Mahindra Car Loan Calculator
The Mahindra Car Loan calculator is a perfect tool for calculating your EMIs (Equated Monthly Installments) instantly. Borrowers can determine their monthly EMIs for their loans using the calculator. You can predetermine the monthly EMIs payable and choose a loan amount that fits your financial goals.
Financial institutions offer car loans to borrowers to help them purchase a car. When you take a car loan, you receive your money in a lump sum from the financial institution, then pay it back with interest over time. How much you borrow, how much time you take to pay it back and your interest rate all affect the size of your monthly payment.
EMIs form a part of the repayment of the loan that you have availed. EMI consists of two components: the principal and the interest. The principal is paid against the loan amount that you have availed. The interest is paid to the lender as a cost of providing the loan. The interest is charged on the full amount for all EMIs or on the reduced or outstanding principal amount left to be paid.
How Does The Mahindra Car Loan EMI Calculator Work?
The car loan EMI calculator uses the following formula to calculate the monthly EMI payments for borrowers.
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 looking to take a car loan for ₹65 lakhs. The interest rate of the car loan is 11%. The tenure of the loan is 4 years. Here's how we can calculate your monthly EMI amount.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 65,00,000 x (0.11/12 x (1 + 0.11/12)^48) / (1 + 0.11/12)^48 - 1))
EMI = 65,00,000 x 0.009167 x (1.009167)^48 / (1.009167)^48 - 1))
EMI = 65,00,000 x 0.009167 x 1.549622616342 / 0.549622616342
EMI = 92,335.038406046241 / 0.549622616342
EMI = ₹1,67,997 (approximately)
So, if you take a car loan for ₹65 lakhs at an interest rate of 11% for a tenure of 4 years, you would have to pay an EMI of nearly ₹1.68 lakhs every month.
How To Use The Koshex Mahindra Car Loan EMI Calculator?
Using the car loan EMI calculator is easy and we have broken down the steps into bullet points.
Type in the loan amount you wish to borrow from the financial institution.
Enter the interest rate of the car loan.
Mention the repayment period of the loan.
Once the details are entered, the calculator will show you the total principal amount, the interest amount, and the monthly EMI amount.
Example
Ms. Iniya is looking to get a car loan for ₹19 lakhs. The car loan comes with an interest rate of 10.8%. The repayment tenure of the loan is 6 years. Here's how much she has to pay as her monthly EMI.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 19,00,000 x (0.108/12 x (1 + 0.108/12)^72 / (1 + 0.108/12)^72 - 1)
EMI = 19,00,000 x 0.009 x (1.009)^72 / ((1.009)^72 - 1)
EMI = 19,00,000 x 0.009 x 1.9061802656416 / 0.9061802656416
EMI = 32,595.68254247136 / 0.9061802656416
EMI = ₹35,970
So, if Ms. Iniya is looking to get a car loan for ₹19 lakhs at an interest rate of 10.8% for 6 years, she will have to pay a monthly EMI of around ₹36,000.
Benefits Of Using The Mahindra Car Loan EMI Calculator
There are several advantages of using the car loan EMI calculator and we have mentioned a few of them below.
- The car loan EMI calculator is a perfect tool for calculating your EMIs instantly, eliminating the need to do complicated manual calculations.
- The calculator provides 100% accurate results, avoiding any manual errors.
- The calculator helps you plan your finances properly by giving you the monthly EMI amount.
- The calculator helps you compare interest rates from different loan providers so that you can choose the financial institution that offers loans at the best terms.