Bike Loan EMI Calculator
Calculate your Car Loan Monthly Installment easily with the online Car Loan EMI Calculator in India
| EMI | Rs. 1658 |
|---|---|
| Total Interest | Rs. 10658 |
| Total Payment(Principal + Interest) | Rs. 10658 |
| Principal Amount | 40% |
| Interest Amount | 60% |
On one hand, it's pretty easy to buy a car on a loan today, but on the other hand, calculating the monthly instalment manually is complex. That's why the car loan EMI calculator exists. It helps you determine the monthly instalment and tenure period for repaying all the loans and managing future expenses.
Car loan EMI is the Equated Monthly Instalment to be paid by the borrower to the lender on a given date every month. It's the total sum of the principal and the interest amount.
The car loan EMI calculator is an online utility that will ease your task of calculating the monthly EMI amount to pay for a certain tenure period. Using it, you can do further planning and budgeting of your finances. The tool basically contains three things: loan amount, tenure, and interest rate.
As you will have all the loan and EMI details in your hand, it will also help in keeping a decent credit score throughout the loan repayment period.
The EMI for any kind of loan can be found with the help of the following formula:
E = P x R x (1+R)^n / {(1+R)^n – 1}
where "E" represents the EMI
"P" is the principal amount
"R" is the interest rate applicable to your car loan
and "n" refers to the tenure of the car loan
Nowadays, a car loan EMI calculator is easily accessible online. You only have to provide the required data to get the EMI results.
On average, it may take 10-15 minutes to get the end value of your EMI in the case of manual calculation. On the other hand, a car loan EMI calculator can do it instantly as soon as you provide the details.
Once you are aware of your monthly EMI amount, it becomes easier to control your expenditures. You can choose the most suitable tenure period to avoid default on the loan.
A human may not succeed in providing you with accurate results all the time. There is a possibility of error, but the online EMI calculator always yields accurate results.
Choose as much value as you want, and still, the car loan calculator will not get tired of providing you with final results. Use it endless times until you don't get the EMI meeting your financial needs.
Getting an affordable car loan without careful research is not possible. You have to compare the deals from different lenders before finalizing one. Now, you can make use of a car loan EMI calculator online to compare the deals of your favourite lenders.
Your credit history governs the interest rate on your loan amount. It means that the higher your credit/CIBIL score, the greater the chances of loan approval. If your credit history is good, you can even negotiate with the lender for a reduction in the interest rate.
Lenders always go through your debt-to-income ratio to find out your loan eligibility. If your debt-to-income ratio is too high, your loan may not be approved. Even when it does, the interest rate will be excessive. Thus, you must have a stable source of income before applying for a car loan.
If you are taking a loan for a vehicle but failing to repay it as per the tenure, your lender can seize it. A lender, such as a bank, can sell your car on the market to get back the money.
That's why banks check the car model first to calculate its approximate resale value. Your loan interest rate will be low for the new car and high for the old models.
For the best interest rates and highest loan amount, you will have to pay an initial lump sum amount and then continue with monthly instalments.
On average, the car loan amount is available for six years but can range between three and eight years. For a shorter tenure, be prepared for higher interest rates, which remain low during longer tenures. However, you need to know the total interest paid and choose one that fits your budget.
It's simple! Provide the tenure, amount, and interest rate and then hit the calculate button. The results will be shown immediately by the car loan EMI calculator online.
It can be paid by the following means:
Any one of the following categories is eligible for a car loan:
The car EMI will only change if you choose a floating interest rate. For the fixed interest rate loan takers, the EMI remains the same.
Carry the following documents to get the car loan:
Yes! Many banks offer loans for used cars, so there is no need to worry.
An NRI is eligible for a car loan in India only after providing an Indian resident as the guarantor. The age of both should be between 21 and 65 years old.
Salaried individuals can apply for a car loan 48 times more than their actual salary. However, the minimum annual salary should be 2.5 lakh.
A car repayment table contains the periodic loan repayment schedule of your car loan, including details like principal amount, EMI, interest payment, and outstanding amount.
Of course, the penalty is there when you miss repaying the loan on time.
All EMI calculators work similarly, but the information provided by the car loan calculator is particularly related to car loans.