ICICI Car Loan EMI Calculator

ICICI Car Loan EMI Calculator

The ICICI Car Loan EMI Calculator is a convenient online tool that helps you estimate your monthly repayment amount (EMI) for car loans offered by ICICI Bank. By entering key loan details like the loan amount, interest rate, and tenure, you can instantly view your EMI along with the total interest payable. This helps you plan your finances before committing to a car loan.

How the ICICI Car Loan EMI Calculator Works

The calculator uses the standard EMI formula to compute the monthly repayment amount:

EMI Formula

EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]

• P: Principal loan amount
• R: Monthly interest rate (annual interest rate ÷ 12 ÷ 100)
• N: Total number of monthly installments (loan tenure in months)

Key Inputs

• Loan Amount: The total car loan you wish to borrow. ICICI Bank typically offers car loans ranging from ₹1 lakh to ₹50 lakh, depending on your eligibility.
• Interest Rate: The applicable annual interest rate. As of Q1 FY 2024–25, ICICI Bank car loan interest rates generally start from 9.00% p.a. for new cars.
• Loan Tenure: The period over which the loan will be repaid, ranging from 12 to 84 months.

Outputs You’ll See

• Monthly EMI: Your fixed monthly installment based on your inputs
• Total Interest Payable: The cumulative interest paid over the loan tenure
• Total Payment (Principal + Interest): The total amount you will pay back to the bank

Benefits of Using the ICICI Car Loan EMI Calculator

• Quick & Accurate: Instantly get EMI estimates without manual calculation
• Flexible Comparison: Adjust loan values to find the most affordable EMI
• Informed Decisions: Evaluate affordability before applying for a loan
• Mobile-Friendly: Access the tool easily from any device

Example Calculation

Suppose you take a car loan of ₹8,00,000 for 5 years (60 months) at an interest rate of 9.25% p.a.:

• Loan Amount: ₹8,00,000
• Interest Rate: 9.25% p.a.
• Tenure: 60 months
• Monthly EMI: ₹16,727 (approx.)
• Total Interest Payable: ₹2,03,620
• Total Repayment: ₹10,03,620

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.