1. What is Car Loan EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to the lender (ICICI Bank) each month until the loan is paid in full. It consists of both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( PMT \) — Monthly EMI payment
• \( P \) — Principal loan amount
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Loan tenure in months

3. ICICI Bank Car Loan Features

Details: ICICI Bank offers car loans with competitive interest rates, flexible repayment options (up to 7 years), and quick approval process. They provide 100% financing on select models.

4. Using the Calculator

Tips: Enter loan amount in ₹, annual interest rate (typically 8.5-12% for ICICI), and loan tenure in years (1-7 years). The calculator will show your monthly EMI, total interest, and total payment.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI Bank's current car loan interest rate?
A: Rates typically range from 8.50% to 12% p.a. depending on loan amount, tenure, and applicant's profile.

Q2: What is the maximum tenure for ICICI car loan?
A: Up to 7 years for new cars, subject to applicant's age and income.

Q3: Are there any prepayment charges?
A: ICICI Bank allows prepayment after 12 EMIs with nominal charges.

Q4: What documents are required?
A: Typically includes ID proof, address proof, income documents, and car quotation.

Q5: How long does approval take?
A: ICICI Bank offers instant in-principle approval subject to documentation.