Each of you would have a different taste when buying a car, some like sedan, others like SUV, some prefer hatchback, so on and so forth. Additionally, each individual has a different income and repaying capacity. Determining the debt repayment schedule is definitely the first thing that’s on your mind before you buy that dream car! EMI or Equated Monthly Installments is an assured way to plan your budget and decide the amount you have to pay every month towards your car loan.
Car Loan EMI Calculator is an easy-to-use tool that helps evaluate your car loan EMI on the basis of Loan Amount, Interest Rate and Loan Tenure. It makes the tedious task of complex EMI calculations easy for you in an automated way. Now, confidently drive home your favorite car knowing it’s affordable to you.
On entering your loan amount, repayment tenure and interest rate, the Car Loan EMI Calculator will project monthly instalment amount and the amortization schedule. The calculator will help you to make smart repayment decisions.
To get the best approximation towards your EMI, the following mathematical formula is used for the calculation:
EMI = [P x R x (1+R)^N)]/ [(1+R)^N-1]
- Where, P stands for Principal or Loan amount
- R stands for Interest rate per month
- N stands for number of monthly instalments