UTI Car Loan Calculator

The UTI Car Loan calculator helps you determine how much EMI you have to pay each month. The calculator takes into information like the loan amount, the rate of interest, and the loan duration and calculates your monthly EMI. Apart from the EMI amount, the car loan EMI calculator also gives you a breakup of the principal and interest amount payable, thus offering the borrowing’s total cost.

A loan you take from a bank for the specific purpose of buying a car is a car loan. The loan could be used to buy a brand-new car or a used car. A car loan is a secured loan in that the lender holds the car as security until the loan is fully repaid.

An EMI stands for Equated Monthly Installment, which means the monthly amount payment that we need to make towards the loan availed. The monthly EMI payments consist of contributions towards both the principal amount and the interest on the overall loan amount.

How Does The UTI Car Loan EMI Calculator Work?

Below is the formula used by the calculator to calculate your 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 planning to buy a luxury car and want to take a loan for ₹75 lakhs. The interest rate of the car loan is 9.5%. The repayment duration of the loan is 8 years. The calculation of the monthly EMI amount will be as follows:

EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 75,00,000 x (0.095/12 x (1 + 0.095/12)^96 / ((1 + 0.095/12)^96 - 1)
EMI = 75,00,000 x 0.0079166 x (1.0079166)^96 / ((1.0079166)^96 - 1)
EMI = 75,00,000 x 0.0079166 x 2.1318733507412 / 1.1318733507412
EMI = 1,26,578.9142635833794 / 1.1318733507412
EMI = ₹1,11,831 (approximately)

So, if you take a car loan for ₹75 lakhs at an interest rate of 9.5% for 8 years, you would have to pay an EMI of around ₹1.12 lakhs every month.

How To Use The Koshex UTI Car Loan EMI Calculator?

Using this online calculator is relatively easy, as long as you pay attention to the information you are inputting.

All you need to do is enter the below details.

• Your principal amount
• The interest rate of the loan
• The duration of the loan

When the details are entered, the calculator will show you the monthly EMI amount.

Example

Mr. Jagdish is planning to take a car loan for ₹20 lakhs. The interest rate of the car loan is 8%. The repayment tenure of the loan is 3 years. By putting the values in the above calculator formula, you get:

EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 20,00,000 x (0.08/12 x (1 + 0.08/12)^36 / ((1 + 0.08/12)^36 - 1)
EMI = 20,00,000 x 0.00667 x (1.00667)^36 / ((1.00667)^36 - 1)
EMI = 20,00,000 x 0.00667 x 1.2703884793815 / 0.2703884793815
EMI = 16,946.98231494921 / 0.2703884793815
EMI = ₹62,676 (approximately)

So, if Mr. Jagdish takes a car loan for ₹20 lakhs at an interest rate of 8% for 3 years, he would have to pay a monthly EMI of around ₹63,000.

Benefits Of Using The UTI Car Loan EMI Calculator

The car loan EMI calculator offers many benefits to borrowers.

• The car loan EMI calculator provides you with the EMI amount in a matter of minutes.
• The calculator calculates the amounts digitally and is therefore accurate and reliable.
• The calculator helps people decide their affordability and monthly budget by providing the exact EMI amount.
• The calculator can be reset easily so you can enter multiple loan options and compare them.