EMI Calculator Car ICICI Credit Card

EMI Calculation Formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

EMI Amount:

Total Payment:

Total Interest:

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1. What is EMI for ICICI Credit Card Car Purchases?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month for car purchases using ICICI credit card. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Where:

\( P \) — Principal loan amount (Rs)
\( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
\( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan over its term with interest.

3. Importance of EMI Calculation

Details: Calculating EMI helps you plan your finances, compare loan options, and ensure the monthly payments fit within your budget before committing to a car purchase.

4. Using the Calculator

Tips: Enter the principal amount in Rs, annual interest rate in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for ICICI credit card car EMI?
A: Interest rates typically range from 12% to 18% per annum, depending on credit score and promotions.

Q2: Are there any processing fees for ICICI car EMI?
A: ICICI may charge a processing fee of 1-2% of the loan amount plus GST.

Q3: Can I prepay my ICICI car EMI loan?
A: Yes, but prepayment charges may apply depending on the loan terms.

Q4: How does EMI differ from regular credit card payment?
A: EMI converts your large purchase into fixed monthly payments with predetermined interest, unlike revolving credit.

Q5: What happens if I miss an EMI payment?
A: Late payment fees will apply and it may negatively impact your credit score.