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A Loan EMI calculator is a free online tool that helps borrowers calculate their Equated Monthly Installment (EMI) for loans. This calculator has become an essential tool for buyers and vehicle investors, as it provides instant calculations to help plan monthly budgets and understand the total cost of borrowing.
While a Car Loan EMI calculator provides precise calculations, actual EMI may vary slightly based on factors such as processing fees, prepayment charges, and specific lender policies.
A Car Loan EMI calculator simplifies loan planning by offering a clear breakdown of your monthly payment obligations and total interest costs.
A Car Loan EMI calculator works on the following formula:
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
Where –
Example:
If you take a car loan of ₹25,00,000 for 20 years at an interest rate of 8.5% per annum, the calculation would be:
Monthly interest rate = 8.5% ÷ 12 = 0.708% (0.00708)
Number of installments = 20 × 12 = 240
EMI = ₹25,00,000 × 0.00708 × (1 + 0.00708)^240 / ((1 + 0.00708)^240 - 1)
Monthly EMI = ₹21,264
Since car loan interest rates are subject to market fluctuations and lender policies, actual EMI may vary based on the chosen loan product.
Our Car Loan EMI Calculator is a comprehensive tool that helps borrowers make informed decisions about their car loan applications.
Use Our Car Loan EMI calculator to plan your car purchase effectively and achieve your dream of car purchase. Whether you're a first-time car buyer or looking to invest in vehicle, understanding your EMI obligations is crucial for financial planning.
Try Our Car Loan EMI Calculator now and make informed borrowing decisions!