ICICI Car Loan Calculator

Loan Amount:

Interest Rate (%):

Loan Term (years):

Loan Details

Monthly EMI Payment	₹0.00
Total Interest	₹0.00
Total Amount	₹0.00
Principal Amount	₹0.00

'); printWindow.document.close(); printWindow.print(); }function calculateLoan() { var loanAmount = parseFloat(document.getElementById('loan-amount').value); var interestRate = parseFloat(document.getElementById('interest-rate').value) / 100; var loanTermYears = parseFloat(document.getElementById('loan-term').value); // Get loan term in years var loanTermMonths = loanTermYears * 12; // Convert years to monthsvar monthlyInterestRate = interestRate / 12;var monthlyPayment = (loanAmount * monthlyInterestRate) / (1 - Math.pow(1 + monthlyInterestRate, -loanTermMonths));var totalInterest = (monthlyPayment * loanTermMonths) - loanAmount; var totalAmount = totalInterest + loanAmount;// Removed currency conversion and directly used ₹ for display document.getElementById('monthly-payment').innerText = '₹' + monthlyPayment.toFixed(2); document.getElementById('total-interest').innerText = '₹' + totalInterest.toFixed(2); document.getElementById('total-amount').innerText = '₹' + totalAmount.toFixed(2); document.getElementById('principal-amount').innerText = '₹' + loanAmount.toFixed(2);drawPieChart(loanAmount, totalInterest);displayAmortizationSchedule(loanAmount, monthlyPayment, loanTermMonths, monthlyInterestRate);// Reset the visibility of "View More" and "View Less" buttons document.getElementById('view-less-btn').style.display = 'none'; document.getElementById('view-all-btn').style.display = 'none'; }

What is ICICI Car Loan EMI Calculator?

A ICICI Car Loan Calculator is a financial tool used to estimate the monthly payments and total cost of a car loan. It helps car buyers understand the financial implications of borrowing money to purchase a vehicle. These calculators requires basic input information such as the loan amount, interest rate and loan term.

Once the necessary information is provided, the ICICI Car Loan Calculator uses mathematical formulas to compute the monthly payment amount, the total interest paid during the term of the loan, and the total cost of the loan. This allows car buyers to adjust various parameters, such as loan amount or loan term, to see how different factors impact their monthly payments and overall financial commitment.

Essentially, by giving people clear understanding of the expenses involved in taking an car loan, a ICICI Car Loan Calculator helps people make well-informed choices. It enables buyers to compare different financing options, determine affordability based on their budget, and plan for their future financial commitments effectively.

How Does a ICICI Car Loan Calculator Work?

The ICICI Car Loan Calculator is a tool that help individuals estimate their monthly loan payments and total loan costs when financing a car through ICICI. Here's how it typically works:

1. Input Parameters: Users need to input certain parameters into the ICICI car loan calculator. These parameters usually include:

Loan Amount: The total amount of money required to purchase the car.
Interest Rate: The annual interest rate offered by ICICI for the car loan.
Loan Term: The duration of the loan repayment period in months.

2. Loan Calculation : Once the user inputs these parameters, the ICICI car loan calculator calculate several important aspects of the loan such as:

Monthly EMI Payment : The calculator determines the amount the borrower would need to pay each month towards repaying the loan.
Total Interest: It calculates the total amount of interest that will be paid over the entire loan term.
Total Amount : This includes both the principal loan amount and the total interest paid over the loan term.

Overall, the ICICI car loan calculator is a useful tool for buyers that are planning to take loan for a car through ICICI, as it provides valuable insights and helps borrowers make smart decisions about their auto financing options.

The Formula for Calculating ICICI Car Loan EMI Amount

The calculation of Equated Monthly Installments (EMIs) using the ICICI Car Loan Calculator follows a standard formula known as the Fixed Monthly Payment formula. This formula is based on the principles of compound interest and is expressed as:

EMI = P × r × ( 1 + r)ⁿ / ( 1 + r)ⁿ - 1

Where :

EMI = Equated Monthly Installment
P = Loan Principal Amount
r = Monthly Interest Rate (Annual Interest Rate divided by 12 months)
n = Loan Tenure in Months

By putting in the values of loan amount, interest rate, and tenure into this formula, the ICICI Car Loan Calculator accurately computes the monthly installment amount payable by the borrower. This transparent method ensures borrowers have a clear understanding of their repayment obligations and helps them plan their finances effectively.

Car Loan Calculator ICICI : Sample Example

Loan Amount (Principal): ₹100,000
Annual Interest Rate: 8%
Loan Tenure: 5 years (60 months)

First, we calculate the monthly interest rate (r):
r = Annual Interest Rate / 12
r = 8% / 12 = 0.0066667

Total Number of Payments (n):
n = Loan Tenure in Years * 12
n = 5 * 12 = 60 months

Now, we'll use the formula to calculate the monthly EMI payment:

EMI = P × r × ( 1 + r)ⁿ / ( 1 + r)ⁿ - 1
EMI = 100,000 × 0.0066667 × (1 + 0.0066667)⁶⁰ / (1 + 0.0066667)⁶⁰ - 1
EMI = ₹2027.64

Total Interest:
Total Interest = (EMI × n) − P
Total Interest =(2027.64 × 60) − 100,000
TotalInterest ≈ ₹21,658.37

Total Amount Paid:
TotalAmountPaid = EMI × n
TotalAmountPaid = 2027.64 × 60
TotalAmountPaid ≈ ₹121,658.37

So, the calculated values from the ICICI Car Loan Calculator for this example are as follows:

Monthly EMI Payment	₹2027.64
Total Interest	₹21658.37
Total Amount	₹121658.37
Principal Amount	₹100000.00

Benefits of Using a ICICI Car Loan Calculator

Helps in planning and managing monthly budgets effectively by providing clear insights into repayment requirements .
Allows borrowers to plan their finances strategically by understanding the impact of loan EMIs on their overall financial situation.
Saves time by providing instant calculations, eliminating the need for manual computations.
Provides transparent information about total repayment amount, interest, and tenure.
Empowers borrowers with financial knowledge, enabling them to make informed decisions about borrowing.
Helps in setting realistic financial goals by understanding the impact of loan EMIs on future savings and expenditures.
Reduces financial stress by providing clarity and predictability in loan repayment planning.
Accessible online platform allows borrowers to use the calculator anytime and anywhere, enhancing convenience in financial planning.

Disclaimer

This calculator is provided for informational purposes only and do not constitute financial advice. The results displayed are estimates and may not reflect the exact terms offered by any particular bank. Actual terms and EMI may vary based on factors such as interest rates, loan tenure, and eligibility criteria. Users are encouraged to consult with a financial advisor or directly with the respective bank for for accurate loan details. We do not guarantee the accuracy or applicability of the results generated by this calculator.