Edelweiss Car Loan Calculator
The Edelweiss Car Loan calculator is an online tool that helps you estimate your monthly car loan EMIs (Equated Monthly Installments). It considers the loan amount, interest rate, and loan term. Once you have entered this information, the calculator will calculate your estimated monthly payment.
A car loan is the funds that one borrows from a lender for the sole purpose of purchasing a car of their choice. The car loan is repaid with interest through Equated Monthly Installments (EMIs) over a specified period called the loan tenure.
An EMI refers to the fixed amount of money that you pay to a bank or lender, as part of the repayment towards an outstanding loan within a specified period. You need to make these payments on a specified date every calendar month.
How Does The Edelweiss Car Loan EMI Calculator Work?
To calculate the monthly EMI amount, you need to use the below formula.
Where,
P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months
Example
You are planning to take a car loan for ₹72 lakhs. The interest rate charged by the lender for the car loan is 13%. The tenure of the car loan is 6 years. Let's calculate your monthly EMI amount for the car loan.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 72,00,000 x (0.13/12 x (1 + 0.13/12)^72) / (1 + 0.13/12)^72 - 1
EMI = 72,00,000 x 0.0108333 x (1.010833)^72 / (1.010833)^72 - 1
EMI = 72,00,000 x 0.0108333 x 2.1722891629043 / 1.1722891629043
EMI = 1,69,438.033357136302968 / 1.1722891629043
EMI = ₹1,44,536 (approximately).
So, if you take a car loan for ₹72 lakhs, charging an interest rate of 13% for 6 years, you would have to pay a monthly EMI of around ₹1.5 lakhs.
How To Use The Koshex Edelweiss Car Loan EMI Calculator?
Here are the steps to calculate car loan EMI:
- Firstly, you have to enter the desired loan amount.
- Next, enter the interest rate the lender is willing to offer.
- Lastly, mention the duration in which you intend to repay the loan.
Upon completing these steps, the calculator will provide you with the calculated EMI amount.
Example
Ms. Olivia is looking to take a car. She wants to take the loan for an amount of ₹49 lakhs. The lender is charging an interest rate of 12.3% for the loan. The duration of the loan is 4 years. Let's see how much she has to pay as her monthly EMI.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 49,00,000 x (0.123/12 x (1 + 0.123/12)^48) / (1 + 0.123/12)^48 - 1
EMI = 49,00,000 x 0.01025 x (1.01025)^48 / (1.01025)^48 - 1
EMI = 49,00,000 x 0.01025 x 1.631493085421 / 0.631493085421
EMI = 81,941.740215269725 / 0.631493085421
EMI = ₹1,29,759
So, if Ms. Olivia takes a car loan for ₹49 lakhs for an interest rate of 12.3% for 4 years, she needs to pay an EMI of ₹1,29,759 every month.
Benefits Of Using The Edelweiss Car Loan EMI Calculator
There are several advantages of using the car loan EMI calculator:
- The car loan EMI calculator offers accurate EMI calculations for your car loan, ensuring that you know the exact amount you need to pay towards loan repayment each month.
- Manual calculation of EMIs can be tedious and time-consuming. The calculator can help you save time and effort.
- The calculator helps you plan your finances better as you can check whether you have enough funds to pay EMIs for the car.
- The calculator allows you to compare the EMI amount for different loan amounts, interest rates, and tenures. This helps you choose the loan that best fits your budget and repayment capacity.