Car Loan EMI Calculator

 

Use ICICI Bank Car Loan EMI Calculator to understand your loan repayment. Simply select a loan amount starting from ₹1,00,000, set an approximate interest rate and a loan tenure between 12 and 84 months. The Car Loan EMI Calculator will estimate your monthly instalment and total interest payable over the loan tenure.


 

 

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Calculate Car Loan EMI

Amount

Interest Rate

Duration

Disclaimer*:The above information is for the purpose of representation only. Final values might vary as per ICICI Bank’s policies.

About Car Loan EMI Calculator

What is a Car Loan EMI Calculator?

The Car Loan Equated Monthly Instalment (EMI) Calculator helps you calculate your monthly car loan repayments and the total interest you will pay. By entering the loan amount, tenure and interest rate, you get an instant estimate of your monthly EMI and total loan cost. This tool helps you budget better and plan your loan repayment effectively.

How to use the ICICI Bank Car Loan EMI Calculator

Using the Car Loan EMI Calculator is easy, just follow these steps:

  • Enter the loan amount, interest rate and tenure.
  • Adjust the sliders to see how changing these values affects your EMI.
  • Get instant calculation of your EMI and the total interest payable.

The EMI will change based on the loan amount, interest rate and tenure that you select.

How to calculate Car Loan EMI using the formula?

With the help of a Car EMI Calculator, it becomes easy to get an understanding of your loan repayments. The variables to be used are loan amount (principal), rate of interest and loan tenure. The formula used is given below: 

 

EMI = P x R x (1+R) ^N/[(1+R) ^N-1] 

 

where: 

 

P = Principal amount of the loan 

 

R = Rate of interest 

 

N = Number of monthly instalments

Benefits of the Car Loan EMI Calculator
  • Plan your finances: Get a clear indication of your monthly loan repayments and manage your budget effectively
  • Compare options: Easily adjust loan amount, interest rate and tenure to find the most suitable combination of factors
  • Save time: Get accurate and instant results without manual calculations
  • Prepayment planning: See how making extra payments can reduce your total interest and loan tenure.

What Factors Affect Car Loan EMI?

Several factors influence the Car Loan EMI, including loan amount, interest rate, tenure, credit score and down payment. Higher loan amounts or longer tenures result in higher EMIs. Similarly, lower interest rates and larger down payments reduce EMIs. A borrower's creditworthiness also affects the interest rate offered by lenders and hence also impacts the EMI amount. 

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Car Loan EMI FAQs

Can my Car Loan EMI be changed?

Car Loan EMIs remain fixed for the entire loan tenure. Once you secure a Car Loan, your lender assigns a fixed EMI amount, which remains constant throughout the repayment period. This consistency provides stability in monthly payments, facilitating easier financial planning and budget management.

Can this Car Loan EMI Calculator also be used for second-hand Car Loans?

The Car Loan EMI Calculator is primarily designed for the purchase of new cars and might not be suitable for used car loans. Factors such as the vehicle's age, condition and resale value impact the terms of the Loan. Borrowers seeking loans for pre-owned vehicles may require different calculations tailored to their specific circumstances.

What should be done after paying the last Car Loan EMI?

After paying the last Car Loan EMI, obtain a loan closure statement from your lender confirming full repayment. Ensure all dues are settled and collect necessary documents like the loan clearance certificate and hypothecation removal from the vehicle's registration authority.

Is it possible to extend the Car Loan tenure?

Yes, it is possible to extend the duration of a Car Loan. However, it is important to understand that longer tenures result in lower EMIs but increased overall interest expenses.

What is the EMI for a 10 lakh car Loan?

The EMI for a Car Loan of ₹ 10 lakh depends on factors like the interest rate and loan tenure. Using the formula, with a 9% interest rate for a 5-year tenure, the approximate EMI for a Car Loan of ₹ 10 lakh would be around ₹ 20,196.

What is the amortisation schedule?

An amortisation schedule shows the breakup of each EMI into principal and interest components across the loan tenure based on the Car Loan interest rate, helping borrowers track repayment progress and outstanding balance. 

Is it good to buy a car on EMI?

Buying a car on EMI can be suitable for individuals who want to manage expenses without paying the full amount upfront. Car EMIs help spread the vehicle cost into smaller monthly payments, supporting better financial planning and liquidity management. However, affordability, interest rates, loan tenure and repayment capacity should be evaluated before applying for a Car Loan.

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