ICICI Bank Car EMI Calculator India

EMI 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?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender each month until the loan is paid off. It includes both principal and interest components.

2. How EMI Calculation Works

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 (₹)
\( R \) — 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 with interest over the specified tenure.

3. ICICI Bank Car Loan Features

Details: ICICI Bank offers car loans with competitive interest rates, flexible tenures (up to 7 years), and quick approval process. They provide 100% financing on ex-showroom price.

4. Using the Calculator

Tips: Enter principal amount in ₹, 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 current ICICI Bank car loan interest rate?
A: As of 2023, ICICI Bank car loan interest rates typically range from 8.50% to 12.50% p.a., depending on credit profile and loan tenure.

Q2: What is the maximum tenure for ICICI car loans?
A: ICICI Bank offers car loans for up to 7 years (84 months) for new cars.

Q3: Are there any prepayment charges?
A: ICICI Bank charges no prepayment penalty if you pay from your own funds. Partial prepayment is allowed after 12 EMIs.

Q4: What documents are required for ICICI car loan?
A: Typically requires identity proof, address proof, income documents, and car quotation/invoice.

Q5: How does EMI change with tenure?
A: Longer tenure reduces EMI but increases total interest paid. Shorter tenure means higher EMI but less total interest.