Car Loan EMI Calculator
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
months
Monthly EMI
0
Total Interest
Total Amount
Car Loan Amortization
| Months | Opening Balance | Monthly EMI | Interest | Principal | Closing Balance |
|---|
What is a Car Loan EMI Calculator?
A car loan EMI calculator helps you calculate the EMI (Equated Monthly Instalment) you would have to pay to repay your car loan. Calculating your loan EMI beforehand could help you plan your finances in a better way.
Use Navi Car Loan EMI Calculator to save time and get accurate results. This convenient tool carries a user-friendly design and helps you calculate your car loan EMI in a quick and efficient manner.
How to Calculate Car Loan EMI?
Your car loan EMI depends on three factors – the loan tenure, the applicable interest rate, and the principal amount. You can calculate your car loan EMIs manually, but it is a time-consuming process and is prone to errors. Instead, you can use the Navi car loan calculator to accurately calculate the EMI in a few seconds.
Use the following steps to calculate your car loan EMI:
Select the loan amount
Choose the amount you need with the help of slide bar
Select the loan tenure
Use the slide bar to choose the loan tenure
Select the interest rate
Move the slide bar to select the interest rate
What is the Car Loan EMI Formula?
The formula to calculate the car loan EMI is as follows:
EMI = P × r × (1 + r)n/((1 + r)n – 1) where,
P = loan amount
r = interest rate
n = tenure in number of months
For example, for a principal loan amount of ₹1,00,000, 8% interest rate and a tenure of 4 years, the EMI will be ₹2,441 per month.
Advantages of Using the Navi Car Loan EMI Calculator
Intuitive design
It features a user-friendly and intuitive design that facilitates hassle-free calculation
Accurate results
Get quick and accurate results at all times with our EMI calculator
Convenient
Save time and calculate your EMI within a few seconds
Frequently asked questions
- Credit score: Having a good credit score could help you get better deals on loans. Similarly, a poor credit score could lead to loan application rejection.
- EMI payable: Loan affordability depends on your EMI to an extent. Calculate your EMI beforehand to avoid financial stress and plan better.
- Repayment capacity: Always evaluate your repayment capacity before taking a loan. Any missed EMIs could have a negative impact on your credit score.
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