Buying a car and considering a loan from ICICI Bank? Use this calculator to plan your monthly EMI before you finalise the deal. Enter the loan amount, the rate you are offered, and your preferred tenure to see the exact monthly payment and total interest.
Car loans are secured — the vehicle serves as collateral. They typically have shorter tenures than home loans. EMI is calculated on the reducing balance method.
A car loan is a secured loan taken to purchase a new vehicle. The vehicle serves as collateral until the loan is fully repaid. Because the loan is secured, car loan rates are generally lower than personal loan rates.
Car loans typically finance a portion of the on-road price. The exact percentage depends on the lender's policy and vehicle type. You arrange the remaining amount as a down payment.
Interest is calculated on the outstanding balance each month. As you repay, the balance reduces and the interest component of each EMI decreases.
Requirements vary. Confirm with the lender directly before applying.
Enter the loan amount, the interest rate you are offered, and your preferred tenure in the calculator above. The monthly EMI, total interest, and full repayment schedule are calculated instantly.
A shorter tenure means higher EMI but less total interest. A longer tenure reduces monthly outflow but increases total cost. Use the calculator with both tenures to see the difference.
Yes — a larger down payment reduces the loan amount, which directly reduces your EMI and total interest. Use the calculator with different principal amounts to see the impact.
Most car loans allow foreclosure after a minimum period, subject to the lender's terms. Foreclosing reduces total interest. Always confirm terms directly with the lender.
Interest rates, processing fees, and all other lender details change frequently and without notice. DigiCalc does not display, guarantee, or endorse any rates, fees, or terms from any lender. Always verify current figures directly with the lender before making any financial decision.
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