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Car Loan EMI Calculator

India is currently the world’s 4th largest market for 4-wheelers. Growth has been steady at 9.5% year-on-year. It is no wonder that the demand for a reliable and easy to use car loan EMI calculator has also skyrocketed.

While the Internet is flooded with calculators determining car loan EMIs, simplicity is the key that makes it stand out. Our calculator brings you the best and easy to use EMI calculating tool which will help you take an informed decision on how much funding you need to purchase your dream car, how much your EMIs are likely to be, and other details.

How can a Car Loan EMI Calculator Help You?

Nowadays, getting a dream car is within everyone’s reach owing to the various car loans available by different lenders. Gone are those days when in order to get a new car, one had to start saving a fair amount of money at a very young age. One can get a pre-approved car loan with a decent income and credit score, subject to the maximum tenure of the loan and the loan amount. Regardless of the type of vehicle you are about to purchase, a car loan is a substantial amount which you need to repay over the tenure along with the interest. This is where a car EMI calculator comes in handy.

Here are some obvious benefits of using a car loan interest rate calculator:

• Saves Time: The primary purpose of an online calculator is to save your time. It uses a standardized formula for calculating your EMI details and produces a result instantly as soon as you input the essential data.
• Accuracy: Unlike manual calculations, an online calculator never makes a mistake.
• Financial Planning: Once you have an idea of how much you need to repay each month as EMIs, you will be able to plan your future financing options better. If you are planning to buy an expensive car, you need a bigger loan amount. To repay that, you need a longer tenure. All these elements are easily determined by a car loan calculator.
• Detailed Breakdown: A car loan calculator helps you break down the total payable amount under various headings including loan amount, interest applicable, and processing fees among others.

How to Calculate Car Loan EMI Amount?

We follow a standardized formula:

The various components of the formula are as follows:

• P: Determines the principal amount
• R: The rate of interest payable every month
• n: The total tenure in months
• E: Total EMI payable each month

As an example, if you borrow ₹10 Lakh from a financial institution (P), with the rate of interest 10% (R), for a total tenure (n) of 7 years (84 months), using the formula, your EMI comes to ₹16,602. The sum payable at the end of the tenure is ₹16,602 × 84 or ₹13,94,568. Of this, your interest amount payable is ₹3,94,568.

Amortization Schedule

An amortization schedule is the complete table of periodic loan payments including the principal and interest amount in each payment until the loan is fully repaid. It provides a complete guide to breaking down a credit option such as a car loan into a series of fixed payments. The monthly payment remains the same, but the payment is made up of parts that differ over time. The best thing about an amortization schedule is it is very helpful for banks and financial institutions to keep a complete track of the loans.

How to use the car loan EMI calculator?

You can easily use our Car Loan calculator on our website by following these steps:

1. Enter your principal amount, interest rate and tenure.
2. Instantly know your EMI payable, interest amount, and repayment details.

Advantages of using the Online EMI Calculator for Car Loans

If you are looking for an online car loan EMI calculator, our tool is invaluable:

• Our servers store your data securely.
• Our calculator is free for unlimited use.
• The calculator is extremely easy to use and accurate.
• You save your time and money by planning for the most easily repayable loans.