Car Loan EMI Calculator

Buying a car is one of life’s biggest dreams. But it is also a huge investment that can take away a lot of life’s savings. But there is a way in which you can afford a car, without dipping too much into your savings – by taking a car loan. This way you do not have to compromise on the car type, and pay for it in affordable Equated Monthly Instalments or EMIs. You could even calculate your loan EMI before you actually purchase the car with the help of a car loan EMI calculator.

EMI Calculator APR Calculator Amount Rate of Interest(%) Loan Terms Total Interest

Total Amount Monthly Payment Rs. 1,977.00

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How to Calculate Car Loan

You can calculate your car loan EMI in three simple and easy steps on a freely available tool known as the online car loan EMI calculator. This calculator is easily available on the bank’s website and can compute complex calculations in a matter of seconds. Just follow the below steps:

Enter the loan amount your wish to borrow

Enter the rate of interest which typically starts at 8.60% p.a.

Enter the tenure in months with a maximum tenure of 84 months

When you enter the principal (P), interest rate (R) and tenure in months (N) using the below formula in the car loan EMI calculator, you arrive at the monthly payable EMI.



EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Advantages

You can pay for your car in affordable monthly instalments

You can choose the loan tenure flexibly

You can find out exactly how much to pay in EMIs due to car/auto loan EMI calculator

You do not have to provide collateral

Amortization of Car Loan EMI calculator