Calculating your Car Loan EMI has never been easier. Use our Car Loan EMI Calculator to input your desired amount, interest rate and tenure, and view an instant summary of your EMI amounts. You can also simply adjust the amount and tenure to see how it affects your EMI repayments. Get in the driver’s seat faster with our Car Loan EMI Calculator.
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A Car Loan EMI (Equated Monthly Instalment) is the monthly payment you make until your car loan is fully repaid. This amount comprises both the principal loan amount and the interest accrued.
To calculate your Car Loan EMI manually, you can use this formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
For instance, if you borrow â‚ą10 lakhs for a car with a 5-year tenure and a 10% annual interest rate, your monthly EMI will be â‚ą16,602. While manual calculations are possible, they can be time-consuming. Instead, consider using an online Car Loan EMI calculator for quick and accurate results.
Using a car finance EMI calculator is simple. Just provide three key inputs:
The calculator will then display your monthly EMI. Feel free to experiment with different loan amounts, interest rates, and tenures to find the most suitable option for your budget.
If you borrow â‚ą10 lakhs car loan with a 5-year tenure and a 10% annual interest rate, your monthly EMI for 10 lakhs will be â‚ą16,602. While manual calculations are possible, they can be time-consuming. Instead, consider using Mahindra Finance Car Loan EMI calculator for quick and accurate results. However, the EMI is subject to loan sanction and approval by the financer
If you borrow â‚ą6 lakhs car loan with a 5-year tenure and a 6% annual interest rate, your monthly EMI for 6 lakhs will be â‚ą11,600. While manual calculations are possible, they can be time-consuming. Instead, consider using Mahindra Finance Car Loan EMI calculator for quick and accurate results. However, the EMI is subject to loan sanction and approval by the financer
The lowest or minimum EMI for a car loan is â‚ą1,934 per month for 5 years on a loan amount of â‚ą1 lakh for 6% interest rate. However, the EMI amount can change based on the loan amount, loan tenure and interest rate. For calculating the EMI for your desired tenure, use the Mahindra Finance Car Loan EMI calculator. However, the EMI is subject to loan sanction and approval by the financer