Car Loan Calculator: Nowadays, you can almost buy a dream car, whether you’re paid or a self-employed person. Unlike decades ago, you needn’t be enough prosperous or save a good deal of money to purchase your first car. You can just take advantage of a new car loan and drive your dream car earlier.
What is a car loan EMI calculator?
The supply for four-wheelers has risen significantly and the demand for car loans has increased in proportion. The choice to receive a car loan is a relief to people who do not have enough money or want to invest so much at once. In this situation, the EMI calculator for car loans helps you decide the appropriate amount of car loans and manage your monies.
You just need to enter the required information on the Car Calculator, regardless of whether you are going to purchase a new vehicle or pre-owned car or the penalty amount needed, loan tenure, interest rate and select calculation. A detailed overview of your annual principal and interest refunds is available in the EMI car loan calculator.
How to Use Car Loan Calculator?
The calculator will automatically reflect the approximate EMI applicable to the loan tenure as an easy reference for the amount, rate and tenure for which the car loan is requested.
Five benefits of using the Car EMI calculator
- Access is easy
- Shows fast results
- Saving time and energy for manual calculations
- Help you know how much your EMI car loan
- Make it easier for you to plan loans
Who can apply for a loan?
- Senior employees (working in government and private sector
- Specialists (e.g. doctors, engineers, dentists, architects, bookkeepers, cost accountants, company secretary, business advisors, etc.);
- Company staff and filing returns from income tax
- Persons over 21 and not more than 60-65 years ideally.
How to Calculate Car Loan EMI Amount?
E= P. R. (1+R)^n/[(1+R)^n -1]
P – Determines the principal amount
R – The rate of interest payable every month
N – The total tenure in months
E – Total EMI payable each month
The accuracy table is the amortisation schedule, which includes the main and interest amounts in each payment until full repayment of the loan. It provides a full guide to broken a credit option, for example a car loan, into a number of fixed payments.
The payment is the same every month and consists of parts which vary over time. The best way of achieving an amortisation plan is to keep a complete track of the credits for banks and financial institutes.