Equated Monthly Installment is shortly known as EMI. It is a fixed payment made by the borrower to the Lender at a particular date each month. These are usually counted as payment made to clear off loan principal and interest every month.
So, in this free online calculator, we will discuss how to calculate Car loan EMI online. With the increase in the modern lifestyle and technology, even an Indian middle-class person need to follow this change.
Equally the demand for four-wheelers for middle-class persons increased. With this proportionally the demand for Car loan increased. EMI comes along the way from Car Loan each month. Individuals who do not have any monetary sources and also people who can’t invest large amount at a time can choose the option of Car Loan.
Usually, choosing the option of the Car loan is the best relief for the people who cannot afford to pay total amount at a time. It is the time where one needs a Car Loan EMI Calculator to plan their purchase of Car.
Using a Car Loan EMI calculator, one can see through the EMI amount they need to pay every month before. People also can check whether the payment comes under their budget or not.
Car Loan EMI
Car Loan EMI, as said earlier refers to the payment paid every month to recover the Car loan taken by the borrower from the Lender. Calculation of this Car Loan EMI includes terms Principal amount, Tenure and Interest rate.
We are providing to users an Online Car Loan EMI Calculator which helps to calculate EMI pertaining to the principal amount user entered. With this user can easily determine the EMI they need to pay every month which clears off the Car Loan.
Steps to Use Online Car Loan EMI Calculator
- Enter the Loan amount either lakhs or crores as per loan amount you take.
- Enter the interest rate at which Car loan is offered to you.
- Enter the Loan Tenure details either in months or years.
- Click on the option “Calculate”.
- Within seconds your Car Loan EMI result will be displayed.
Manual Method to Calculate Car Loan EMI
Car Loan EMI can be calculated manually using the formula cited below:
E= EMI payment amount on the Car Loan
P= Principal amount of Car Loan
R= Interest rate of Car Loan amount
n=Loan tenure of the Car Loan amount
Using this manual method to calculate your Car Loan EMI may lead you to confusion and with that accurate results are not determined. To avoid this, you can use Online Car Loan EMI Calculator.
Car Loan EMI Calculator provides you accurate results at free of cost with great ease. Calculator Tool instantly displays the result with entering the details required for EMI calculation.
Online Car Loan EMI calculator does not have any restriction on number of times of usage. One can repeat the calculation changing the tenures, principal amount until they can get an idea of how much EMI they can afford to purchase a car.
Finally, the main purpose of this calculator is that it will help you to decide in advance your affordable EMI for purchasing a Car.