Loan Against Car EMI Calculator
Calculate your monthly payments
A loan against car EMI calculator helps you estimate your EMI, determining the amount you must set aside each month for repayment. You can adjust details such as the loan tenure and interest rate to see how they affect your monthly payments, allowing you to find a repayment plan that works best for your financial situation.
Loan amount
₹10,00,000
1 Cr
Duration of loan
2 Year
7 Years
Interest rates (P.A)
5.00%
35%
Per Month EMI
₹0
Principal amount
₹10,00,000
Interest
₹0
Total
₹10,00,000
Detailed calculations
Understanding the Components of the Loan Against Car EMI Calculator:
Tenure
Tenure is the duration over which the loan will be repaid. It affects the monthly EMI amount.
Principal Amount
The principal amount is the total sum borrowed. It’s the base amount on which interest is calculated.
Interest Rate
The interest rate is the percentage charged on the principal amount. It can be fixed or variable.
Interest Amount
The interest amount is the cost of borrowing the principal amount based.
EMI (Equated Monthly Instalment)
The EMI is the fixed monthly payment made to repay the loan. It includes both principal and interest components.
How does Loan Against Car EMI calculator work?
The calculator considers the principal, the interest rate, and the tenure. When you input these details into the loan against car EMI calculator online, it uses a standard mathematical formula to calculate the EMI.
The formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
- P is the principal loan amount
- R is the monthly interest rate
- N is the number of monthly instalments
For instance, if you borrow ₹7 lakhs against your car at an annual interest rate of 10% (or 0.83% per month) for a tenure of 5 years (60 months), the EMI would be ₹14,873. In the end, the total amount paid will be ₹8,92,376 (₹14,873 x 60). Of this, ₹1,92,376 represents the interest paid on the loan.
You can also refer to the amortisation schedule for the year-by-year interest and principal repayment breakdown. With a loan against a car EMI calculator, you can prepare your finances, avoid unnecessary financial burdens, and make decisions about the terms of your loan.
Need Help? Find Answers Here
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