ICICI Car Loan Calculator
The ICICI Car Loan calculator can help you understand the exact amount you can repay comfortably. The calculator computes the EMI amount in a few seconds and helps you understand whether the EMI can fit into your budget. The calculator will help you get accurate results and is free to use as many times as you like.
A car loan is the money one borrows intending to buy a car. Hence, a car loan is the amount of money lent to an individual, enterprise, or any entity to buy a car. When taking a loan, the borrower agrees to completely pay back the full loan amount, besides the interest, by a certain interest, by the way of EMIs.
Equated Monthly Installments are a fixed amount of payment made by a borrower to the lender each month at a specific date, which is pre-determined at the time of ending the loan. These installments are applied to the principal and interest amounts so that the borrowed loan is easily paid off in steps over a specified number of years.
How Does The ICICI Car Loan EMI Calculator Work?
The car loan EMI calculator works based on the following formula.
Where,
P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months
Example
You are planning to take a car loan for ₹44 lakhs. The interest rate carried by the loan is 13%. The tenure of the loan is 8 years. You need to know your monthly EMI. Let's calculate it using the formula.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 44,00,000 x (0.13/12 x (1 + 0.13/12)^96 / ((1 + 0.13/12)^96 - 1)
EMI = 44,00,000 x (0.010833 x (1.010833)^96 / ((1.010833)^96 - 1)
EMI = 44,00,000 x 0.010833 x 2.8133483766338 / 1.8133483766338
EMI = 1,34,098.81304192540376 / 1.8133483766338
EMI = ₹73,951 (approximately)
So, if you take a car loan for ₹44 lakhs for an interest rate of 13% for a repayment tenure of 8 years, you would have to pay an EMI of nearly ₹74,000.
How To Use The Koshex ICICI Car Loan EMI Calculator?
The online car loan EMI calculator is quite simple.
- Enter the loan amount you wish to take to buy the loan.
- Specify the interest rate of the loan.
- Mention the repayment tenure of the loan.
The calculator will use the above details to calculate your EMI amount.
Example
Mr. Durai is looking to take a car loan for ₹65 lakhs with an interest rate of 11.5% for a tenure of 6 years. Let's calculate how much EMI he would have to pay every month.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 65,00,000 x (0.115/12 x (1 + 0.115/12)^72) / (1 + 0.115/12)^72 - 1)
EMI = 65,00,000 x (0.0095833 x (1.0095833)^72) / (1.0095833)^72) - 1)
EMI = 65,00,000 x 0.0095833 x 1.9871716480643 / 0.9871716480643
EMI = 1,23,783.803356814940235 / 0.9871716480643
EMI = ₹1,25,392
So, if Mr. Durai takes a car loan for ₹65 lakhs, carrying an interest rate of 11.5% for a repayment tenure of 6 years, he will have to pay a monthly EMI of over ₹1.25 lakhs.
Benefits Of Using The ICICI Car Loan EMI Calculator
There are several benefits to using the car loan EMI calculator. We have mentioned some of them below.
- The car loan EMI calculator provides accurate details in a few seconds. This helps you save a lot of time, which you would have to spend doing complex calculations manually.
- The calculator gives 100% accurate results every time.
- The calculator helps you compare EMIs from different banks. This can help you choose the loan that offers the best terms.
- The calculator gives you an accurate monthly EMI amount. This can help you see whether the EMI amount will fit in your monthly budget.