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  • ₹1,00,000
  • ₹5,00,00,000
  • 7%
  • 20%
  • 1 Year
  • 10 Years

Your Monthly EMI is ₹13,432

Enter a valid input

Car Loan Amortization Schedule

Below Car Loan Amortization table illustrating how much goes towards principal and interest over time. The below table is based on the above calculator’s inputs.

Opening Balance
Monthly Interest
Monthly Principal
Outstanding Balance

What is a Car Loan EMI Calculator?

A Car Loan EMI Calculator is an essential financial tool to determine the exact monthly instalment and total interest payable over the Loan tenure. It uses precise algorithms to provide instant estimates based on essential inputs such as:

- Desired Loan amount

- Preferred Loan tenure

- Estimated interest rate.

The Car Loan Calculator gives borrowers insights into Loan repayment obligations, facilitating effective budgeting and Loan planning. The Calculator’s accuracy ensures informed decision-making, aligning with borrowers' affordability and financial objectives.

How to Use 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 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 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.

How to calculate Car Loan EMI using formula?

Car Loan EMI

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

What are the benefits of the Car Loan EMI Calculator?

The Car Loan EMI Calculator offers numerous benefits for borrowers:

  1. Financial Planning: It facilitates effective budgeting by providing a clear picture of monthly Car Loan payments, enabling better financial management.
  2. Instant Comparison: Borrowers can effortlessly compare various Loan options by adjusting parameters like Loan amount, interest rate and tenure, to identify the most suitable choice.
  3. Time-saving Tool: Unlike manual calculations that are prone to errors, the Car Loan EMI Calculator delivers quick and accurate results, saving time and effort.
  4. Allows Adjustments: Users can experiment with different Loan terms, to find a monthly payment that aligns with their financial situation.
  5. Prepayment Planning: Borrowers can assess the impact of extra payments or prepayments on their Loan, potentially reducing interest costs and ensuring seamless Loan repayment.

Car Loan Related Videos

Car Loan EMI FAQs

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

The car loan calculator usually works on a fixed interest rate. It assumes a constant interest rate throughout the loan tenure, ensuring stable EMIs for borrowers. Fixed-rate car loans offer predictability, with consistent EMIs over the loan duration, simplifying budgeting and financial planning. 

Can the Car Loan EMI be changed?

Car Loan EMIs remain fixed for the entire loan tenure. Once you secure a car loan, your lender assigns a fixed EMI amount, which remains constant throughout the repayment period. This consistency provides stability in monthly payments, facilitating easier financial planning and budget management for borrowers. 

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

While primarily designed for new car loans, the vehicle loan EMI calculator may not be suitable for second-hand car loans. Factors such as the vehicle's age, condition, and resale value differ, impacting loan terms. Borrowers seeking financing for pre-owned vehicles may require specific calculations tailored to their unique circumstances. 

What should be done after paying the last Car Loan EMI?

After paying the last Car Loan EMI, obtain a loan closure statement from your lender confirming full repayment. Ensure all dues are settled and collect necessary documents like the loan clearance certificate and hypothecation removal from the vehicle's registration authority.

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

Yes, one may increase the tenure up to 10 years i.e. 120 months. This can be done by dragging the EMI Calculator slider.

What is the EMI for a 10 lakh car Loan?

The EMI for a Rs. 10 lakh car loan depends on factors like interest rate and tenure. Using the formula, with a 9% interest rate for a 5-year tenure, the approximate EMI would be around Rs. 20,196. 

What is the EMI for a 7 lakh Car Loan?

The EMI for a Rs. 7 lakh car loan varies based on interest rate and tenure. Assuming a 9% interest rate for a 5-year tenure, the estimated EMI would be approximately Rs. 14,137.


What Factors Affect Car Loan EMI?

Several factors influence Car Loan EMI, including loan amount, interest rate, tenure, credit score, and down payment. Higher loan amounts or longer tenures result in higher EMIs. Similarly, lower interest rates and larger down payments reduce EMIs. A borrower's creditworthiness also affects the interest rate offered by lenders. 


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