ICICI Car Loan EMI Calculator

• Loan tenure: 12 to 84 months (1–7 years) 

• Interest rate: 8.40% p.a. 

• Maximum financing: Up to 100% ex-showroom price 

• Processing fee: Up to Rs.8,500 + applicable GST for new cars (2% of loan amount, max Rs.20,000 + GST, for used cars), as of July 2026

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.

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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.

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.

• You can check the car loan EMI by visiting the BankBazaar website and using the car loan EMI calculator.
• The lowest rate of interest offered by ICICI Bank is 8.40% p.a., effective 1 June 2026.
• You can receive a monthly installment at a rate of Rs.812 per lakh.
• For a tenure of 5 years, the EMI payable is Rs.1,045.
• For a tenure of 2 years, the EMI payable is Rs.2,291.
• The EMI payable is calculated on factors such as the loan amount, repayment period, interest rate, credit score, etc.

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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.

• 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.

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Car Loan EMI Calculation Formula

Yes, there is a formula for calculating the EMI. It is:

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.

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Estimated EMI Examples for ICICI Car Loans

The following table illustrates sample EMIs for different loan amounts at current rates.

Please note:

• Interest rate: 8.40% p.a. (as of July 2026)

• Processing fee: Processing fee: Up to Rs.8,500 + GST (new car); 2% of loan amount, max Rs.20,000 + GST (used car)

as of July 2026

Disclaimer: These are illustrative examples only. Final EMI may vary based on actual interest rates, credit score, and other bank policies.

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
10 Lakh	10.75%	2%	46,492	32,620	21,618	18,906	16,991
15 Lakh	10.75%	2%	69,738	48,931	32,427	28,359	25,487
20 Lakh	10.75%	2%	92,984	65,241	43,236	37,813	33,983
25 Lakh	10.75%	2%	1,16,230	81,551	54,045	47,266	42,478
30 Lakh	10.75%	2%	1,39,476	97,861	64,854	56,719	50,974
35 Lakh	10.75%	2%	1,62,721	1,14,172	75,663	66,172	59,469
40 Lakh	10.75%	2%	1,85,967	1,30,482	86,472	75,625	67,965

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

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FAQs on ICICI Car Loan EMI Calculator

1. What is a car loan EMI calculator?

   A car loan EMI calculator is a free online tool that calculates your monthly equated monthly instalment (EMI) based on the loan amount, interest rate, and tenure you provide. It helps you understand your repayment obligations and plan your finances better.

2. Is the ICICI Car Loan EMI Calculator free to use?

   Yes, the ICICI Car Loan EMI Calculator on BankBazaar is completely free and requires no registration or payment to access or use.

3. How accurate are the EMI calculations from this calculator?

   The calculator provides highly accurate results based on standard EMI formulas and the input values you enter. However, the final EMI amount may vary slightly depending on your credit score, processing fees, and specific bank policies.

4. How can I use the ICICI Car Loan EMI Calculator on BankBazaar?

   Visit the BankBazaar website, navigate to the Financial Tools section, select the ICICI Car Loan EMI Calculator, enter your loan amount, tenure, and interest rate, and click 'Calculate' to view your results.

5. What is the minimum and maximum loan amount I can calculate?

   The calculator supports loan amounts from ₹1,00,000 to ₹40 lakh, covering most personal and commercial car purchase scenarios.

6. What loan tenures can I select in the calculator?

   You can select loan tenures between 12 and 84 months (1–7 years), allowing you to find the repayment period that suits your budget.

7. How does the calculator handle processing fees?

   You can enter the processing fee as a percentage of the loan amount (typically 2% or a fixed amount like Rs.6,000, whichever is lower), and the calculator includes this in your total payable amount.

8. Can I use this calculator to compare different loan scenarios?

   Yes, you can adjust the loan amount, interest rate, and tenure to compare multiple scenarios and see how each combination affects your monthly EMI and total interest.

9. What does the amortisation schedule show?

   The amortisation schedule provides a year-by-year and month-by-month breakdown of your EMI payments, showing how much of each payment goes towards principal, interest, and the remaining loan balance.

10. Does the calculator show prepayment options?

    Yes, you can specify whether you plan to make prepayments, and the calculator will adjust your repayment schedule and total interest accordingly.

11. What factors affect my car loan EMI amount?

    The main factors are loan amount (principal), interest rate, and tenure. Additional factors include credit score, down payment made, processing fees, and prepayment plans.

12. Will my actual EMI match the calculator result?

    The actual EMI will closely match the calculator result, though minor variations may occur due to processing fees, hidden charges, or interest rate adjustments based on your credit profile.

13. Can I use this calculator for used car loans?

    This calculator is primarily designed for new car loans. Used car loans may have different parameters such as reduced loan-to-value ratios and different interest rates, so verify with ICICI Bank for accuracy.

14. Is it possible to extend my car loan tenure after approval?

    In most cases, yes you can request a tenure extension through your lender, though it will increase your total interest payable. Use the calculator to understand the impact of extending your tenure.

15. What happens after I pay the final car loan EMI?

    After your last EMI payment, obtain a loan closure certificate from ICICI Bank confirming full repayment, and then request the removal of hypothecation from your vehicle's registration with the Transport Authority.

16. How does a lower credit score affect my EMI?

    A lower credit score may result in a higher interest rate offered by the bank, which increases your monthly EMI and total interest payable. Improving your credit score before applying can secure better rates.

17. Can I prepay my ICICI car loan?

    Yes, most car loans allow partial and full prepayment. Prepaying reduces your outstanding loan balance, thereby reducing total interest and loan tenure. Check the exact prepayment terms with ICICI Bank.

18. What is the difference between a new car loan and a used car loan EMI?

    Used car loans typically have higher interest rates, shorter tenures (usually up to 5 years), and lower loan-to-value ratios compared to new car loans, resulting in higher EMIs or larger down payments.

19. Should I choose a shorter or longer loan tenure?

    Shorter tenures have higher monthly EMIs but lower total interest, whilst longer tenures have lower monthly EMIs but higher total interest. Choose based on your monthly budget and long-term financial goals.

20. How can BankBazaar's calculator help me make a better loan decision?

    The calculator allows you to instantly see the full cost of different loan combinations, enabling you to compare options and make an informed decision aligned with your financial situation before applying.