Month | Opening Balance | Interest | Principal | Closing Balance |
---|---|---|---|---|
Sep '23 | ₹ 15,00,000 | ₹ 20000 | ₹ 2,41,795 | ₹ 12,58,205 |
Oct '23 | ₹ 12,58,205 | ₹ 16,776 | ₹ 2,45,018 | ₹ 10,13,186 |
Nov '23 | ₹ 10,13,186 | ₹ 13,509 | ₹ 2,48,285 | ₹ 7,64,900 |
Dec '23 | ₹ 7,64,900 | ₹ 10,199 | ₹ 2,51,596 | ₹ 5,13,303 |
Jan '24 | ₹ 5,13,303 | ₹ 6,844 | ₹ 2,54,950 | ₹ 2,58,352 |
Feb '24 | ₹ 2,58,352 | ₹ 3,445 | ₹ 2,58,350 | ₹0.00 |
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Here’s the formula to calculate a car loan EMI -
E = P x R x (1+R)^N
————————
[(1+R)^N-1]
P - the principal amount that is borrowed
R - the rate of interest imposed
N - tenure in the number of months
Let us understand this with an example - Suppose Rs.4,00,000 is the amount borrowed (P), 7.5% is the annual rate of interest imposed, and 48 months(4 years) is the tenure (n)
Then the EMI to be paid using the above formula will be: [4,00,000 x 0.00666 x (1+0.00666)^48 ]/ [(1+0.00666)^48-1] = Rs. 9,765. Therefore, the EMI for a Rs. 4 Lakh car loan will be Rs.9,765.
The rate of interest (R) is calculated monthly i.e. it is calculated as (Annual Rate of interest/12/100) in this case (7.5/12/100 = 0.00666)
The above formula can be used to calculate EMIs for all types of loans and not just car loans.
It doesn't matter if you are looking to purchase a new car or a second hand vehicle, a low car loan EMI is every borrower’s dream. If you want to know what can reduce the EMI on your car loan interest calculator, read on.
Here are a few factors that may impact your car loan EMI -
One of the major factors that determines your EMI is the amount you borrow. If the loan amount is high, your monthly installments too will be high.
Your credit score can help you to avail loans at lower rates of interest and at a repayment term that is affordable. What is considered a good credit score might vary from vendor to vendor. But moneyview provides loans even if you have a CIBIL score as low as 650.
Existing debt might be an issue if you have too many loans running at the same time. Not only will it be hard for you to repay your EMI, lenders may also perceive you to be credit-hungry and refuse to lend to you.
The time taken to repay the loan amount is inversely proportional to the EMI amount i.e. a lengthy tenure implies that the EMI amount to be paid each month is lower and vice versa. But, taking a longer repayment period is not recommended as you will end up paying a higher interest amount overall.
The type of interest rate chosen can have an impact on your EMI. Please note that this is not the same as interest rate calculation.
A fixed interest rate will ensure the same interest rate throughout the repayment term. But if a floating interest rate is chosen then your interest rate may vary based on the RBI’s directives and can be lower or higher based on economic fluctuations.
The older you are, the harder it is to avail a loan and this is especially the case if you are closer to retirement age.
If your income is not steady or high then lenders will not provide loans easily. As long as your repayment ability is not assured, you will not be able to avail a loan quickly.
Car loans or auto loans are secured loans that can be availed against a car that you wish to purchase - either new or second-hand. These loans are secured i.e., hypothecated against the asset in question. But you can also take a personal loan to purchase a car.
Foreclosing a car loan depends on the lender. Every lender has a certain set of rules when it comes to foreclosing a loan. You can foreclose the loan once you have paid the certain number of EMIs as per their guidelines.
When you take a loan, you should make sure that you can repay it. Not doing so will invite hefty fines from the lender and will also affect your credit score negatively.You can easily look for a car loan emi calculator online and plan your finances before taking a loan.
In case you are unable to repay the loan due to unavoidable circumstances, communicating the same to the lender at the earliest is necessary as solutions such as moratoriums or a longer repayment period may be offered
The amount you avail as loan depends on multiple factors such as -
Depending on the above factors, your loan eligibility will be determined.
Yes, you can get a car loan with a salary of Rs.15,000. But the loan amount will depend on multiple factors in addition to your salary. They are-