1. What is ICICI Bank Car Loan Calculator?

The ICICI Bank Car Loan Calculator helps you estimate your monthly payments for a car loan from ICICI Bank. It uses the standard loan amortization formula to calculate your EMI (Equated Monthly Installment) based on the loan amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the PMT formula:

Where:

• \( PMT \) — Monthly payment
• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Total number of payments (loan term in months)

Explanation: The formula calculates the fixed monthly payment required to fully amortize the loan over its term.

3. Importance of Loan Calculation

Details: Understanding your monthly payments helps in budgeting and financial planning when purchasing a car through ICICI Bank financing.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (as offered by ICICI Bank), and loan term in years. 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 applicant's profile.

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

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

Q4: Can I prepay my ICICI car loan?
A: Yes, ICICI Bank allows prepayment after 12 EMIs with prepayment charges of up to 5% on the principal outstanding.

Q5: What documents are required for ICICI car loan?
A: Typically you need KYC documents, income proof, bank statements, car quotation, and RC/insurance for used cars.