1. What is the ICICI Car Loan Calculator?

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

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( PMT \) — Monthly payment (EMI)
• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (loan term in years × 12)

Explanation: The formula accounts for compound interest over the loan term to calculate a fixed monthly payment that pays off the loan completely by the end of the term.

3. Importance of Loan Calculation

Details: Calculating your car loan EMI helps in financial planning, comparing loan offers, and ensuring the payments fit within your monthly budget before committing to a loan.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (without % sign), 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 car loans?
A: ICICI car loan interest rates typically range from 8.50% to 12.50% p.a., depending on credit profile, loan term, and vehicle type.

Q2: What is the maximum loan term available?
A: ICICI offers car loans for up to 7 years (84 months) for new cars, depending on the model and borrower's profile.

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

Q4: Can I prepay my ICICI 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, employment stability, and vehicle value affect your loan eligibility and terms.