1. What is ICICI Bank Car Loan EMI?

The EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to ICICI Bank every month until the car loan is paid off. It includes 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

Explanation: The formula calculates the fixed monthly payment that would pay off the loan over the specified period at a constant interest rate.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their monthly financial commitment and plan their budget accordingly before taking a car loan from ICICI Bank.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (as offered by ICICI Bank), and loan tenure in months (up to 7 years/84 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for ICICI Bank car loans?
A: ICICI Bank car loan interest rates typically range from 8.50% to 12.50% p.a., depending on loan amount, tenure, and borrower's credit profile.

Q2: What is the maximum tenure for ICICI Bank car loans?
A: ICICI Bank offers car loans for up to 7 years (84 months) for new cars and up to 5 years (60 months) for used cars.

Q3: Are there any processing fees for ICICI Bank car loans?
A: Yes, ICICI Bank charges processing fees up to 2.25% of the loan amount plus applicable taxes.

Q4: Can I prepay my ICICI Bank car loan?
A: Yes, but prepayment charges may apply if done within the lock-in period (usually 12 months).

Q5: What factors affect my car loan eligibility?
A: Income, credit score, existing obligations, car model, and down payment amount affect your loan eligibility.