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Canara Bank Car Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

EMI is the amount payable to the lender every month. Through EMIs, the borrower pays the interest and the principal amount every month until the entire loan amount is paid. The Car Loan EMI calculator helps in figuring out the monthly payouts. EMI payments are higher in the initial months and they slowly decrease with each payment.

How Does Our Car Loan EMI Calculator work?

Our car loan EMI calculator works on the below formula:

Car Loan EMI = P * ( r * (1 + r)^n) / (( 1 + r)^n - 1)

Where,

P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

Ms. Oviya wants to buy a car and takes a ₹12 lakhs loan from the bank. The bank offers the loan at an interest rate of 7.5% for a tenure of 5 years. Oviya would have to pay a monthly EMI of ₹24,046. She would be paying a total interest of ₹2,42,732 on her loan and she would have paid a total amount of ₹14,42,732.

The calculation would look like below:

Car Loan EMI = 12,00,000 * (0.075/12 * (1 + 0.075/12) ^ 60)/((1+0.075/12) ^ 60 - 1)
EMI = ₹24,046

How Should You Use Koshex Car Loan EMI Calculator?

Koshex's Car Loan EMI calculator makes difficult EMI calculations simple. Our car loan EMI calculator helps you in calculating the principal and interest payable during the tenure, as well as, the monthly EMI payments. All you need to do is enter your car loan amount, interest rate, and loan duration. The calculator will let you know the total amount and total interest payable by you. The car loan EMI calculator will also show the monthly EMI payable by you.

Benefits Of Using Koshex Car Loan EMI Calculator

Some of the advantages of Koshex's Car Loan EMI calculator are as below:

  • The car loan EMI calculator uses minimal effort
  • This EMI calculator saves time, as you can calculate the monthly EMI amount in a couple of seconds
  • The EMI calculator is accurate, so you will get error-free results
  • You will be able to plan your finances better with our calculator

Canara Bank Car Loan Calculator - FAQs

Can I get a loan to purchase a used car?
Yes. You can get a loan to buy pre-used cars. But, the interest rate for such a loan would be different from the interest rate for buying a new car. The car loan would cover only the price of the car itself, while the other costs such as transfer of registration, etc. will have to be taken by you.
Do I need collateral for a car loan?
A car loan is a secured loan where the car you buy will act as collateral. Hence, there is no additional collateral required for a car loan.
What is the maximum loan amount you can get for a car loan?
The maximum loan amount differs from one bank to the other. Usually, banks approve loan amounts that range from 80%-90% of the car's on-road price. Some banks will even lend 100% of the car's ex-showroom price. The percentage of financing provided depends on the price, type of car, and whether you are applying for a new or pre-owned car.
What is the usual tenure of a car loan?
The tenure of a car loan ranges from 1 year to 5 years. At present, a small number of lenders are engaged in offering car loans for longer durations of up to 7 years.
Are there any tax benefits of a car loan?
No. A car loan doesn't have any tax-saving benefits like a home loan.
Is my loan EMI fixed or can it change over the loan tenure?
In the case of a floating rate for a car loan, the interest that is charged from you changes throughout the tenure of the loan according to market dynamics. Hence, your monthly EMI amount will change as well. With a fixed rate, the interest rate that is charged to you remains the same throughout the tenure of the loan. Hence, your EMI remains the same too.
Can I prepay my loan amount?
Certain banks may allow you to prepay the loan amount, based on their respective terms and conditions. You might be charged a prepayment fee. Hence, if you intend to prepay your loan during the loan tenure, make sure you check with your bank.
Is the EMI shown by the calculator the same as the EMI calculated by the bank?
The Car Loan EMI calculator will make calculations according to the figures given by you. When taking the loan from the bank, you might find differences in tenure, interest rate, or actual principal amount (after deductions) as stated by the bank. Hence, the EMI calculated by the bank might differ from the EMI shown by Koshex Car Loan EMI Calculator.
What will happen if I don't pay EMIs on time?
Banks will treat you as a defaulter if you fail to pay two or more EMIs in a timely manner. Initially, you will be charged a penalty fee and be asked to regularize your payments. If you fail to keep up with your EMIs after repeated notifications, your bank can legally repossess your vehicle. On top of that, your credit score will also be affected negatively.
What should I do after I complete my car loan EMI payments?
After you have paid off your loan in full, the bank will issue Form 35 & NOC (No Objection Certificate) to the RTO (Road Transport Office) and the bank's name will be removed from the RC book endorsement.