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The Car Loan EMI Calculator helps you calculate your monthly car loan repayments and the total interest you will pay. By entering the loan amount, tenure and interest rate, you get an instant estimate of your monthly EMI and total loan cost. This tool helps you budget better and plan your loan repayment effectively.
Steps to use the ICICI Bank Car Loan EMI Calculator
Using the Car Loan EMI Calculator is easy, just follow these steps:
Enter the loan amount, interest rate and tenure.
Adjust the sliders to see how changing these values affects your EMI.
Get instant calculation of your EMI and the total interest payable.
The EMI will change based on the loan amount, interest rate and tenure that you select.
Explanation of the Car Loan EMI calculation
The formula for calculating EMI is:
EMI = P x R x (1+R)^N / [(1+R)^N-1]
Where:
P is the loan amount (principal)
R is the monthly interest rate
N is the loan tenure in months.
Benefits of the Car Loan EMI Calculator
Plan your finances: Get a clear indication of your monthly loan repayments and manage your budget effectively
Compare options: Easily adjust loan amount, interest rate and tenure to find the most suitable combination of factors
Save time: Get accurate and instant results without manual calculations
Prepayment planning: See how making extra payments can reduce your total interest and loan tenure.
Car Loan EMI FAQs
Is the EMI Calculator based on fixed or floating rate?
The Car Loan EMI Calculator is based on a fixed interest rate, ensuring stable EMIs for easy financial planning.
Can the EMI be changed?
Once set, your EMI remains the same for the entire loan tenure, providing consistency in monthly payments.
Is this calculator applicable for second-hand car loans?
The calculator is designed for new car loans. For second-hand vehicles, factors like age and condition of the vehicle might require different calculations.
What should I do after paying the last EMI?
Obtain a loan closure statement and necessary documents, including hypothecation removal from the vehicle’s registration.
Can I extend the tenure in the EMI calculator?
Yes, you can adjust the loan tenure up to 10 years (120 months) using the slider in the EMI Calculator.
What is the EMI for a ₹ 10 lakh car loan?
For a ₹ 10 lakh loan at a 9% interest rate with a 5-year tenure, the EMI is approximately ₹ 20,196.
What factors affect car loan EMIs?
Factors like loan amount, interest rate, tenure, credit score and down payment affect your car loan EMI.
