Money9 Car Loan calculator allows you to easily calculate the adequate monthly instalments of your car loan. This loan calculator will present a break-up between the principal amount and the interest to be paid on your car loan till the end of the term. It is an effective tool for potential car-buyers to access their car loan liability and make an informed choice. With a car loan calculator, you can effortlessly predict the EMI amount to be paid every month much before time. To calculate the EMI, enter your car loan amount, corresponding interest rate and the duration of the loan. The calculator will show you the your equated monthly instalment payout. Car loan interest rate varies from lender to lender and is usually between 7.25% and 7.9%. Your loan eligibility will be determined on the basis of your monthly income and repayment capacity. So if you’re looking to buy a car soon, make sure to use Money9 Car Loan calculator and predetermine the EMI structure for a hassle-free experience later.
A car loan EMI calculation is dependent on several factors. The EMI primarily depends on principal amount, rate of interest and tenure. Changes in these three variables result in a change in final EMI outgo every month. Apart from this, certain other factors also contribute to the EMI calculation, like the specific car loan scheme, tenure of the loan, age group of the applicant, category of the applicant (salaried, businessman, self-employed, etc.), new or used cars, etc.