Thinking of buying a car and need a loan to make it happen? Well, understanding the financial commitment involved is crucial. One option for financing your dream wheels is to take a loan and pay for it in instalments every month. This amount includes both the principal loan amount and the interest charged by the bank. By paying EMIs regularly, you gradually reduce your outstanding loan balance over the loan tenure until the entire loan is repaid.
Angel One offers a user-friendly tool called the ICICI car loan EMI calculator to help you understand your monthly commitment if you choose a car loan. By taking into account factors like the loan amount, interest rate, and loan tenure, the calculator provides an accurate calculation of your EMI. This enables you to assess the affordability of the loan.
With the ICICI car loan EMI calculator, you can easily plan your finances and get a precise estimate of your monthly payments.
The ICICI car loan EMI calculator functions based on a mathematical formula. It considers three essential factors: principal loan amount, the rate of interest, and the loan tenure to calculate the EMI. Once you input these details into the calculator, it instantly provides the exact EMI amount you must pay each month, along with the total interest payable and total loan cost.
- The formula used by the ICICI car loan EMI calculator is as below:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P: The principal loan amount, i.e., the initial amount you're borrowing for your car loan.
- R: Applicable interest rate
- N: Loan tenure or how long you'll repay the loan.
Using the online ICICI car loan EMI calculator on the Angel One website is incredibly easy. Just follow the straightforward steps below:
- Step 1: Enter the loan amount you're considering.
- Step 2: Use the slider to select the interest rate applicable to the loan. Slide it left or right until you find the perfect match, or type it in.
- Step 3: Choose the tenure of the loan by sliding the bar to the desired years or typing it in.
The calculator will instantly show you the estimate of monthly payments you'll need to make.
Let’s understand the above steps with an example. Suppose you want a loan amount of Rs. 10,00,000. You aim to repay the loan in 6 years, and based on your CIBIL score, you will be required to bear an interest rate of 8.85%. Here are the steps to take:
- Enter Rs. 10,00,000 in the loan amount field.
- Key in the interest rate as 8.85 % p.a.
- Enter 6 years as the tenure.
In this case, for the original loan of Rs. 10,00,000, you will have to pay an EMI of Rs. 17,976. The total amount you will pay will be Rs. 12,94,268. You can also adjust the duration and the interest rate to see how that would affect your EMI and total payable amount.
- Greater financial clarity: The ICICI car loan EMI calculator accurately estimates your EMI, helping you plan your monthly budget effectively. You'll have a clear picture of your financial commitments, making it easier to manage your expenses and stay on track.
- Time-saving: The ICICI car loan EMI calculator saves you from tedious manual calculations. The results are instant, saving you valuable time and effort.
- Informed decision-making:By exploring different loan amounts and tenures, you can make an intelligent decision about the loan that fits your financial goals.
- Avoid surprises:Knowing your EMI in advance helps avoid any unexpected financial burdens, ensuring a smoother repayment process.
- Flexibility and customisation: The ICICI car loan EMI calculator allows you to customise and adjust various parameters such as the loan amount, interest rate, and tenure. You can experiment with combinations to determine the most suitable option that aligns with your budget and financial goals.
When it comes to car loans, ICICI Bank has 4 options to choose from. Take a look:
- Pre-Owned Car Loan: With their Pre-Owned Car Loan, you can easily own a wide range of certified and pre-owned cars. Plus, they've made the processing super speedy so you can hit the road quickly.
- Refinance Car Loan: Have an existing car not tied to any other bank or financial institution? Or it is, but you've cleared all the dues. ICICI Bank's Refinance Car Loan is the answer. You can refinance your car and get a loan of up to 140% of its valuation. It's a smart way to put your car's value to good use and meet other financial needs.
- Top-Up Car Loan: Already an ICICI Bank Car Loan customer? With the Top-Up Car Loan, you can get additional funds for your dream car.
The ICICI car loan EMI calculator calculates the EMIs for a car loan. It helps you determine the fixed amount you must pay monthly for your car loan, considering the principal amount, interest rate, and loan tenure. The ICICI car loan EMI calculator can help you plan your finances better and assess the affordability of the car loan.
To use the ICICI car loan EMI calculator, input the loan amount, interest rate, and tenure, and click calculate to get the EMI amount.
Yes, the ICICI car loan EMI calculator is free to use. It is an online tool accessible on the Angel One website without any charges or hidden fees.
The total interest on a car loan is calculated by subtracting the principal from the total amount repaid.
The minimum amount for a car loan varies depending on the bank. The minimum amount for a car loan at ICICI is Rs. 1,00,000.