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]
- P represents the loan amount.
- R is the monthly interest rate (annual interest rate divided by 12).
- N denotes the loan tenure in months.
For instance, if you borrow ₹10 lakhs for a car with a 5-year tenure and a 10% annual interest rate, your monthly EMI will be ₹16,602. 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:
- Loan amount
- Interest rate
- Loan tenure
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 ₹10 lakhs car loan with a 5-year tenure and a 10% annual interest rate, your monthly EMI for 10 lakhs will be ₹16,602. 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 ₹6 lakhs car loan with a 5-year tenure and a 6% annual interest rate, your monthly EMI for 6 lakhs will be ₹11,600. 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
Although the EMIs are greater with a shorter term, you will pay less interest and pay off the loan sooner. On the other hand, if you choose a longer term, your EMIs amount would be lower, but your interest payment will rise. For calculating the EMI for your desired tenure, use the Mahindra Finance Car Loan EMI calculator.
The lowest or minimum EMI for a car loan is ₹1,934 per month for 5 years on a loan amount of ₹1 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
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