Car Loan EMI Calculator
By becoming the fourth-largest 4-wheeler market in the world, India has a growing need for a secure and reliable mode of transportation. Therefore, collecting the resources, for example, taking a loan, would require proper planning. You can accomplish that with the car loan EMI calculator by calculatoremi.com.
With this calculator, you can get instant results and a simplistic representation of your amount calculation. To help you in making a smart decision about how much cash you need to buy your ideal car, how much your EMIs are going to be, and other facts, calculatoremi.com has developed the best and most user-friendly EMI calculation tool.
Car Loan EMI Calculator - Assistive Attributes
The standard formula that our calculator follows is below:
E= P. R. (1+R)^n/[(1+R)^n -1]
Here is a breakdown of all the components of the formula–
P | Determines the principal amount |
N | The total tenure in months |
R | The rate of interest payable every month |
E | Total EMI payable each month |
For example, if you borrow Rs 10 Lakh from a lender or financial institution (P), with a rate of interest 9.5% (R), for a total tenure (N) of 8 years (96 months), using this formula, your EMI comes to Rs 14,911. The amount payable at the end of the tenure is Rs. 14,911 x 96 or Rs. 14,31,445. Of this, your interest amount payable is Rs 4,31,445.
Additionally, you can compare the fixed and floating interest rates from our website.
Car Loan EMI Calculator - Assistive Attributes
A detailed chart of monthly loan installments, including the principal and interest amounts in each payment until the loan is entirely repaid, is known as an amortization schedule. With this schedule, you can get a thorough explanation of how to divide a credit option, such as a car loan, into a number of fixed payments. Although the components of the payment change over time, the monthly payment stays the same. The most significant benefit of an amortization schedule is that it makes it easy for banks and other financial institutions to keep accurate records of all loans.
For example, the amortization schedule for a car loan for Rs. 10 lakh with an 8-year term and a 9.5% interest rate is shown below.
Year | Principal (A) | Interest (B) | Total (A+B) | Outstanding Balance |
2022 | 14,044 | 15,778 | 29,822 | 9,85,956 |
2023 | 89,076 | 89,854 | 1,78,930 | 8,96,879 |
2024 | 97,918 | 81,012 | 1,78,930 | 7,98,961 |
2025 | 1,07,636 | 71,296 | 1,78,932 | 6,91,325 |
2026 | 1,18,317 | 60,612 | 1,78,929 | 5,73,007 |
2027 | 1,30,062 | 48,869 | 1,78,931 | 4,42,945 |
2028 | 1,42,971 | 35,960 | 1,78,931 | 2,99,976 |
2029 | 1,57,158 | 21,773 | 1,78,931 | 1,42,817 |
2030 | 1,42,816 | 6,293 | 1,49,109 | 0 |
Using Calculatoremi's Web Calculator
By doing the following actions, you can utilize our calculator on our website with ease:
- Enter your tenure, interest rate, and principal amount.
- Now, click to know your EMI payment.
CALCULATOREMI's Online EMI Calculator - Advantages
On this site, you can also use other calculators to find more comprehensive financial solutions for various products. The advantages of our Car Loan Emi Calculator
- Your data is safely stored on our servers.
- As soon as you register with us, you can use our calculator without any limits.
- The EMI calculator for car loans online is precise and straightforward to use.
- Become time efficient when planning for any financial support.
In conclusion, every prospective borrower can benefit significantly from using an EMI calculator. With complete information, you receive actual rewards on your auto loan from the lender.
