Car Loan EMI Calculator
As the Indian middle class shift towards a more modern lifestyle, the demand for four-wheelers has significantly increased along with a proportional rise in the demand for car loans. The option to avail a car loan is a relief for people who don’t have enough monetary resources at their disposal or those who don’t wish to invest such a large amount all at once. In such situations, the Car loan EMI calculator assists you in deciding the suitable car loan amount and for managing your monthly finances accordingly. It is a hassle-free tool which helps you to plan your EMIs in advance. This tool can be used for free by any applicant as it is available on the official websites of banks, third party loan comparing companies and other financial institutes. You just have to enter the details such as interest rate, principle amount, and loan tenure. It will instantly calculate your amortization schedule and your monthly EMI.
The EMI calculator tool
- We have developed a user-friendly car loan EMI calculator to help you compute your monthly car loan EMI. You can find the EMI calculator on Paisaexpo
- This simple EMI calculator has been prepared accordingly, to provide you with the current evaluated EMIs as well as the potential EMIs.
- Below is the method for calculating EMI:
Mathematically, EMI is calculated as under:
P x R x (1+R)^N / [(1+R)^N-1]
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments.
E refers to EMI payable on the car loan amount
P is the Car loan Principal Amount
R is the interest rate value that is computed on monthly basis
N refers to loan tenure in the form of months
- For the EMI value, you just need to provide details regarding the loan, the rate of interest and repayment. Additionally, you can enter the processing fee, and then your work is done. You would be able to find the amount payable as your monthly instalment.
- Through the car loan EMI calculator, you will also get to know the impact prepayment would have on your EMI.
- With the help of the EMI calculator, the schedule of your car loan amortization and of repayment can also be found.
- By calculating the prospective car loan EMI with different tenures and interest rates, you can analyze distinct schemes for their profitability. After doing a clear analysis, you can choose the car loan offer among various car loan offers that meet your requirements at the lowest possible expenses.
- EMI calculator can also assist you comprehending and controlling your monthly budget which would further benefit you by making EMIs affordable.