Car Loan EMI Calculator
EMI stands for Equated Monthly Instalment which is needed to pay on a monthly basis as the amount of some product is high and the user unable to pay the whole amount at one time. Then users need to give some guarantee proof to their respective bank and the bank gives them the whole loan amount. In that amount, Bank defines monthly EMI plans where they charge different Rates of Interest on the remaining amount from the total loan amount.
Also, a person can control the number of EMI’s as if they want fewer EMI’s then the amount per EMI will rise up, and if the number of EMI’s increases then the amount per EMI will be less as compared.
In this term of Equated Monthly Instalment or EMI buyers needed to pay a little extra than the total sale price because the bank takes interest on the given loan amount and that interest amount will be adjusted in the monthly EMI.
How to use Car Loan EMI Calculator?
In the above given EMI calculator, things are pretty much easy to put value and understand things. You only need to fill in the total loan amount and interest rate and the time period for EMI’s, you can select monthly or yearly time.
And after that, you will get all the EMI details in the given right box beside. Also when scrolling down the whole chart will appear which gives the month-wise table with the monthly EMI amount so that things will be easy to understand and manage.
Keep in mind
If you want to save your money, then you can use these simple tricks, and they are helpful in terms of saving and are very effective.
- Lower Interest rate: the Best thing to get the most profit is to find a bank or agency which is offering the lowest interest rate among all. The interest rate is inversely proportional to your profit as your Interest rate is lower, the total profit will be higher.
Also, you can get a list of the bank with their respective loan interest rate amount. You can choose wisely.
- Higher EMI & Lower Tenure: Higher EMI means the value per EMI will be high and if the value is high then the Tenure period will be automatically lower. In that case, you will cover all your EMI’s very soon and become the sole owner of that property.
- Down Payment: Also while taking the loan, you can also offer some money as a Down payment and this payment will be deducted from the total product value and the loan amount will be lesser than above. In that sense, you have a lower principle value and when calculating the interest rate on less value money, it will be lower as a comparison to high principal value money. So, this is also an effective money-saving tip from us.
Also if you’re trying a manual method to calculate the EMI on your loan amount then you can use the following formula but the best practice is to use the above tool so that you can get your EMI record in few seconds.