Car Loan EMI Calculator
Planning Your Car Loan
A car loan EMI calculator is a helpful tool that gives you a clear idea of the monthly amount you will need to pay towards your car loan. Planning your EMI in advance helps you assess your affordability and manage your monthly budget effectively after purchasing the car.
The Formula
The Equated Monthly Installment (EMI) is calculated using the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
- P = The principal loan amount.
- R = The monthly rate of interest (annual rate / 12 / 100).
- N = The total number of monthly installments (years x 12).