ICICI Car Loan EMI Calculator

Features and Benefits of ICICI Car Loan EMI Calculator

1. The ICICI car loan EMI calculator helps in simplifying the EMI repayment process.
2. 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.
3. 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.
4. It is quick and very easy to use.
5. You can avoid making manual calculations with this calculator. This will eliminate all kinds of errors while computing your loan EMIs.

you can use the ICICI Bank Car Loan EMI Calculator. This tool will calculate the EMIs in a quick and easy manner while also delivering accurate results. When you calculate your EMI, you will be able to plan your monthly budgets better since you will know what portion of your earnings goes in repaying your loan.

1. You can check the car loan EMI by visiting the BankBazaar website and using the car loan EMI calculator.
2. The lowest rate of interest offered by ICICI Bank is 9.30%.
3. You can receive a monthly installment at a rate of Rs.812 per lakh.
4. For a tenure of 5 years, the EMI payable is Rs.1,045.
5. For a tenure of 2 years, the EMI payable is Rs.2,291.
6. The EMI payable is calculated on factors such as the loan amount, repayment period, interest rate, credit score, etc.

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's ICICI Car Loan EMI Calculator for Repayment Planning

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.

How Does the ICICI Car Loan EMI Calculator 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.

1. 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.
2. For the loan tenure, you can choose years and months.
3. You will then need to enter the interest rate in the particular field.
4. Next, you have to enter the processing fee in percentage. The processing fee will be a particular percentage of the loan amount.
5. 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.’
6. 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.
7. 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.

Car Loan EMI Calculation Formula

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.

Wondering how much you can save on car insurance policy?

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.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score