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ICICI Car Loan EMI Calculator

ICICI Car Loan EMI Calculator 2019 Online

Car loans are a type of unsecured personal loan that is utilised to purchase an automobile. However, with an increase in the demand for this advance, many financial institutions introduced credits that were tailored especially to fulfil the purpose of purchasing a new car. These car loans are hypothecated against a new vehicle with 100% funding for purchase price of the same.

ICICI Bank, India’s third-largest private sector bank according to market capitalisation, is one such financial institution that offers these car loans at attractive interest rates. Further, they also provide facilities like the ICICI car loan calculator to help individuals calculate their monthly repayment liability before they apply for an advance to help them plan their finances better.

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How Can Individuals Benefit from ICICI Bank Car Loan EMI Calculator?

ICICI Bank is one of the giants of India’s banking sector with a network of around 5000 branches across the country and a presence in around 17 countries around the world.

It offers an extensive range of financial products and banking services to cater to the needs of various corporate and retail customers. Its products are thus, quite sought after in arenas of insurance, investment banking, asset management and venture capital.

Car loans offered by the bank are also quite popular among borrowers owing to the high loan amount value and attractive interest rates. The ICICI car loan calculator is a useful tool, that can further help borrowers to maximise their benefits from this advance, by providing the following advantages –

  • It can help individuals gauge the affordability of an advance by providing an accurate monthly repayment liability.
  • It Helps borrowers to decide the right tenure to facilitate easy EMI payment.
  • The car loan EMI calculator ICICI Bank eliminates any room for error in the calculation of EMI amount payable.

How Does the ICICI Bank Car Loan EMI Calculator Work?

The ICICI car loan calculator uses the formula below to provide borrowers with an accurate amount for monthly payments –

E= P X r X [(1+r) ^n/ {(i+r) ^n-1}]

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Where E is monthly repayment amount, P is the principal amount borrowed, r is the applicable rate of interest and n is loan tenure (in months).

For example, let us assume that you avail a car loan of Rs. 6 Lakh in 2019, to be paid back over 4 years (48 months) at the applicable interest rate of 9%. Thus, according to the formula above, your EMI amount will be as follows –

E= 6, 00,000 X 9% X [(1+9%) ^48/ {(i+9%) ^48-1}]

Therefore, E = Rs. 16,602 and total interest amount payable is Rs. 3, 94,500

Amortisation Schedule

Individuals, upon using this car EMI calculator from ICICI Bank, will find that their monthly repayment liability remains consistent throughout the tenure. But proportions of principal and interest components change with progression in tenure. For instance, initially, the interest component remains higher in the EMI, and the principal remains low. Over time the proportion gets reversed. This process of calculating EMI is known as amortisation.

Following is a table illustrating the amortisation schedule calculated using ICICI bank car loan calculator for the example cited above –

Year Principal Amount (in Rs.)Interest Amount (in Rs.)Total EMI payment (in Rs.)Balance yet to be paid (in Rs.)
201931,52813,26544,7935,68,472
20201,33,42545,7481,79,1724,35,047
20211,45,94133,2321.79,1722,89,106
20221,59,63119,5411,79,1721,29,476
20231,29,4764,9141,34,3790

Advantages of Using Groww’s EMI Calculator – 

Using Groww’s ICICI car loan calculator imparts users with several benefits. For instance,

  • It displays interest rates.
  • It is free of cost and available for unlimited use.
  • It helps you to determine the loan amount you can afford to avail by allowing you to adjust the principal amount and repayment tenure.

Thus, the ICICI car loan calculator available on Groww’s website is an extremely useful tool that can help facilitate borrowers with their financial planning. It also significantly reduces the hassle of availing the advance as it allows one to be prepared with all the details required for an application.

FAQs

  • What are the interest rates available for ICICI car loan?

For new car loans, ICICI Bank offers interest rates ranging between 10.75% and 12.75%. The interest rate offered for new car loans is around 15.50%.

  • Are there any charges levied for prepaying ICICI Bank car loan?

Yes, the bank levies a 5% charge on prepaying the car loan amount.

  • What is the maximum tenure for a car loan from ICICI?

The bank offers this advance for a maximum tenure of up to 7 years.

  • Can I avail 100% of the car’s road price as an advance?

Yes, the bank offers 100% of the road price provided that the automobile to be purchased is new.


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