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Car Loan EMI Calculator to Calculate Car Loan EMI in Online and Check Eligibility and other Details

Updated: Sep 21,2019 16:27 IST

Vikram Sharma

Car Loan EMI Calculator to Calculate Car Loan EMI in Online and Check Eligibility and other Details
Car Loan EMI Calculator is a tool provided by the car loan providers that is the bank and NBFCs for the benefit of the applicants. Car Loan EMI Calculator can be used in Online to check the monthly payment amount corresponding to the loan amount requested. Car Loan EMI Calculator of different banks and NBFCs and the details needed to calculate the EMI of the Car Loan are explained in the article.

Car Loan EMI Calculator vs. Car Loan

Car loans are the best way to fulfill your dream of owning a new car. Banks and a number of financing institutions across India provide cars loans for new cars and used cars. Owning a new card is a dream of many but the major challenge is the finances that do not cope up with. So, in order to give a helping hand to fulfill the dreams of many car loans are even provided by the car dealers through banks and also by non-banking financial institutions. Before availing the car loan one should make a thorough market research and choose the best car loan provided. One such research to be made is the EMI amount that is to be paid which is also reflected based on the interest rates. In order to calculate the EMI amount, EMI Calculators are given by the banks and NBFCs. Check more detailed information on Car Loan EMI Calculators in the topics below.

What is a Car Loan EMI Calculator?

Car Loan EMI Calculator is an online tool provided by number of banks and non-banking financial institutions for the benefit of the loan applicants to calculate the Car Loan EMIs which helps them to decide and plan the financial needs and to choose the best loan option provided by the banks. Car Loan EMI Calculator helps to check the complete chart of monthly payments to be made along the entire tenure with respect to the loan amount and the interest rates. This helps the applicants to analyse the best loan provider and to make the right choice based on the applicant’s comfort.

How to use Car Loan EMI Calculator in Online?

Car Loan EMI Calculator is provided in Online by most of the banks and NBFCs who provide car loans. The EMI Calculator is provided in the respective banking site. The applicants can visit the respective banking site from where they wish to avail the loan and calculate the EMI by providing the necessary Information that is asked for. Check your Car Loan EMI in just few clicks with the Online Calculator provided. One can also call customer care of the respective bank and talk to the representatives to know their eligibility. Those finding Online process not comfortable, can opt for Offline mode i.e. through customer care. Car Loan Eligibility check links of top banks and NBFCs are listed and explained below. Do check and be benefited.

SBI Bank Car Loan EMI Calculator 

State Bank of India being the top nationalised bank in India reaches millions of customers with the best offers on loans. SBI provides Car Loans under Auto Loans category and SBI Car Loans are considered to be the best to opt among the top nationalised banks. SBI provides Car Loans under five categories and the EMI Calculator is given in the official SBI site. Check the link to calculate your car loan EMI - SBI Car Loan EMI Calculator

Information to be Provided by the Applicant

Results Displayed after Calculation

Loan Amount

EMI Calculated

Duration

Total Interest

Interest Rate

 

HDFC Bank Car Loan EMI Calculator 

HDFC understands its customer needs and offers wide range of car loans based on the convenience most suited for the customers. When it comes to buying a new car or even a pre-owned car you can opt for HDFC Car Loans. HDFC provides car loans under three wide categories and has provided two types of Car Loan Calculators for the applicants. Check the link for HDFC Car Loan EMI Calculator

New Car Loan Calculator

Information to be Provided by the Applicant

Results Displayed after Calculation

Loan Amount

Calculated EMI

Interest Rate

 

Tenure

 
The graph displayed below gives the interest amount, Principal amount, and the Balance amount for each year. The table below i.e. Monthly Amortization Schedule table displays information on Month, year, tenure months, EMI amounts for each month, Interest amounts for each month, principal amount of each month and the remaining loan amount.

Used Car Loan Calculator

Information to be Provided by the Applicant

Results Displayed after Calculation

Loan Amount

Calculated EMI

Duration

 

Interest Rate

 
Used Car Loan has higher interest rates. The graph displayed below gives the interest amount, Principal amount, and the Balance amount for each year. The table below i.e. Monthly Amortization Schedule table displays information on Month, year, tenure months, EMI amounts for each month, Interest amounts for each month, principal amount of each month and the remaining loan amount.

ICICI Bank Car Loan EMI Calculator 

ICICI bank provides an EMI Calculator to calculate their monthly loan EMI. It can be easily calculated through online mode. One must enter the details like the loan amount, loan tenure, rate of interest to calculate the EMI. It can be calculated within seconds. This EMI Calculator helps the customer to plan for the loan amount, so that the repayment does not disturb their monthly financial needs. Click the link for ICICI Car Loan EMI Calculator and calculate the Car loan EMI.

