What is Car Loan EMI? A Car Loan EMI is the Equated Monthly Instalments that the borrower is liable to pay on a stipulated date every month during the entire tenure of the loan. The calculation is the summation of the principal amount and the interest amount repayable by the borrower to the lender. The utilisation of a Car Loan Calculator, you can ascertain the EMIs beforehand to be repaid month on month.
What is the car loan EMI calculator?
With the Car EMI Calculator, you only need to input the necessary information whether you intend to buy a new car or a pre-owned car, the sanction loan amount required, tenure of the loan, interest rate and select calculate. The Auto Loan EMI Calculator offers you a detailed view of your yearly principal and interest repayment amounts.
How do I calculate the EMIS applicable to my loan amount?
To calculate the EMIs applicable to your loan amount, you must use the sliders and adjust the values for principal Amount (P), Time duration (N), and Rate of interest (R). Use the slider and select the loan amount. You then select the loan tenure in months. Move the slider and select the interest rate.
What happens if you skip an EMI on a car loan?
As a result of skipping the EMI, the tenure of the loan would increase (assuming EMIs remaining the same). Note that persistent skipping inflicts the risk of default, and in such a case, your car hypothecated to the bank as collateral for the Car Loan, may get seized.