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How to use Car Loan EMI Calculator
Using a Car loan EMI (Equated Monthly Installment) calculator can help you estimate your monthly loan repayment amount. Follow these steps to use a Car loan EMI calculator effectively:
- Enter loan amount, interest rate, tenure.
- Click Calculate.
- View EMI, total interest, repayment.
- Adjust tenure if needed.
- Consider extra costs.
- Check budget compatibility.
- Confirm with the lender before finalizing.
How is Car Loan EMI Calculated?
Car Loan EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula:
EMI = [P * r * (1 + r)^n] / [(1 + r)^n - 1]
Where:
EMI = Equated Monthly Installment
P = Loan principal amount
r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)
n = Loan tenure in months
Loan Amount
Interest Rate
Loan Tenure
YearMonths
Interest Amount
Principal Amount
Monthly Emi₹
Principal Amount₹1,00,000
Interest Payable₹-1,00,000
Total Amount payable₹
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