Car Loan EMI Calculator Online
At present times, India ranks the world’s 4th largest market for 4 wheelers.Therefore the demand of easy to use car loan EMI calculator has risen eventually.
Your can find a lot of car loan EMI calculators in the internet but our website provides the best and easy calculator for your car loan EMI’s. Our calculator will provide you information regarding your funding to buy the dream car and your payable EMI along with other details.
How can a online Car Loan EMI Calculator Help You?
A car loan EMI calculator is a simple and valuable tool for anyone who is planning to take a car loan. This calculator can benefit you in the following ways:
- This calculator saves your valuable time.It uses a standardised formula to calculate your EMI details. It gives you results as soon as you put in the required data.
- This calculator is error free. It gives you error-less results everytime.
- This calculator helps you to plan your budget regarding your payable EMI’s and makes your future financing options better.
- This calculator helps in breaking down the total payable amount that one needs to pay under variousheading including interest, loan and other processing fees.
How to online Calculate the Car Loan EMI Amount?
There is a standardized formula to calculate the car EMI:
E = P. R. (1+R)^n/[(1+R)^n – 1]
Here,
|
P |
Principal amount |
|
R |
Rate of interest |
|
N |
Total Tenure |
|
E |
Total EMI payable per month |
An example has been provided to make it easy for you:
If a person borrows Rs 10 Lakh from any financial institution (P), with the interest rate of 10% (R) and for a total period or tenure (N) of 7 years (84 months). You can find out the EMI using the above formula. The EMI comes to Rs 16,602.
Therefore the payable amount at the end of the tenure is Rs. 13,94,568.
In this regard your payable interest amount is Rs 3,94,568.
How to use the online Car Loan EMI Calculator?
The Car Loan EMI Calculator provided by our website is very simple and easy to operate by following these steps:
- Input the principal amount, rate of interest and total tenure.
- Click and the payable EMI will display before you.
Advantages of using our online Car Loan EMI Calculator
Our calculator provides you complete financial solutions covering a huge range of products. Several advantages of using our EMI calculator are:
- Once you register with us, our calculator is free for unlimited use.
- Our calculator is easy to use and provides you with accurate results every time.
- Your data is completely secure within our servers.
- You can save your valuable time and money by accessing our online car loan EMI calculator.