MulticalcCar Loan EMI Calculator
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Car Loan EMI Calculator
How Car Loan EMI Works?
Equated Monthly Installment (EMI) is the fixed amount you pay every month to repay your car loan. It consists of both principal and interest components.
Formula:
E = P x R x (1+R)^N / [(1+R)^N-1]
P = Loan Amount, R = Monthly Interest Rate, N = Tenure in Months
E = P x R x (1+R)^N / [(1+R)^N-1]
P = Loan Amount, R = Monthly Interest Rate, N = Tenure in Months
🔑 Key Factors Affecting EMI
- Loan Amount: Higher loan means higher EMI.
- Interest Rate: Even a 0.5% difference can save you thousands.
- Tenure: Longer tenure reduces EMI but increases total interest cost.
💡 Smart Tip
Trying to pay a down payment of at least 20% reduces your loan burden significantly and helps you get better interest rates.