Car Loan EMI Calculator
Thanks to the numerous car loan programs, it is now much simpler to acquire the car of your dreams. Car loans are available with enticing interest rates and up to an 8-year repayment period which you can take care of easily if you plan your EMIs well.
But how would you plan that? Calculating EMI is not that easy manually. Therefore, you can determine the required Equated Monthly Instalments (EMIs) by using the car loan EMI calculator by Free EMI Calculator. The free and easy-to-use Car Loan EMI calculator will help you calculate the EMI, basic information such as the principal amount, payback period, and interest rate must be input.
This calculator will provide you with immediate answers and a straightforward illustration of your amount calculation. Freeemicalculator.in has created the best and most user-friendly EMI calculating tool to assist you in making an informed decision about how much cash you need to buy your perfect car, how much your EMIs will be, and other details.
How to Benefit From a Car Loan EMI Calculator?
The habit of beginning to save money for a new car is now dated and has been replaced by the rush to purchase a car. One can only get a pre-approved auto loan up to the maximum loan amount and term with decent income and credit. A car loan will be expensive and need you to make monthly payments along with interest. Thus, the free car loan EMI calculator will walk you through each cost you’ll incur over the course of your loan. After that you’ll be able to choose a car loan provider wisely when applying for a loan.
The Following are the Benefits of using this Calculator:
- Time is the major priority of every borrower. Therefore, using this loan EMI calculator will save you that time of comparing loan plans easily. Furthermore, freeemicalculator.in uses a common formula to calculate your EMI data.
- Evaluating such calculations manually are handwritten; an internet calculator is error-free.
- Once you have a broad idea of the amount you must repay each month in EMIs, you can better plan your future financing options. If you need a bigger loan to buy a pricey car, it helps with budget planning. To repay that, you need a longer term.
- It displays specific information on the cost. This free and user-friendly vehicle EMI calculator allows you to divide the total amount due into other components, such as the loan balance, the applicable interest rate, and other expenses.
Formula of Car Loan EMI Calculator
The standard formula that our evaluation tool 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 instance, suppose you want to take a loan Rs 20 Lakh from a lender or financial institution (P), with a rate of interest 7% (R), for a total tenure (N) of 8 years (96 months), using this formula, your EMI comes to Rs 27,267. The amount payable at the end of the tenure is Rs. 27,267 x 96 or Rs. 14,31,445. Of this, your interest amount payable is Rs 26,17,674.
Additionally, you can compare the fixed and floating interest rates from our website.
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.
Amortization Schedule
An amortization schedule is a comprehensive table of monthly loan payments that shows the principal and interest amounts for each payment until the loan is fully repaid. You may get a comprehensive explanation of how to divide a credit option, such a car loan, into a number of fixed installments with the help of this schedule. The monthly payment remains the same even while the payment’s component parts change over time. The fact that an amortization schedule makes it simple for banks and other financial organizations to maintain accurate records of all loans is its most important advantage.
The amortization schedule for a Rs. 20 lakh car loan with an 8-year term and a 7% interest rate is displayed below.
Year | Principal (A) | Interest (B) | Total (A + B) | Balance |
2022 | ₹ 15,601 | ₹ 11,667 | ₹ 27,267 | ₹ 19,84,399 |
2023 | ₹ 1,94,462 | ₹ 1,32,748 | ₹ 3,27,209 | ₹ 17,89,938 |
2024 | ₹ 2,08,519 | ₹ 1,18,690 | ₹ 3,27,209 | ₹ 15,81,418 |
2025 | ₹ 2,23,593 | ₹ 1,03,616 | ₹ 3,27,209 | ₹ 13,57,825 |
2026 | ₹ 2,39,757 | ₹ 87,452 | ₹ 3,27,209 | ₹ 11,18,068 |
2027 | ₹ 2,57,089 | ₹ 70,120 | ₹ 3,27,209 | ₹ 8,60,980 |
2028 | ₹ 2,75,674 | ₹ 51,536 | ₹ 3,27,209 | ₹ 5,85,306 |
2029 | ₹ 2,95,602 | ₹ 31,607 | ₹ 3,27,209 | ₹ 2,89,704 |
2030 | ₹ 2,89,704 | ₹ 10,238 | ₹ 2,99,942 | ₹ 0 |
Throughout the loan term, the principal and interest components will correspondingly rise and fall proportionally.
How to use Free EMI Calculator '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 precise EMI payment result instantly.
Advantages of freeemicalculator.in
Car loan EMI Calculators is one the tools that we provide on this site among other calculators. Benefits of using our free tool are as follows:
- Our servers securely compute your information.
- There is no registration, you are free to use our calculator at any time.
- The online EMI calculator for vehicle loans is accurate and simple to use.
- Make wise and time efficient financial decisions.
In conclusion, employing an EMI calculator has substantial advantages for any potential borrower. When you provide the lender with accurate information, you get real benefits on your auto loan.
