1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. It includes 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, in decimal)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated monthly installment (INR)

Explanation: The formula calculates the fixed monthly payment required to completely pay off a loan over its term.

3. ICICI Bank Personal Loan Features

Details: ICICI Bank offers personal loans with competitive interest rates, flexible tenures (up to 7 years), and quick disbursal. Interest rates typically range from 10.50% to 19.00% per annum.

4. Using the Calculator

Tips: Enter the loan amount you wish to borrow, the annual interest rate (as offered by ICICI Bank), and the repayment period in months. The calculator will show your EMI, total payment, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan amount ICICI Bank offers?
A: ICICI Bank offers personal loans up to ₹50 lakh depending on your income and credit profile.

Q2: What is the processing fee for ICICI personal loans?
A: Processing fee typically ranges from 2% to 2.5% of the loan amount plus GST.

Q3: Can I prepay my ICICI personal loan?
A: Yes, but prepayment charges may apply after 12 EMIs have been paid (usually 5% of principal outstanding).

Q4: What documents are required for ICICI personal loan?
A: Typically includes KYC documents, income proof (salary slips/bank statements), and address proof.

Q5: How quickly can I get an ICICI personal loan?
A: For pre-approved customers, loans can be disbursed within 4 hours. For others, it may take 2-3 working days.