Union Car Loan Calculator
The Union Car Loan calculator can help you determine your monthly EMI amount. This can help you understand whether the EMI fits your budget. The calculator is easy-to-use and it can calculate the EMI amount instantly.
A car loan is a financial product specifically designed to help individuals in purchasing cars. Car loans come with attractive interest rates, flexible tenure, and easy EMIs (Equated Monthly Installments). You can also get up to 100% of the on-road price as the loan amount, depending on the lender/bank.
EMI is the sum of money that you as a borrower will pay your lender to clear your outstanding loan. These payments are made every month on a date that is stipulated by your bank until such time that the loan has been completely repaid.
How Does The Union Car Loan EMI Calculator Work?
The calculator uses the below formula to calculate your 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 planning to buy your dream car and you need a loan for ₹28 lakhs. The interest rate of the loan is 10.25%. The tenure of the car loan is 4 years. You need to know your EMI amount before you take the loan. Here's how you can calculate it.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 28,00,000 x (0.1025/12 x (1 + 0.1025/12)^48 / ((1 + 0.1025/12)^48 - 1)
EMI = 28,00,000 x 0.00854166 x (1.00854166)^48 / ((1.00854166)^48 -1)
EMI = 28,00,000 x 0.00854166 x 1.5041960189868 / 0.5041960189868
EMI = 35,975.3267091086122464 / 0.5041960189868
EMI = ₹71,352
So, if you take a car loan for ₹28 lakhs at an interest rate of 10.25% for 4 years, you would have to pay an EMI of ₹71,352.
How To Use The Koshex Union Car Loan EMI Calculator?
Using the car loan EMI calculator is simple. You need to give the following details:
- Loan amount
- Rate of interest
- Loan repayment tenure
The loan details, such as the principal amount, total interest, and monthly EMI, will appear on the side of the calculator as you enter the details.
Example
Ms. Mala is looking to buy a new car and she needs a car loan for ₹66 lakhs. The interest rate carried by the loan is 11.25% and the repayment tenure of the loan is 7 years. Let's calculate the EMI amount for Mala's car loan.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 66,00,000 x (0.1125/12 x (1 + 0.1125/12)^84 / (1 + 0.1125/12)^84 - 1)
EMI = 66,00,000 x 0.009375 x (1.009375)^84 / (1.009375)^84 - 1
EMI = 66,00,000 x 0.009375 x 2.1898466182048 / 1.1898466182048
EMI = 1,35,496.759501422 / 1.1898466182048
EMI = ₹1,13,878
So, if Ms. Mala takes a car loan for ₹66 lakhs for an interest rate of 11.25% for 7 years, she has to pay an EMI of over ₹1.13 lakhs every month.
Benefits Of Using The Union Car Loan EMI Calculator
Below are some of the advantages offered by the car loan EMI calculator.
- The calculations involved in determining EMI can be complex for many people. However, the car loan EMI calculator performs the calculations in a few seconds.
- The probability of error is significantly low in online calculators compared to manual calculations.
- The calculator has a user-friendly interface ensuring anyone can use it without any troubles.
- You can change the loan amount and the loan tenure multiple times to see how it affects your EMI. Hence, the calculator makes it easy to figure out the right loan amount and plan your budget accordingly.