Calculate Car Loan EMI
Monthly Car Loan EMI
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Principal Amount
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Interest Amount
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Total Amount Payable
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Other Calculators
FAQ
What is Car Loan?
Car Loan also known as auto loan is a credit granted by a lender such as a bank or NBFC (non-banking financial company) for the sole purpose of allowing the customer to purchase a car. It is a secured loan where the car you buy acts as a collateral. Therefore, there is no additional collateral requirement for a car loan.
What is Car Loan EMI?
Equated Monthly Installment (EMI) is a method of repaying the principal amount and loan interest in a staggered manner on a monthly basis till the loan is fully paid. Every EMI payment includes both the principal loan amount and the interest charged. A decision regarding the loan amount and tenure to opt for cannot be taken without factoring in the EMI.
What is Car Loan EMI Calculator?
Car loan is a great financial option for those who wish own a car but either do not have the required sum for it or do not want to spend such a large amount in one go. Car Loan EMI calculator lets you know the loan installment that needs to be paid at regular intervals in a quick and easy way. It enables you to assess the total outflow with respect to the loan.
How does EMI Calculation help?
EMI calculation gives a clear assessment of the amount that has to be put aside for paying EMIs which enables you to make an informed decision about the outflow for the loan every month. Hence, knowing the EMI amount helps you properly plan the expenses of buying a car while knowing how much needs to be kept aside for the same on a monthly basis.
Advantages of Checking Loan EMI
- Assess loan affordability
- Decide the loan amount and tenure
- Plan out loan repayment
- Plan Prepayment
Advantages of Car Loan
A Car Loan can be helpful in various ways. Here are some instances:
- Buying a brand new car when one cannot pay fully at once
- Buying a second hand car
- Quick approval
- Fixed or floating rate of interest that can be negotiated beforehand
- Tenure of up to 7 years
- No collateral required as the vehicle acts as security
- Choose payment method as per convenience
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