ICICI Bank Car Loan EMI Calculator Aug 2017
ICICI Bank Car Loan EMI Calculator
Lowest EMI on ICICI Bank Car Loan - Rs. 1,699 per lakh
|Loan Amount||2 Years||3 Years||5 Years||7 Years|
|Rs. 100,000||Rs. 4,649||Rs. 3,262||Rs. 2,162||Rs. 1,699|
|Rs. 300,000||Rs. 13,948||Rs. 9,786||Rs. 6,485||Rs. 5,097|
|Rs. 500,000||Rs. 23,246||Rs. 16,310||Rs. 10,809||Rs. 8,496|
|Rs. 1,000,000||Rs. 46,492||Rs. 32,620||Rs. 21,618||Rs. 16,991|
Factors affecting ICICI Bank Car Loan EMI
- Borrower age should be between 18 years to maximum 65 years
- Maximum car loan amount offered by ICICI Bank is up to 100.00% of ex-showroom price
- Interest rates starts @ 10.75% depending upon down payment, net income and other factors
- Processing fee in ICICI Bank may be 0.00% of loan amount Min Rs. 2,500 Max Rs. 5,000
ICICI Bank Car Loan EMI
- Car Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to ICICI Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
- With ICICI Bank offering car Loans with loan tenure upto 84 years, the loan EMI can be as low as Rs. 1 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by ICICI Bank are as low as 10.75%.
- This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.
ICICI Bank Car Loan Calculator Formula
Here is an illustration of how ICICI Bank Car Loan EMI is calculated:
In above formula,
P = Loan amount. This should be 100.00% of ex-showroom price
n = tenure in month. For ICICI Bank, this can be 84 months
Car Loan EMI Calculator ICICI Bank - How it works?
ICICI Bank Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- ICICI Bank Car loan calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Car Loan EMI – EMI changes in case of prepayment
In case you prepay your car loan, the outstanding balance on your car loan reduces. ICICI Bank gives you two options:
- Reduce your loan tenure and keep your car EMI same
- Reduce the amount of EMI and keep your loan tenure same
It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the ICICI Bank in this option.
Frequently Asked Questions on ICICI Bank EMI Calculator
ICICI Bank offers car loan at 10.75% interest rate and hence lowest EMI on per lakh loan amount is Rs. 1,699.Can I prepay my ICICI Bank car loan?
ICICI Bank offers you an option of prepayment at 5% charges.Is there any processing charge on Car loan from ICICI Bank?
Car Loan from ICICI Bank charges a processing fee of 0.00% of loan amount Min Rs. 2,500 Max Rs. 5,000.
ICICI Bank Car Loan Customer Care Number, Email, Application Status, Branches
ICICI Bank Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Gurgaon||0124-3366777/ 0124- 4445500|
|Mohali Sas Nagar||730-766-7777|