|Total Loan Amount?||₹|
|Loan interest rate?|
|Loan Tenure (in Years)|
|Principal Amt||Monthly payment(EMI)||Interest Amt||Total Amt Payble|
Car loans are unsecured loans offered by banks without any collateral such as your home, flat, property, etc. Car loans are usually available at fixed interest rates where interest rates are based on your credit score. The better your credit score, the lower your interest rate and vice-versa. EMI is the amount calculated at the time of availing a personal loan by lending institution against loan amount based on rate of interest and loan tenure.
A personal loan is offered at a higher interest rate than a secured loan due to higher risk involved as you are not asked for any collateral to ensure repayment. These personal loans allow you to repay them from 12 to 60 months
When you take a personal loan, each EMI, that you are required to pay monthly, consists of payment towards the principal and the interest on the principal. Hence, the EMI of each personal loan is structured differently on the basis of Loan Amount, Loan Tenure and Interest Rate.
The Car Loan EMI calculator is an easy-to-use tool that you can use by following some simple steps:
Visit the Codeforbanks page and pick the Car Loan EMI Calculator from the Financial Calculator menu. You will be asked to input the following details: Loan amount, loan tenure and the rate of interest.
Once you enter the three components, the EMI Calculator will generate the EMI amount you have to pay, you may try different parameters as well to find an EMI option that best suits your personal planning.
An EMI Calculator is works arount below three factor:
Even before you apply for a loan, you need to know if you have the ability to obtain a loan. This can be done with the help of a EMI Calculator. Calculating your EMI will let you budget better in order to make the EMI payments on time. The other benefits of the EMI Calculator include:
Car loan EMI will affect by several factors because it depend on loan amount, loan tenure and rate of interest. Any change in these variables will affect the EMI amount. Hence, the EMI of each personal loan is structured differently on the basis of Loan Amount, Loan Tenure and Interest Rate.