Car Loan EMI Calculator
A car loan EMI (Equated Monthly Installment) calculator can help you determine how much your monthly payments will be for a car loan. You can use the following formula to calculate the EMI:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where, P = Principal amount (amount of loan) R = Rate of interest (monthly) N = Number of months
To make things easier, you can use an online calculator like the one provided by BankBazaar. Here’s how you can use it:
- Go to the BankBazaar car loan EMI calculator page (https://www.bankbazaar.com/auto-loan-emi-calculator.html).
- Enter the loan amount (principal amount), interest rate, and loan tenure (in months).
- Click on the “Calculate” button.
- The calculator will display your EMI, the total interest payable, and the total amount payable.
Keep in mind that the EMI amount will depend on the loan amount, interest rate, and loan tenure. Also, the EMI calculator provides an approximate value, and the actual EMI amount may differ slightly.