest rate (annual rate/12/100)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan over its term with interest.

3. ICICI Bank Personal Loan Features

Details: ICICI Bank offers personal loans with competitive interest rates, quick approval, and flexible tenures from 12 to 60 months. Interest rates typically range from 10.5% to 19% per annum.

4. Using the Calculator

Tips: Enter the loan amount in Rs, annual interest rate (without % sign), and loan tenure in months. The calculator will show your monthly EMI, total repayment amount, and total interest payable.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount for ICICI Bank personal loans?
A: ICICI Bank typically offers personal loans starting from Rs. 50,000.

Q2: How is interest calculated on ICICI personal loans?
A: Interest is calculated on a reducing balance basis using the EMI formula shown above.

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

Q4: What factors affect my personal loan interest rate?
A: Your credit score, income, employment history, and relationship with the bank influence your rate.

Q5: Can I change my EMI amount after loan disbursal?
A: EMI amounts are fixed, but you can request to change tenure (subject to terms) which would adjust EMI.