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  • ₹1,00,000
  • ₹5,00,00,000
%
  • 7%
  • 20%
years
  • 1 Year
  • 10 Years

Your Monthly EMI is ₹13,432

Enter a valid input

Car Loan Amortization Schedule

Below Car Loan Amortization table illustrating how much goes towards principal and interest over time. The below table is based on the above calculator’s inputs.

Month
Opening Balance
Monthly Interest
Monthly Principal
Outstanding Balance

What is a Car Loan EMI Calculator?

A Car EMI Calculator is an essential financial tool to determine the exact monthly instalment amount and total interest payable over the loan tenure. It uses precise algorithms to provide instant estimates based on essential inputs such as:

- Whether you are purchasing a new or pre-owned car.

- The desired loan amount.

- The preferred loan tenure.

- The estimated interest rate.

This tool gives borrowers insights into loan repayment obligations, facilitating effective budgeting and loan planning. The calculator's accuracy ensures informed decision-making, aligning with borrowers' affordability and financial objectives.

What are the Benefits of the Car EMI Calculator?

A Car EMI Calculator offers numerous benefits for borrowers:

1. Financial Planning: It facilitates effective budgeting by providing a clear picture of monthly car loan payments, enabling better financial management.

2. Instant Comparison: Borrowers can effortlessly compare various loan options by adjusting parameters like loan amount, interest rate, and tenure to identify the most suitable choice.

3. Time-Saving Tool: Unlike manual calculations prone to errors, an EMI calculator delivers quick and accurate results, saving time and effort.

4. Allows Adjustments: Users can experiment with different loan terms to find a monthly payment that aligns with their financial situation.

5. Prepayment Planning: Borrowers can assess the impact of extra payments or prepayments on their loan, potentially reducing interest costs and accelerating loan repayment. 

How to Use ICICI Bank Car Loan EMI Calculator?

The ICICI Bank Car Loan EMI Calculator is a useful tool that assists you in calculating the monthly EMI payments you need to make throughout the Car Loan tenure.

This tool is a formula box with three sliders for the Car Loan Amount, Interest Rate and Loan Term. After entering your information, the Car Loan EMI Calculator will provide the Car Loan EMI due each month as well as the total Car Loan interest payable.

This also implies that the Car EMI Calculator value will vary, if any of the three factors are altered. Let's examine these 3 factors in detail

 

  • Car Loan Amount: The initial loan amount that the Bank will lend you
  • Interest Rate: The rate of Interest per annum determined by the Bank. Check ICICI Bank Car loan rates here
  • Car Loan Term: The number of months allotted for paying back the loan. The term is measured in months due to the monthly payment requirement.

 

EMI is calculated as follows:

EMI = P x R x (1+R) ^N / [(1+R) ^N-1]

P = Principal amount of the loan

R = Rate of Interest

N = Number of monthly instalments.

Car Loan Related Videos

Car Loan EMI FAQs

Is the Car Loan EMI Calculator based on a Fixed or Floating Rate of Interest?

The car loan calculator usually works on a fixed interest rate. It assumes a constant interest rate throughout the loan tenure, ensuring stable EMIs for borrowers. Fixed-rate car loans offer predictability, with consistent EMIs over the loan duration, simplifying budgeting and financial planning. 

Can the Car Loan EMI be changed?

Car Loan EMIs remain fixed for the entire loan tenure. Once you secure a car loan, your lender assigns a fixed EMI amount, which remains constant throughout the repayment period. This consistency provides stability in monthly payments, facilitating easier financial planning and budget management for borrowers. 

Can this Car Loan EMI Calculator also be used for second-hand Car Loans?

While primarily designed for new car loans, the vehicle loan EMI calculator may not be suitable for second-hand car loans. Factors such as the vehicle's age, condition, and resale value differ, impacting loan terms. Borrowers seeking financing for pre-owned vehicles may require specific calculations tailored to their unique circumstances. 

What should be done after paying the last Car Loan EMI?

After paying the last Car Loan EMI, obtain a loan closure statement from your lender confirming full repayment. Ensure all dues are settled and collect necessary documents like the loan clearance certificate and hypothecation removal from the vehicle's registration authority.

Is there an option to increase the tenure within the Car Loan EMI Calculator?

Yes, one may increase the tenure up to 10 years i.e. 120 months. This can be done by dragging the EMI Calculator slider.

What is the EMI for a 10 lakh car Loan?

 

The EMI for a Rs 10 lakh Car Loan depends on factors like interest rate and tenure. Using the formula with a 9.1% interest rate for a 5-year tenure, the approximate EMI would be around Rs 20,807.

What is the EMI for a 7 lakh Car Loan?

The EMI for a Rs 7 lakh Car Loan varies based on interest rate and tenure. Assuming a 9.1% interest rate for a 5-year tenure, the estimated EMI would be Rs 14,565.

 

What Factors Affect Car Loan EMI?

Several factors influence Car Loan EMI, including loan amount, interest rate, tenure, credit score, and down payment. Higher loan amounts or longer tenures result in higher EMIs. Similarly, lower interest rates and larger down payments reduce EMIs. A borrower's creditworthiness also affects the interest rate offered by lenders. 

Disclaimer

The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.

Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ICICI Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.

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