ICICI Car Loan EMI Calculator

Today due to new advancements in technology and the changing lifestyle of people, it seems owning a car has become a standard in every family’s home. Besides being a symbol of high class, it also acts as a big financial asset for the family in case of any financial contingency. Having a car not only makes daily commute convenient, but also gives a full-fledged freedom to enjoy any vacation trip with family, friends, or others without the hassle of booking any other private vehicle by spending extra money. Understanding this need, ICICI bank offers its customers car loans at lowest interest rates, but many times people can get confused as to how to determine their car loan rates, interest rates, and tenure of EMI. Here we are going to look at what an ICICI car loan EMI calculator is and its benefits.

What is an ICICI car Loan EMI Calculator?

The ICICI Car Loan EMI Calculator is a useful tool that assists a person in calculating and determining the monthly EMI payments that they must make to the bank for the Car Loan tenure. By using the ICICI car loan calculator tool people can easily determine the Car Loan Amount, Interest Rate and Loan Term to be chosen by them as per their needs. Generally, a car loan provided by ICICI bank is of 7 years tenure but may be increased on special requests. After entering all the necessary information, the Car Loan EMI Calculator will provide the Car Loan EMI due each month and the Total Car Loan Interest payable. This implies that the Car Loan EMI Calculator value will vary if any of the three factors are altered. Let's examine these three factors in depth.

• Car Loan Amount:
  The initial loan amount that the bank will lend you.
• Car Loan Interest Rate:
  The rate of interest per annum is determined by the bank.
• Car Loan Term:
  The number of months allotted for the loan's payback. Due to the monthly payment requirement, the term is measured in months.

EMI is calculated as follows:

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.

Now owning a car has become easier with the ICICI bank car loan facility as it offers loans for both new cars and second-hand cars. Let’s look at its 3 most attractive features:

• The interest rate generally starts from 7.9% (in the case of new cars).
• The quick processing and easy disbursal of the loan amount taken to make it more reliable.
• The minimum paper-based requirements make the loan process hassle-free for customers who are eager to borrow a car loan.

Types of Car Loans offered by the ICICI bank:

1. Pre-Owned (Used) Car Loan:
   Is there someone who has a low income but still wants to enjoy a lavish lifestyle? ICICI Bank is providing an exciting offer for those who want to buy second-hand (used) cars at cheaper prices than the original ones.
   Now one can enjoy the rollercoaster ride of life in their dream car by just fulfilling the minimal eligibility criteria as mentioned below:
   • It’s mandatory to be a resident of India.
   • The age of the loan borrower must be between 23-60 years.
   • The loan borrower must be currently engaged in business for consecutive 4 years.
   • The earning amount of the loan borrower must be at least Rupees 1.75 Lakhs per annum.
   • The maximum duration of loan tenure should be from 12 months to 60 months.
2. Instant Car Loan:
   In case, any person wants to get an instant car loan facility to purchase any new model of car which is yet to arrive in the market, then within a couple of days, a car loan can be sanctioned to the customer through this “Insta Car Loan” product.
   For existing ICICI bank customers, it’s even easier to get this Instant Car Loan as the customer just needs to send an SMS from his/her registered mobile number linked with the ICICI bank. Secondly, an approval letter also needs to be generated from the website to apply for this Insta car loan which can be done by following the below steps:
   • The foremost thing to do is to “log in” to personal internet banking.
   • Search for the “Car Loan Pre-approved” option via the offer’s widget.
   • Navigate to the offer and select “manufacturer’s details”.
   • Accept the offer to generate the approval letter.
   • Submit the disbursal kit by visiting any nearest ICICI bank branch.
   • Drive the dream car home hassle-free and enjoy the ride.
3. Instant Money Top-Up:
   Instant Money Top-Up is nothing but an additional top-up loan on the existing car loan taken by the customer to fulfil some other out-of-the-box desires and requirements such as funding for business expansion or development, wedding plans and ceremonies, holiday (vacation) trips, home renovations, etc.
   Reason to get Instant Money Top-Up:
   • It has an easy documentation process, the maximum of which relies on digitalization rather than presenting hard copies.
   • An attractive rate of interest is given to the customer (loan borrower).
   • The loan process is streamlined at a much faster pace.

Conclusion:

Today having a car is not only a standard of high class but also a social achievement in any society. Having a car can make daily commute convenient and gives a full-fledged freedom to enjoy any vacation trip with family, friends, or relatives. ICICI Bank understands these needs and offers its customers a low-interest rate that they can easily afford. Now, people can also calculate and determine their car loan pending instalments along with interest payments and tenure of the EMI by using the car loan EMI calculator ICICI from Credtify by visiting their official website- https://credtify.com/.