Indiabulls Car Loan Calculator
The Indiabulls Car Loan calculator helps you plan your car loan repayment effectively. The calculator helps you take control of your budget and make informed decisions about your car loan. You can estimate your equated monthly installment (EMI) by entering the loan amount, interest rate, and tenure.
A car loan is also known as a vehicle loan. Funds borrowed for vehicle financing are defined as car loans. When you take a car loan, you agree to repay the funds over a set period, plus any fees and interest you accrue.
An EMI, or Equated Monthly Installment, is a fixed amount of money that a loan borrower needs to pay to the lender every month as repayment towards their loan. The EMI is paid on a fixed date every month. It can be in the form of a post-dated cheque (PDC), an electronic clearing system (ECS), or standing instructions (SI).
How Does The Indiabulls Car Loan EMI Calculator Work?
Below is the formula the calculator uses to calculate the monthly EMI amount.
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 thinking about taking a car loan to buy a car. You want to take the loan for an amount of ₹52 lakhs. The loan carries an interest rate of 8%. You need to repay the car loan in 3 years. Let's calculate your monthly EMI amount.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 52,00,000 X (0.08/12 x (1 + 0.08/12)^36 / ((1 + 0.08/12)^36) - 1)
EMI = 52,00,000 x 0.00667 x (1.00667)^36 / ((1.00667)^36 - 1)
EMI = 52,00,000 x 0.00667 x 1.2703884793815 / 0.2703884793815
EMI = 44,062.154018867946 / 0.2703884793815
EMI = ₹1,62,959 (approximately).
So, if you want to take a car loan for ₹52 lakhs at an interest rate of 8% for 3 years, you would have to pay an EMI amount of around ₹1.63 lakhs every month.
How To Use The Koshex Indiabulls Car Loan EMI Calculator?
Here's how you can use the car loan EMI calculator.
Enter the loan amount you wish to borrow from the financial institution.
Mention the loan tenure in years.
Key in the interest rate of the loan.
The EMI will be calculated when you enter the details and you can recalculate your EMI anytime by changing the inputs.
Example
Mr. Lal is looking to take a car loan for ₹66 lakhs. The interest rate of the loan is 12%. The repayment tenure of the loan is 6 years. Let's calculate the monthly EMI amount for Mr. Lal.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 66,00,000 x (0.12/12 x (1 + 0.12/12)^72 / ((1 + 0.12/12)^72 -1)
EMI = 66,00,000 x 0.01 x (1.01)^72 / (1.01)^72 - 1
EMI = 66,00,000 x 0.01 x 2.0470993121001 / 1.0470993121001
EMI = 1,35,108.5545986066 / 1.0470993121001
EMI = ₹1,29,031
So, if Mr. Lal takes a car loan for ₹66 lakhs at an interest rate of 12% for 6 years, he would have to pay an EMI of ₹1,29,031 every month.
Benefits Of Using The Indiabulls Car Loan EMI Calculator
We have mentioned the advantages of using the car loan EMI calculator below.
- The car loan EMI calculator helps you learn about your monthly EMI before you take the car loan. This can help you understand whether the EMI amount will fit in your monthly budget.
- You can use the calculator multiple times to compare EMIs. This can help you choose the loan with the best terms.
- The calculator provides 100% accurate results, so you don’t have to worry about manual errors.
- The calculator saves a lot of time by making complicated calculations in a few seconds.