# Car Loan EMI Calculator

₹2,61,795

16.00% interest rate per annum

Total Interest

₹70,773

Total Amount

₹15,70,773

• Loan Amount

• Total interest

Min ₹50K

Max ₹2Cr

Min 8%

Max 36%

Min 3 months

Max 84 months

#### EMI Schedule

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

#### Benefits of Moneyview Car Loan EMI Calculator

Hassle free, easy to use

Our EMI calculator is easy-to-use and intuitive.

Most affordable offers

Enjoy flexible loan tenures from 3M to 60M; choose a plan you like!

Calculate your EMI beforehand to manage your finances in a better way

100% Transparent

Check interest rate, total repayment & terms beforehand - leave no room for doubt or surprises!

#### How to Get a Car Loan from moneyview

Whether you want to buy a new car or a second-hand car, you can avail instant personal loans of up to Rs. 10 lakh from us. Just follow the steps given below -

2. Check your eligibility after entering the necessary details

4. Select the loan amount and tenure of your choice

5. Get the loan credited to your account within a few hours!

#### Formula to Calculate Car Loan EMI

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.

#### Factors that Affect Car Loan EMI

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 Loan EMI Related FAQs

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 -

• Your credit score - Higher the credit score, higher is the loan amount you are eligible for
• Age and income - If you have a good income, and your age in on the lower side, then you may avail loans a lot more easily
• Debt-to-income ratio - Even if your salary is high, if you have multiple loans running at the same time then the loan amount you get will be less

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-

Get an instant personal loan from moneyview