Everyone has an emotional goal to go on a long drive with there loved ones in their own car. But owning a car is a milestone and also it’s a huge investment. Before buying a car you have to apply for a car loan. To make the loan repayment comfortable, you have the EMI (Equated Monthly Instalment) facility. Would you like to know how much EMI to pay? checkout our free car loan calculator here and let us know your feedback.
Submit Below Details To Calculate Your Car Loan
Formula For Car Loan Calculator
The car loan calculator helps you to calculate the equated monthly instalments (EMIs) you have to pay.
Here is a Formula to calculate car loan emi
- Car loan calculator needed input: car loan amount, interest rate and loan tenure
- Car loan amount in between 1Lakh – 1Crore
- Interest rate in between 5% – 20%
- Loan Tenure in between 12months – 84months
Car loan calculator calculate your EMI monthly/yearly
Formula for car loan calculator is as follows:
EMI= [P x R x (1+R)^N / [(1+R)^N-1]
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments.
Results show four things
- EMI – Amount has to be paid each month.
- Total Interest Payable – Total amount of interest has to be paid till loan is fully paid.
- Total Payment(Principal + Interset) – Total amount paid till loan is fully paid.
- Break-up of Total Payment – Chart shows the break-up of total payment.