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Don't know how to calculate Car Loan EMI Calculator?

Car Loan EMI Calculator

Calculate the car loan EMI by using Bluedex’s Car Loan EMI Calculator. You will need to enter the loan amount, tenure, and interest rate, and click on ‘Calculate’ to check the EMIs.

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Overview
An Overview

Car Loan EMI Calculator

Nowadays, it is much easier to buy your dream car due to the various car loan schemes offered by different lenders. Car loans are offered at attractive interest rates and a repayment tenure of up to 8 years.

Various banks and third-party websites offer a Car Loan EMI Calculator that allows you to calculate the Equated Monthly Instalments (EMIs) that must be paid. The Car Loan EMI calculator offered by BankBazaar is simple to use and is free. Basic details such as the repayment tenure, principal amount, and the rate of interest must be entered to calculate the EMI.

1
Fixed Rate EMI Calculation: Under the fixed rate EMI calculation, the EMI you have to pay towards the car loan remains unchanged throughout the loan tenure. This is so because the company offered a fixed rate of interest for the whole period. For example, for a car loan equal to Rs.5 lakh at 10% p.a. interest for a 3-year tenure, the interest payable will be Rs.16,134 per month. This will be the amount payable throughout the tenure of the loan.
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Floating Rate EMI Calculation: Under the floating rate EMI calculation method, the EMI payable differs based on the interest rate applicable at the time. The floating rate of interest changes based on the market lending rate. Let’s say you have taken a car loan equal to Rs.5 lakh for a 3-year tenure. The interest rate for about a year is 10% so the EMI payable, as in the example above is Rs.16,134. After completion of 1 year, you have an outstanding balance of Rs.3,36,409. The car loan interest rate at that time is then changed to 8%. So, for the rest of the tenure, the EMI payable will be Rs.15,215.
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Car Loan EMI Calculator

How can a Car Loan EMI Calculator Help You?

Nowadays, getting a dream car is within everyone’s reachowing to the various car loans available by different lenders. Gone are those days when in order to get a new car, one had to start saving a fair amount of money at a very young age. One can get pre-approved car loan with a decent income and credit score but subject to maximum tenure of the loan and the loan amount.Regardless of the type of vehicle you are about to purchase, a car loan is a substantial amount which you need to repay over the tenor along with the interest. This is where a car EMI calculator comes in handy.

Advantages of Using the Car Loan EMI Calculator

Break-Up of the Due Amount is Provided

The car loan EMI calculator helps you calculate the processing fees, interest that is paid, the total amount that must be paid, and the principal amount.

Saves Time

The main aim of the Car Loan EMI calculator is to save time. Once the relevant details are entered, the results are displayed almost immediately.

Your Budget can be Planned

Once you know the EMI that must be paid, you can plan your budget accordingly. In case the loan amount that is being availed is large, you may think of opting for a longer tenure. These details can be determined by using the car loan EMI calculator.

No Limit

There is no limit to the number of times the calculator can be used. Therefore, you use the calculator with different variants. This can help you choose the best lender and the down payment that must be paid.

Accuracy

For the details that are being provided on the calculator, the results that are displayed are accurate. Manual calculations may not provide accurate results.

Compare

As there is no limit to the number of times that the calculator can be used, you can compare the EMIs for different values.

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Let’s clear all the doubts!

Secured loans like home loans and car loans, and unsecured loans like personal loans are repaid through Equated Monthly Installments (EMI). Car loan EMI is a fixed amount that the borrower pays to the lender/bank each month towards the repayment of the car loan till the end of the loan tenure. EMI consists of the principal loan amount and interest payment.
The online car loan EMI calculator can be found on the bank website or a reliable third-party website. The tool is easy to use. You can use it any number of times for free. The results are instant and accurate whereas manual EMI calculations are prone to human error and are time consuming. You can also input varying combinations of the loan amount, loan tenure, and interest rates to get revised results.
A Car Loan Repayment table represents the periodic loan repayment schedule of your car loan. It consists of the breakdown of your car loan repayment details such as the principal loan amount, EMI, interest payment, and the outstanding due after each EMI payment.
Yes, you can avail a car loan on your existing four-wheeler. You can visit the BankBazaar website to find a bank that offers a car loan for used cars that matches your needs and requirements.
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