Buying a car is one of the best things which can give you extreme pleasure and joy. As soon as any new car enters the market there are car enthusiasts who are eager to know everything about it. They search every possible website on the internet to get as much as information as possible. Buying a car means you are investing into something for lifetime.
The car you buy is not only a medium of transportation but also a medium to make memories. You can go to any nearby hill station or plan long drives with your friends or family members. The best part is you don’t have to depend on the metro or public bus for going to office. Hiring cabs everyday is not a feasible option too. This is why having a car is so useful. In case you have saved some amount, then you can take a Car loan from ICICI Bank.
ICICI bank is one of the country’s leading private sector bank that has made a special name for itself. You are required to pay a certain amount of money as down payment to the dealer. You can use your savings for doing so. The bank offers a flexible loan tenure of seven years. The rates of interest will depend on the tenure you are availing. A higher tenure means lower rate of interest. Today, I will be sharing important information regarding an ICICI Car Loan EMI Calculator.
ICICI Car Loan EMI Calculator is the best tool when it comes to calculating your monthly EMIs. Now you must be saying why should you calculate your EMI when the bank is there to do so for you. The reason is very simple my dear friend. Most of the car loan borrowers often trend to overlook the important element of EMI.
They will consider the tenure or rate of interest or even processing fee but will not pay heed to EMI. EMI actually stands for equated monthly installment. They have to be paid every month to the lender for repaying the loan till the tenure is over and the loan is fully repaid along with the interest.
One can easily calculate his/her monthly EMI amount by taking help of this calculator. Manual calculation can take a backseat now as the calculation completely eliminates the need to use pen and paper. The calculation is done instantly without any trouble. You can get instant results related to your EMI amount and total interest payable. You have to enter certain details like the desired loan amount, the rate of interest and the tenure period. Once you do so, the results will be displayed on the screen.
ICICI Car Loan EMI Calculator will allow you to make a balanced decision. The quick comparison between different rates of interest and tenure period can help you in making a good choice. Now you can take maximum benefits of the calculator by using it for your own sake. Let’s make things clearer with the help of an example.
Suppose Abhishek Ranjit, a school teacher wishes has pooled some savings to buy his favorite car. He requires an additional amount of Rs. 5 lakhs . Let’s say he approaches ICICI Bank for the same. The bank checks his repaying capacity and finds him to be eligible for the product. He is offered the same amount at an interest rate of 11% for a tenure of four years. By using this calculator, Abhishek can check out his EMI amount that he will have to pay to the bank for repaying the loan. The amount will come to be Rs. 12,923. He can also find the total interest payable which will amount to Rs. 1,20,293. This means Abhishek will have to pay the bank a sum total of 6,20,293 in four years. The instant calculation has been only possible because of ICICI Car Loan EMI Calculator.
Now let’s twist the story little bit. What if Abhishek finds the total interest payable amount to be too high? He can use the calculator to find about what the total interest will be on a three year tenure. The EMI amount and total interest payable will come out to be Rs. 16,370 and Rs. 89,297 respectively. Though the EMI amount will be little higher than the previous one but still Abhishek can save a lot on the total interest payable. This is how the calculator will help Abhishek to take a very smart decision. He can again use the calculator for comparing different rates of interest and the EMI offered on the same.