Car Loan EMI Calculator

What is a Car Loan EMI Calculator?

A Car Loan EMI Calculator is a financial tool that helps you calculate the monthly EMI for a car loan. Using this tool, you can decide how much loan you may need to buy a car, how much EMI will be payable, and compare loan terms offered by various lenders. 

How to Calculate Car Loan EMI?

You can calculate car loan EMI by providing the following inputs:

• Loan Amount: Total quantum of loan

• Tenure: Number of years the loan will run

• Interest Rate: Annual rate of interest on the loan

EMI calculators for cars use the following formula to compute EMI:

• E = Monthly EMI

• P = Loan Principal Amount

• R = Loan Rate of Interest (Annual)

• N = Loan Tenure (Years)

For example, if you plan to take a Rs. 5 lakh car loan for 5 years at a 10% per annum interest rate,

EMI calculation will be

E = [5,00,000 x 10 x (1+10) ^ 5] / [(1+10) ^ 5-1]

• Monthly EMI = Rs 10,624

• Total Interest Payable = Rs. 1,37,411

• Total Principal = Rs. 5,00,000

• Total Amount Payable = Rs. 6,37,411

How to Use Rupeezy's Car Loan Calculator?

Rupeezy EMI calculator for car loans is an easy-to-use tool that will give you the precise EMI for your desired loan:

• Step 1: Enter the Loan Amount (Principal)

• Step 2: Enter the Loan Tenure (in years)

• Step 3: Enter the Annual Interest Rate (%)

• Step 4: The result will display the monthly EMI amount, the loan amount borrowed, the total interest payable and the overall amount to be repaid.