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The ICICI Bank Car Loan EMI Calculator is a useful tool that assists you in calculating the monthly EMI payments you must make 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 detail.
- 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 paying back the Loan. The term is measured in months due to the monthly payment requirement.
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.
The Car Loan EMI calculator is based on a Fixed Rate of Interest..
The advantage of a Car Loan EMI Calculator is that you can calculate the exact EMIs to be repaid by entering the Loan amount, number of months and interest rate. The Car Loan EMI Calculator helps avoid complex manual calculations.
Yes, one may increase the tenure up to 10 years i.e. 120 months. This can be done by dragging the EMI Calculator slider.
Unfortunately, one cannot change their Car Loan EMI.
Yes, the Car Loan EMI Calculator can be used while purchasing new cars and pre-owned cars.
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