Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount
Do you wish to buy your dream car but falling short of funds? Don’t let yourself down? Instead look for car loans from ICICI Bank which gives you low EMI options along with flexible tenures so that you can comfortably settle down your monthly installments. Get attractive car loan options for having your independent car in your own name. Ascertain your eligibility criteria whether car loan suits your repayment capacity or not. Afterward, get a quick estimate of your car loan’s monthly installments which ascertain your affordability towards car loan each month. It can only be accurately estimated through ICICI Bank Car loan EMI Calculator.
ICICI Car Loan EMI Calculator
ICICI EMI Calculator is an arithmetical tool which is used by several car loan borrowers to find out their car loan repayments which they have to expend each month. It is generally composed of three parts- loan amount, interest rate and loan tenure. The EMI is always paid on a fixed amount criterion which could either be done through post-dated cheques issued in kind interest to ICICI Bank or by issuing auto debit instructions for the same.
The method of calculating EMI is as follows:
E= P*R*(1+r)n /((1+r)n -1)
E = EMI payable on your car loan amount
P = Car loan Principal Amount
r = the interest rate value calculated on a monthly basis
n = the loan tenure (in months)
For example : (i) Anita is willing to purchase a brand new Hyundai Elite i20. She has applied for a 7-year car loan of ₹ 10 lakhs with an interest rate, 10.75% per annum depending on her eligibility. The expected EMI will be ₹ 16,991, while interest outgo and overall repayments are expected to be ₹4,27,267 and ₹14,27,267 .
(ii) Rita has applied for a pre-owned Maruti Suzuki Zen Estilo LXI(2007) upon which she has given an application with ICICI Bank for the loan amount of ₹ 3 lakhs. ICICI Bank offers her 15.50% p.a. interest rate on the same amount for a tenure upto 5 years for which the expected EMI will be ₹ 7,216, while interest outgo and overall repayments are expected to be ₹ 1,32,957 and ₹ 4,32,957 .
ICICI Car Loan EMI Determinants
Principal amount – Principal amount is the fixed sum which the borrower wishes to apply towards their car loan. Depending on the principal amount, EMI tends to vary. The higher the principal amount, the higher will be the EMI.
Tenure– It is the time interval during which the settlement of your EMI takes place. The more the time period, the lesser will be your EMI. However, the borrowers should inform themselves that longer the loan period, the amount which is to be repaid gets increased. Therefore, balanced criteria become essential to follow.
Rate of Interest– The calculation of EMI depends upon the interest rate which therefore needs to be understood fully. ICICI Bank provides varied interest rate at different tenures both for new and pre-owned cars. Now as a borrower, you can use EMI Calculator for calculating the different composition of EMI subject to your chosen interest rate. As the interest rate rises, there would be a rise in EMIs too. Thus, it becomes essential for selecting the most appropriate interest rate among existing car loan eligibility options which could be more advantageous for you in the longer run.
Advantages of ICICI Car Loan EMI Calculator
EMI Calculator gives you an option of calculating your monthly installments that would have to be repaid after disbursal of ICICI Car loan. It would help you in examining the best interest rate offer which matches your repayment capacity.
- The car loan EMI calculator provides you a comprehensive picture of your car loan repayments. You can also estimate from iconographic like line charts or pie-diagram which shows you the composition of total EMI and interest payable accruing until completion of the loan tenure.
The calculator also allows you to view several aspects of the repayment value, individually and helps you in determining your car loan eligibility. It shows you the composition of the total payable amount in the loan amount, total interest amount payable and the processing fee.