ICICI Bank Two Wheeler Loan EMI Calculator
Planning to buy a new bike or scooter? The ICICI Bank Two Wheeler Loan EMI Calculator helps you quickly estimate your monthly EMIs and total interest payable. It’s a useful tool to plan your loan repayment schedule in advance.
What is a Two Wheeler Loan EMI?
EMI or Equated Monthly Installment is the fixed amount paid every month toward repaying your ICICI Bank bike loan. It includes the principal and interest components spread across the loan tenure.
How the ICICI EMI Calculator Works
The EMI is calculated using the following standard formula:
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
- P: Principal loan amount
- R: Monthly interest rate (annual interest ÷ 12 ÷ 100)
- N: Loan tenure in months
How to Use the ICICI Two Wheeler Loan Calculator
- Go to the ICICI Bank Two Wheeler Loan EMI Calculator page.
- Enter your loan amount (e.g., ₹85,000).
- Enter the applicable interest rate (e.g., 10.75%).
- Select the loan tenure (e.g., 24 months).
- Click on “Calculate” to view your EMI details.
Advantages of Using the Calculator
- Instant and accurate EMI calculation
- Compare EMIs for different tenures and loan amounts
- Plan your budget and repayment in advance
- 100% online and free to use
Example Calculation
For a loan of ₹85,000 at an interest rate of 10.75% for 2 years, your monthly EMI would be approximately ₹4,006. The total repayment would be ₹96,144 including ₹11,144 in interest.
FAQs
Q: Does ICICI Bank offer prepayment options?
Yes, you can prepay your two wheeler loan after a certain lock-in period. Prepayment charges may apply.
Q: Can the EMI change during the loan period?
If your loan has a fixed interest rate, the EMI remains constant. For floating interest rates, EMI may vary.
Q: Are there any processing fees?
Yes, ICICI Bank charges a nominal processing fee based on the loan amount. This is not included in the EMI.