Car Loan EMI Calculator
Calculate your monthly EMIs to plan the finances effectively. With the car loan EMI calculator, the swift insights into EMIs can help you assess if the values align with your existing income.
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Car Loan EMI Calculator
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What is Car Loan EMI Calculator?
The car loan EMI calculator is a simple online tool that allows one to catch up with the EMIs possible on the desired principal amount. Users can also compare the different principal amounts to determine the suitable EMI-based loan for them.
Why Use a Car Loan EMI Calculator?
How to Use a Car Loan EMI Calculator?
Using a car loan EMI calculator is simple. Just fill in the following for results:
- Principal loan amount: It is the actual amount that you need to borrow as a loan. The higher amount is converted into higher EMIs.
- Loan tenure:The total amount of time for which you want to take the loan is its tenure. Lower EMIs accompany the long tenures. However, interest rates increase in such a scenario.
- Interest rate: It is the interest applicable on borrowing the loan. The higher interest rates lead to higher EMIs.
Factors Affecting Car Loan EMI
Down payment:
It refers to the initial payment made upon purchasing the car. The EMI can be lowered by increasing the down payment as it decreases the remaining amount.
Credit Score:
The interest rate of the car loan can be lowered if you have a good credit score. It lowers the overall amount, subsequently decreasing the EMI.
Loan Type :
The car loan interest rate varies according to the new and old car. Generally, used cars come with higher interest rates than the new ones.
Car Loan EMI Calculator FAQs
What is a car loan EMI?
The car loan EMI refers to the fixed amount to be paid back when taking a car loan. The EMI depends on various factors. It must be set as per one’s budget to avoid financial challenges.
How do you calculate car loan EMI amount?
The car loan EMI is calculated through the following formula: E = P. R. (1+R)^n/[(1+R)^n -1]1. In this formula, E refers to the EMI paid each month, P is the principal amount, R is the interest rate applicable on the loan, and N is the number of months in the total tenure of the loan.
What documents are required to know car loan EMI?
Using the car loan EMI calculator does not require any documents. Users simply need to fill in the three values: the principal amount, interest rate, and tenure. The EMIs will be displayed as per the entered figures.
What is the generally offered tenure of a car loan?
Generally, car loan tenures range from one to five years. However, it can also be extended to seven years, depending on the plans.
Does applying for a car loan require a co-guarantor?
The requirement of a co-guarantor does not arise if the applicant meets the eligibility criteria. However, their presence can help avail the loan if the applicant lags in fulfilling the same.