ICICI Bank Car Loan EMI Calculator 2026 — Rates & Monthly Payment
ICICI Bank offers car loans starting at 8.95% p.a. For a ₹10 Lakh car loan over 7 years, the monthly EMI is approximately ₹16,064 with total interest of ₹3.49 L. Use the calculator below to check EMI for your car loan amount.
Last updated: 22 May 2026, 3:15 PM IST
Monthly EMI
₹16,064/month
at 8.95% for 7 years from ICICI Bank
ICICI Bank — Car Loan Details
Interest Rate
From 8.95% p.a. (floating)
Processing Fee
0.50% of loan amount (min ₹3,000), negotiable for high-value loans
Prepayment / Foreclosure
No prepayment or foreclosure charges on floating rate home loans. Fixed rate: 2% on principal outstanding.
Eligibility
Salaried: min age 23, max 60 at maturity (65 for premium salaried). Self-employed: min 5 years business continuity.
ICICI Bank Car Loan — Rates, Fees & Eligibility
A salaried professional buys a new car worth ₹12 Lakh, paying ₹2 Lakh as down payment and financing ₹10 Lakh through ICICI Bank at 8.95% for 7 years. The monthly EMI is ₹16,064, and the total interest cost is ₹3.49 L. ICICI Bank charges a processing fee of 0.50% of loan amount (min ₹3,000), negotiable for high-value loans. For new cars, ICICI Bank finances up to 90% of the ex-showroom price. A 5-year tenure would reduce total interest to ₹2.44 L with an EMI of ₹20,734. Used car loan rates from ICICI Bank are typically 1.5–2% higher. Always factor in insurance, registration, and accessory costs when planning the loan.
Data Sources
- RBI — Key Policy Rates (2026) — www.rbi.org.in
- Bank Websites — Latest Interest Rates (May 2026) — www.rbi.org.in
- NHB — Home Loan Guidelines (2025) — nhb.org.in
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Important: This calculator provides estimates based on the inputs and assumptions you provide. Results are mathematical projections, not financial advice or recommendations. Actual outcomes will vary based on market conditions, policy changes, individual circumstances, and factors not captured by this tool. Verify all figures independently and consult qualified professionals before making financial decisions.
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Frequently Asked Questions
What is ICICI Bank car loan interest rate?
ICICI Bank car loan rates start from 8.95% p.a. for new cars. Used car loan rates are typically 1.5–2% higher.
What is the EMI for ₹10 Lakh car loan from ICICI Bank?
At 8.95% for 7 years, the EMI is approximately ₹16,064/month. For 5 years: ₹20,734/month.
What is the maximum car loan amount from ICICI Bank?
ICICI Bank finances up to 90% of the ex-showroom price for new cars and 75–80% for used cars. Maximum loan amount depends on income and repayment capacity.
Can I prepay my ICICI Bank car loan?
No prepayment or foreclosure charges on floating rate home loans. Fixed rate: 2% on principal outstanding. Check your loan agreement for car-loan specific terms.
What documents are needed for ICICI Bank car loan?
PAN, Aadhaar, salary slips (3 months), bank statements (6 months), proforma invoice from dealer, and address proof. Self-employed: ITR for 2 years.
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Disclaimer
This calculator provides estimates based on the interest rates and tenure shown. Actual EMI may vary based on the bank's lending terms, processing fees, and any floating-rate revisions. Bank rates are sourced from public data and may not reflect the latest changes — always confirm with your bank before applying. This is not financial advice. RupayWise is not a loan broker or financial advisor.