Mirae Car Loan Calculator
The Mirae Car Loan calculator is a free online tool that helps you determine the right EMI amount instantly. All you need to do is enter the loan amount, interest rate, and loan tenure to know about your monthly EMI amount. The calculator can help plan your finances easily and see if the EMI amount is affordable for you.
A car loan is a type of loan that one borrows from a lender to purchase a car. You can get car loans for almost all types of cars, from luxury sedans to hatchbacks. The car loan is repaid with interest through Equated Monthly Installments (EMIs) over a specified period.
The EMI is the monthly amount you must pay your lender to repay a loan. These EMIs include both the interest and the principal portions. An EMI is closed after the payment of the last installment.
How Does The Mirae Car Loan EMI Calculator Work?
To calculate the EMI amount, the calculator uses 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 buy a luxury car. You need to take a car loan for an amount of ₹91 lakhs. The loan comes with an interest rate of 11.6%. The repayment duration of the loan is 3 years. Let's calculate your EMI amount for the car loan.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 91,00,000 x (0.116/12 x (1 + 0.116/12)^36) / (1 + 0.116/12)^36 - 1
EMI = 91,00,000 x 0.009667 x (1.009667)^36 / (1.009667)^36 - 1
EMI = 91,00,000 x 0.009667 x 1.4138841687417 / 0.4138841687417
EMI = 1,24,378.96615895672649 / 0.4138841687417
EMI = ₹3,00,516 (approximately).
So, if you take a car loan for ₹91 lakhs, carrying an interest rate of 11.6% for a tenure of 3 years, you would have to pay an EMI of over ₹3 lakhs every month.
How To Use The Koshex Mirae Car Loan EMI Calculator?
Using the car loan EMI calculator is simple and straightforward. You need to follow the following steps.
Input the loan amount you wish to take.
Key in the rate of interest for the loan.
Enter the repayment tenure of the loan.
The loan details, such as the principal amount, total interest, and monthly EMI, will appear on the calculator instantly.
Example
Ms. Rathna is looking to take a car loan for ₹39 lakhs. The interest rate of the car loan is 8.8%. The tenure of the car loan is 6 years. Here's how much she would have to pay as EMI for her car loan.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 39,00,000 x 0.088/12 x (1 + 0.088/12)^72 / (1 + 0.088/12)^72 - 1
EMI = 39,00,000 x 0.007333 x (1.007333)^72 / (1.007333)^72 - 1
EMI = 39,00,000 x 0.007333 x 1.6922340649077 / 0.6922340649077
EMI = 48,395.69435207583999 / 0.6922340649077
EMI = ₹69,912 (approximately).
So, if Ms. Rathna takes a car loan for ₹39 lakhs at an interest rate of 8.8% for 6 years, her EMI would be nearly ₹70,000 every month.
Benefits Of Using The Mirae Car Loan EMI Calculator
The calculator offers a lot of benefits to the users. We have written a few of the below.
- The car loan EMI calculator saves a lot of time as performing the EMI calculations manually takes a lot of time.
- The calculator provides error-free results compared to manual calculations.
- The calculator has a user-friendly interface. This ensures that anyone can use it without any worries.
- The calculator can be used multiple times with different figures to understand how they affect your EMI. Hence, it makes it easy to identify the right loan amount and plan your budget accordingly.