Car Loan

Car Loan EMI Calculator

Calculator:

Are you dreaming of buying a car? Be it a used car or a new car, it's time to get a Car Loan. Our Car Loan EMI Calculator is here to help you plan your next purchase. With our financing options, you don't need to save the full amount to purchase a new car. The satisfaction of our consumer has always been our priority and we strive to achieve this goal by providing services that are both effective and efficient.

 

If you're thinking about getting a Car Loan or a Loan against a car, our tailor-made Car Loan EMI Calculator can help you estimate your Car Loan EMI (Equated Monthly Installment). Regardless of whether you are salaried, employed or an existing customer or not, you can avail a new ICICI Bank Car Loan. If you are an existing customer, you may even be eligible to get a Pre-approved Car Loan.

 

All you need to do is enter the required Car Loan amount, select the duration of your Car Loan with the interest rate and our Auto Loan EMI Calculator will calculate the EMI on your Car Loan and give you a graphical analysis of the loan repayment schedule entered within the Car Loan Calculator.

 

ICICI Bank’s Car Loan Calculator gives you the opportunity to plan your dream purchase, with our enticing features such as Car Loans at an attractive rate of interest with funding of up to 100% of on-road price of the car and a tenure of up to 7 years. For pre-approved and pre-qualified Car Loans for existing ICICI Bank customers, we offer lower interest rates taking into account the customer's credit score and their previous banking history with us. You can enter the interest rates offered into the Car Loan EMI Calculator to identify the total payable interest on your loan and plan your finances.

Disclaimer


The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.

Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ICICI Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.

Nothing contained herein shall amount to an offer, invitation, advertisement, promotion or sponsor of any product or services of ICICI Bank/third party and is not intended to create any rights or obligations. The use of this information is subject to the terms and conditions governing such products, services and offers as referred herein above and specified by ICICI Bank/third party from time to time and applicable laws .The information contained / data generated herein may be subject to change, updation, revision, verification and amendment without notice and such information/data generated may change materially. User cannot distribute, modify, transmit, reuse, report, or use the contents available for public or commercial purposes, including the text without ICICI Bank's written permission. The information and/ or intellectual property contained herein is strictly confidential, meant solely for the selected recipient, and may not be altered in any way, nor transmitted copied or distributed in part or in whole to any other person or to the media, or reproduced in any form without prior written consent of ICICI Bank or the relevant owner of the intellectual property as the case may be. "ICICI Bank" and "I-man" logos are the trademark and property of ICICI Bank Limited.

How does one use the ICICI Bank Car Loan EMI Calculator?


The ICICI Bank Car Loan EMI Calculator is a useful tool that assists you in calculating the monthly EMI payments you must make to the bank throughout the Car Loan tenure.
This tool is a formula box with three sliders for the Car Loan Amount, Interest Rate and Loan Term. After entering your information, the Car Loan EMI Calculator will provide the Car Loan EMI due each month and the Total Car Loan Interest payable.

This also implies that the Car Loan EMI Calculator value will vary if any of the three factors are altered. Let's examine these three factors in depth.

  • Car Loan Amount: The initial loan amount that the bank will lend you
  • Car Loan Interest Rate: The rate of interest per annum determined by the bank
  • Car Loan Term: The number of months allotted for the loan's payback. Due to the monthly payment requirement, the term is measured in months.

EMI is calculated as follows:
EMI = P x R x (1+R)^N / [(1+R)^N-1]
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments.

Is the Car Loan EMI Calculator based on a Fixed or Floating Rate of Interest?


The Car Loan EMI calculator is based on a Fixed Rate of Interest.

What is the advantage of the Car Loan EMI Calculator?


The advantage of a Car Loan EMI Calculator is that you can calculate the exact EMIs to be repaid to ICICI Bank by entering the loan amount, number of months and interest rate. The Car Loan EMI Calculator removes the need for complex manual calculations.

Is there an option to increase the tenure within the Car Loan EMI Calculator?


Yes, one may increase the tenure up to 7 years i.e. 84 months while using the Car Loan EMI Calculator. You can do this by dragging the EMI Calculator slider by 12 months each time ranging from 12 months to 84 months.

Can the Car Loan EMI be changed?


Unfortunately, one cannot change their Car Loan EMI.

Can this Car Loan EMI Calculator also be used for second-hand Car Loans?


Yes, the Car Loan EMI Calculator can be used while purchasing new cars, second-hand (pre-owned) cars.