What is an EMI?
An EMI is a fixed monthly amount which you pay to the lender. As a borrower, you need to repay the loan using the EMI option. Through an EMI, you repay the principal amount as well as the interest rate. This is based on the outstanding loan amount as per the as per the amortization schedule.
What is A Car Loan EMI Calculator?
When you take a car loan you need to be aware of the interest rate for the car loan. You can calculate the interest by using the car loan interest calculator. Once you know the interest rate and have decided the tenure, you can use the car EMI calculator to calculate the EMIs. Indiabulls Dhani offers you a competitive interest rate for the car loan. An EMI calculator is similar to a car loan interest calculator.
To use the car loan EMI calculator, you need to select the loan amount, tenure and interest rate. Once you feed this data, the calculator gives you a result which is an approximate amount of your EMI.
You can use the slider to enter these details. Once you feed the information, the calculators give you an approximate amount of your monthly EMIs.
How Is Car Loan EMI Calculated?
A Car Loan EMI calculator calculates your EMI using the following formula.
E= [P x R x (1+R)^N]/[(1+R)^N-1] where
E stands for EMI
P- Principal Amount
R- Rate of Interest (Monthly)
N- Tenure (In Months)