1. What is Car Loan EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. For ICICI Bank car loans, EMI payments are used to pay off both principal and interest each month.

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

Explanation: The formula calculates the fixed payment amount required each month to pay off a car loan over the specified tenure.

3. ICICI Bank Car Loan Features

Details: ICICI Bank offers car loans with competitive interest rates based on salary, flexible tenure options (up to 7 years), and quick approval process for salaried individuals.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (as offered by ICICI Bank), and loan tenure in years. The calculator will show your estimated monthly EMI.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect my ICICI car loan EMI?
A: Principal amount, interest rate, and loan tenure are the main factors. Your salary and credit score may affect the interest rate offered.

Q2: How does salary affect ICICI car loan eligibility?
A: Higher salary typically means higher loan amount eligibility and possibly better interest rates.

Q3: What is the typical interest rate for ICICI car loans?
A: Rates vary but typically range from 8.50% to 12% p.a. for salaried individuals, depending on credit profile.

Q4: Are there any prepayment charges?
A: ICICI Bank may charge 2-5% of principal outstanding for prepayment, depending on loan terms.

Q5: What documents are needed for ICICI car loan?
A: Typically salary slips, bank statements, ID proof, address proof, and car invoice/quotation.