Information to be Provided by the Applicant

Results Displayed after Calculation

Loan Amount

Monthly EMI

Loan Tenure

Total Interest Payable

Interest Rate

 

Axis Bank Car Loan EMI Calculator 

Customers can search for the Axis Bank Car Loan EMI Calculator through google. This EMI Calculator helps the applicants to calculate the monthly expense towards EMI. This facilitates pre-planning of the monthly budgets, so that customers need not worry every month. One should know the loan amount, interest rate and the tenure to calculate the EMI. Enter the details in the blanks provided and press “Submit” to calculate EMI within seconds. Check the link to calculate >> Axis Bank Car Loan Calculator.

Information to be Provided by the Applicant

Results Displayed after Calculation

Loan Amount

Monthly EMI

Loan Tenure

Total Interest Due

Interest Rate (in %)

Processing Fees

Processing Fee (in %)

Break-up of Time Taken to pay off loan (as graph)

Kotak Mahindra Car Loan EMI Calculator 

Kotak Mahindra Prime also provides Car loan EMI Calculator as a self-help tool through which candidates can calculate the EMI amount if he/she is looking forward to apply for car loan with Kotak Mahindra. Check the link for Kotak Mahindra Car Loan EMI Calculator.

Information to be Provided by the Applicant

Results Displayed after Calculation

Car Loan Amount

Loan EMI

Loan Tenure

Total Interest Payable

Interest Rate (in %)

Total Principal Payable

 

Total Payment (Principal + Interest)

The break up of Total Payment is given as pie chart in percentage of Total Principal Payment and Total Interest Payable.

How to Choose the Best EMI Option using Car Loan EMI Calculator?

There are number of online sites available to calculate the EMI amount of a car loan with the interest rate, loan amount and the tenure of the loan. They are easy to calculate and understandable. But the reason you have to check the EMI amount well in advance is that the EMI amounts are to be paid every month and it should not turn out to be a burden on your monthly finances. On choosing EMI for longer tenure it results in higher payment of interest or if you are choosing a loan with shorter loan term EMI paid per month will turn to be higher. Calculate the EMI amount and choose a loan with optimum EMI and lower interest paid. Car Loan EMI Calculator comes handy in calculating the EMI amount and to decide upon the best car loan that can be availed in the market.

How to Choose the Best Car Loan in the market?

Most of the banks or the non-banking financial institutions approve 95% to 100% of the car loan based on the ex-showroom price. With most of the banks offering almost equal interest rates it becomes difficult for the applicants to choose the best car loan, but here are some points that will help you.
  • Decide the car that you wish to buy and also if it is within your planned budget
  • Compare the Interest rates offered by the different banks
  • Check the percentage of car loan amount that will be approved and the loan tenure
  • Once checking on the interest rates, compare the other related charges applied.
  • With the help on Online Car Loan EMI Calculator calculate the EMI amount to be paid
  • Check if the EMI amount is within your budget and doesn’t affect your monthly finances
  • Choose the best car loan with more pros than cons.

Car Loan Eligibility Criteria

Like other loans car loans doesn’t have much of strict eligibility criteria but few basic eligibility to avail a car loan. One who satisfies all the necessary criteria can easily get their car loans sanctioned. The eligibility criteria are given below
  • Should be in the age group between 21 and 65 years
  • With Indian nationality
  • Salaried or Self-employed or a professional
  • In the same business for one year or two years in the same business
  • Get a pay that can make minimum repayment every month

What is the Formula Used to Calculate Car Loan EMI?

Car loan EMI can be calculated using the EMI calculator in online. Using a formula, the EMI for each month is been calculated and scheduled. The formula is given below.
EMI= P×r×(1 + r)n/((1 + r)n - 1)
Where P stands for Loan amount, r stands for Rate of Interest and n stands for Loan tenure in months.
When the loan amount is more, the EMI is also high. If the rate of interest increases then there is a rise in the EMI amount to be paid every month. Sometimes, prepayment also brings changes to the EMI amount.

What are the Features of Car Loan EMI Calculator?

Car loan EMI Calculator provides the applicants with a view of the monthly primary expense that is related to the loans which ultimately helps to plan the monthly finance. 
Car loan EMI Calculators are easy to use and within seconds, you can check the monthly EMI. Features of Car Loan EMI Calculator are listed below.
  • Once all the necessary details are entered, EMI calculator provides the results instantly.
  • You get accurate results when EMI is calculated using the online Car Loan EMI Calculators.
  • You can repeat the calculation any number of times by entering different values.
  • By giving different values, you can compare the EMI results of different schemes.

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