ICICI Bank is a leading bank in India that provides a wide array of banking and financial services for several purposes. The bank offers several types of loans including car loans. You can receive loans for up to 100% ex-showroom price of the car for a period of up to 7 years. The bank processes and approves car loans in a short period of time.
How to use BankBazaar ICICI Car Loan Calculator to understand your Car Loan Repayment
BankBazaar and ICICI Bank have collaborated together to provide you with the convenient BankBazaar ICICI Car Loan Calculator. You can use this online calculator to compute your car loan equated monthly installments (EMIs) as well as total interest for your entire loan period. With this advanced feature, you can get a clear idea about your repayments and have a smooth loan process.
ICICI Car Loan EMI Calculator – How does it Work?
The ICICI car loan EMI calculator offers accurate information about your car loan EMIs. You will need to enter relevant information in the corresponding fields to get proper results. By following a few simple steps, you can view your EMIs and then choose your loan amount.
- When you want to calculate your EMIs, you can use the cool slider which can be accessed on the BankBazaar website. Here, you can select your loan amount and your loan tenure on the slider.
- For the loan tenure, you can choose years and months.
- You will then need to enter the interest rate in the particular field.
- Next, you have to enter the processing fee in percentage. The processing fee will be a particular percentage of the loan amount.
- Next, you will need to specify if you want to make pre-payments or not by clicking any 1 of the options. After this, you need to click ‘Calculate.’
- You will now get your results. You will get your monthly car loan EMI. This will be the monthly amount that needs to be paid to your car loan lender. If you want further information, you can click the ‘+’ button. Here, you can see a pie chart with the break-up of the total amount that you will need to pay.
- You can also check your amortization details below this section. You will get both yearly and monthly details. For your clarity, you can check the bar diagram that will show the principal paid, interest paid, and outstanding loan balance amount.
Let us take a look at the following table to check out the EMIs you will need to pay if you take a certain car loan amount for a particular period. The lowest interest rate for a car loan offered by ICICI Bank is 10.75%. The processing fee for any ICICI car loan is 2% of the loan amount or Rs.6,000 whichever is lower. This table only gives an illustration of the EMIs that you will need to pay for different loan amounts and interest rates.
|Loan Amount||Interest Rate||Processing fee||EMI for 2 Years||EMI for 3 Years||EMI for 5 Years||EMI for 6 Years||EMI for 7 Years|
Features and Benefits of ICICI Car Loan EMI Calculator
- The ICICI car loan EMI calculator helps in simplifying the EMI repayment process.
- When you are aware of the EMIs that you need to repay, you can choose your loan amount sensibly. This will also help in making your repayments hassle-free.
- With knowledge about loan EMIs, you can plan your expenses competently. It is always good to select your car loan amount and car loan period after using an EMI Calculator.
- It is quick and very easy to use.
- You can avoid making manual calculations with this calculator. This will eliminate all kinds of errors while computing your loan EMIs.
ICICI Car Loan EMI Calculator FAQs:
1. Is there any formula for the calculation of car loan EMI?
Yes, there is a formula for calculating the EMI. It is:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
Here, P is the principal amount, N refers to the number of installments, and R is the rate of interest for each month.
The formula can be different for a car loan depending on the parameters that are involved in a car loan.
2. Will I need to pay any fee for using the car loan EMI calculator on BankBazaar?
No, you will not be required to pay any fee to use the car loan EMI calculator on BankBazaar. It is available for free.
3. Why is the BankBazaar car loan EMI calculator better than the other online car loan calculators?
The car loan calculator offered by BankBazaar gives correct results, offers EMI details instantly, enables you to compute EMIs with prepayment information, and enables you to enter different loan values and interest rates to compare the results for different values. Also, it does not have any Excel sheet. Calculating your EMIs with an Excel sheet will be very time-consuming. The BankBazaar car loan EMI calculator is quick and direct.
4. Does the BankBazaar car loan EMI calculator come with an amortisation table?
Yes, it comes with a clear amortisation table. It will show your full payment process in a table and in a pie chart. You will have a clear idea about how much you need to pay for your full loan tenure.
5. Where will I find the EMI calculator on BankBazaar website?
You can check out the EMI calculator on the website of BankBazaar by going to the ‘Financial Tools’ section on the homepage.