Car Loan EMI Calculator is an online tool that helps you compute your dream car's EMI. Knowing an EMI before taking any loan is important for your budget planning. Car Loan EMI Calculator provides you EMI amount based on these inputs: loan amount, interest rate, and loan tenure. It allows you to calculate different EMI on various loan inputs. You can budget your finances before taking a car loan to enjoy driving your ever-wanted vehicle later peacefully.
You can calculate the Car Loan EMI Amount with the help of the mathematical formula:
EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] ,
Where,
Let us assume you take a car loan of Rs 10 lakh at an interest rate of 12%,
The approximate EMI will be:
Therefore your monthly EMI will amount to Rs. 47,073.
The calculator would show you the EMI payable, total interest and the total payable amount.
The car loan EMI calculator simplifies your loan planning by giving a clear view of monthly repayments. It helps you make informed decisions and manage your finances with ease, thus allowing you to purchase your dream car with absolute ease.